I paid intermediaries $10k to transfer a house title to me. Took a few weeks and many contracts. I agree NFTs are silly, but real world systems need to improve quickly.
> I paid intermediaries $10k to transfer a house title to me. Took a few weeks and many contracts.
I'm pretty sure you didn't pay that for the transfer of the house title. Most of that was for other stuff that happened around the same time, like getting a mortgage and having your lender make sure they're not going to be left holding the bag.
> Title insurance for very expensive homes in NYC is around $10k. Closing costs were much much more.
That kind of makes sense, though. Isn't that insurance against the possibility that you bought the property from someone who did not actually own it, so basically insuring against a total loss?
IIRC, a Torrens title would deal with that possibility, but my understanding is it as a consequence introduces other issues.
But is applying a blockchain the answer? What happens if someone steals your wallet or you lose it or the password to it? What happens if someone dies without giving someone access to their wallet? Do those lots now sit vacant? Sure, there's some legal cruft around this, but much of that cruft is actually there for a reason.
