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Sale and Transfer of Land. 21. The existence (a) of technical defects in titles substantially good, places an undue amount of power (as has been well said) in the hands of an unscrupulous purchaser. The proceedings towards the completion of a sale, after the contract is made, necessarily occupy a considerable time; during which the purchaser has an opportunity of ascertaining, from the state and changes of the markets, whether his purchase is likely to prove a good speculation or the reverse; and his acceptance or refusal of the title is often unduly influenced by considerations arising from these circumstances. 22. Thus, finally, from these various causes, the sale and transfer of land are impeded, and dealings in it are discouraged (b) XIII. From what has been said, we think it may be concluded, that the great objects which the c reform of this branch of the law ought to have in view, range under the following heads, viz.— jj 1. Security of title. 2. Simplification of the title. 3. A record of the actual ownership. 4. Simplification of the forms of conveyance, and general facility of transfer. We do not conceive, indeed, that it is necessarily an objection to any proposition for a system of registration, that it is not adapted to accomplish all these objects. It may be sufficient for us to say, that if different systems of registration be proposed for consideration, that system which is found to secure these objects in the fullest extent, will best serve the interests of land owners and the public generally, and furnish the surest remedy for the evils out of which the demand for a registry of assurances arose. XIV. That a Register of Assurances would give increased security of title, we see no reason to i doubt. All those evils and objections which call for protection against the suppression of documentary ] evidence of title, would, wo think, be removed or remedied by a general register of deeds and other ' assurances relating to land. Registration of assurances has been justly said (c) to he a system which would protect every man against the ordinary accidents to which deeds and instruments are subject, and would afford a perfect substitute for covenants for production, where (as in the great majority of purchases is the case) a purchaser cannot obtain the deeds: and thus owners of estates would no longer, as to these matters, be in the situation in which they frequently are placed, of utter inability to offer their estates for sale, except clogged with conditions which must necessarly prejudice the sale. One of the most common objections occurring in titles arises from the discovery, pending the investigation, that other deeds besides those which are in the vendor's possession or power relate to the title. If the purchaser cannot obtain access to these deeds, and a binding covenant for the production of them (however unimportant they may be), he will not be compelled to complete the purchase. Registration of assurances, it has also been justly contended, would afford an effectual protection against deeds or instruments, of which a purchaser or morgagee may not have notice, and against which unless he obtains the legal estate —the tabula in naufragio —(of the possession of which, by the way he can have no confident assurance), he cannot protect himself. It would also disable parties from suppressing family and other deeds of which no general notoriety exists, and which are in the custody of persons having only a limited interest in the estates. In a few words, the result is, that a system of registration of assurances would afford protection and security to those who are equitably entitled to it, and would check fraud and dishonesty. The effect of registration of assurances would, we may admit, as respects these circumstances, be beneficial, as well to the proprietors of real property as to the community. XV. If, therefore, there were no other objects accomplished than security of title and protection against fraud, or if there were no system which would reach the other objects in view, a Register of Assurances would be a valuable measure ; though, even so viewed, it might happen that incidental inconveniences would arise to counterbalance such benefits. We shall, in fact, have occasion presently to consider whether many and considerable objections would not attend a system of registration of assurances, even assuming it to ensure all the requisite security of title. XVI. It

Objects whicti it is desirable to effect.

Advantages of a Registration of Assurances.

(a) Mr. Commissioner Hargreave's evidence. (b) R is well observed by the Real Property Commissioners, in their Second Report, that " the great difficulties which occur in selling estates and obtaining money on real security, the time which usually elapses before the completion of such transactions, and the harassing expenses and disappointments which attend them, are evils universally acknowledged. They are by many persons considered the greatest evils belonging to our law of real property. We believe it may be confidently asserted, that of the real property of England a very considerable portion is in one of these two predicaments—either the want of security against the existence of latent deeds renders actually unsafe a title which is yet marketable, or the want of means of procuring the formal requisites of title, renders unmarketable a title which is substantially safe." The Commissioners also allude to " the depreciation of real property occasioned by the general feeling of the present insecurity of title, and by the apprehension of the delay and expense attending transactions relating to real property ;" and observe that "it is obvious that by removing them a register would have a tendency to Increase the value of estates, and diminish the rate of interest upon mortgages." (c) Mr. R. Walters's evidence, 2. Re. Pr. Com. Rep., App., p 131.