Published alongside this study are a set of "country fiches", which set
out key legal and economic findings for the 21 EU countries studied.
These served as a source of information for the study, although other
sources were also drawn on.
In 'Property titling and conveyancing', Benito Arruñada corroborates a theoretical analysis of the institution of titling with empirical data, among others from the mentioned ZERP study (Jan 2008)
Quote from UNECE publications: This
study is based on the outcomes of a questionnaire that surveyed
existing practices on fees and charges for cadastre and land
registration services in the UNECE region. The study elaborates on the
questionnaire's findings on existing knowledge and country experiences
by identifying existing trends and principles in financing real
property cadastres and registers as well as the factors that influence
the setting of fees and charges. -
Refers to Zevenbergen, Frank and Stubkjaer, Real
Property Transactions. Procedures, transaction costs and models, COST
Action G9, Amsterdam, The Netherlands, IOS Press. 2007, among 'Other
sources'
Symbol No. ECE/HBP/WP.7/2009/4 - Languages: English; Russian
Feb. 2008
A brief summary is provided under the heading of 'Why the narrow scope? A broader scope seems feasible' and published also at a blog of prof. Benito Arruñada: Regulating the conveyancing services market. The summary supports the position that EU and OECD investigations have a too narrow scope.
Real
estate transactions are subject to a variety of potential limitations
of competition that can have significant effects on ordinary consumers.
Three areas of focus for this compilation are the matching of buyers
and sellers, conveyancing of property and financing of property.
Long abstract: Improving Competition in Real Estate Transactions
Real estate transactions are subject to a variety of potential limitations of competition that can have significant effects on ordinary consumers. In fact, because of the annual volume of transaction and the fact that real estate expenses (mortgage payments and rent) constitute a significant portion of spending out of available revenue to spend (often exceeding 25%), the impacts of anti-competitive actions in this sector may reach a larger financial value than in most other sectors.
Practices of real estate agents vary significantly across countries, but a common trend appears to be the introduction of listing services that may provide a platform for anti-competitive practices to spread, at the same time as the Internet potentially provides improved opportunities for real estate sellers to reach buyers directly. In many countries, the operation of transferring legal title to properties is subject to cartel-like prices. Competitive problems have also been identified in the mortgage markets, with cartel activity having been found in at least one case and a lack of non-bank sources of finance in some countries.
In order to further explore the economic impact of professional services regulation on a specific market, a study has been undertaken led by the Centre of European Law and Politics (ZERP) at Bremen University to analyse the effects of professional regulation on the efficiency and performance of the EU markets for legal services associated with house and land sales (conveyancing services). Conveyancing services comprise, for instance, pre-contract searches, transfer deed drafting, signature certification and deed registration in the Land Registry.
This market was selected for in depth study as it is of direct interest to consumers and of high overall economic significance. It is estimated that property turnover in the EU27 for 2005 was almost €1,800 billion (16% of EU27 GDP) with the corresponding turnover in conveyancing services being around €16.7 billion. Measures to open up this market will therefore directly contribute to the Lisbon objectives of growth and jobs.
The study, surveying 21 EU countries, is the first of its kind and integrates a legal and economic approach. The study presents the effects of different regulatory systems on consumer's choice and quality and price of services.
Published alongside this study are a set of "country fiches", which set
out key legal and economic findings for the 21 EU countries studied.
These served as a source of information for the study, although other
sources were also drawn on.
