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Text 13A Land market Land markets provide a mechanism for the allocation of ownership and use rights that is typically for the most valuable single class of as- set in an economy. At the same time land use and sometimes land ownership frequently have influences on other aspects of society's economic and non-economic interests. The general trend towards market economies, for example, often adversely affects men who do not get equal opportunities to use land and property as a commodity. There is therefore a need for regulations based on environment, social, cultural and political considerations that provide a framework for the activities of the land market. Land markets are made up of a constantly developing portfolio of legal interests and transaction types. This portfolio of transaction types includes sale, rental, sharecropping, and licenses, together with asso- ciated derivative transactions including mortgages and mortgage mar- kets, and other real estate interests. Some of these transaction types are typically registrable in those jurisdictions that have formal regis- tration institutions, including sales, mortgages, some leases, and some third party interests. Many are not, including particularly those "less" formal interests such as shorter term of leases or rental agreements, sharecropping agreements and licenses, derivative interests operating "upstream" of the registrable interests such as secondary mortgage market, and some customary rights. The general rationale for land markets is that, under appropriate in- stitutional frameworks, they will tend systematically to move land to- 133 wards the most economically efficient ownership and use. This is broadly accepted as a desirable function, particularly given that land is typically the most valuable single class of asset in an economy. жүктеу/скачать 0.91 Mb. Достарыңызбен бөлісу:
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