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Joined 2 years ago
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Cake day: June 9th, 2023

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  • There’s only a few recorders who actually check title, called Torrens, when you record something in the US. 99% of them work under abstract where literally anyone can record anything as long as they pay the county recorder and meet the basic requirements like have a notary stamp.

    There’s a good chance if you’re in the US that I could just record a deed giving me ownership of your house or apartment complex. I’d have to fraudulently sign your name as grantor, but the county isn’t going to stop me. You’ll have to stop me.

    There’s a whole huge industry around recording and verifying deeds for sales to deal with that type of nonsense. First, they won’t want to get dismantled. Fidelity is huge for example. Sort of like how TurboTax inserts themselves between you and paying taxes. Fidelity inserts themselves between you buying and selling a house.

    A verified Blockchain would essentially turn everything into torrens instead of abstract title. I think that’s a good thing and I’d rather pay the government to verify the transaction than done for profit company that’s going to review title as quickly and cheaply as possible.

    Nevermind having to deal with a title insurance industry – like all insurance – that’s inherently be incentivised to reduce costs by not paying claims.