jmasonb Profile picture
May 4 7 tweets 2 min read
Web3 lawyers, if you’re building or helping build a product that tokenizes land or indexes interests in land, you really need to look into the equitable Iowa Title Guarantee system. It’s the last of its kind in the US and results in the cleanest titles in the country
ITG is an alternative to title insurance, which is used by every other state in the union. ITG is a “guarantee system” rather than an “assumption of risk system.” ITG is a guarantee that lenders and owners will receive clear title by resolving all defects prior to closing.
The differences are staggering: Title insurance buyers are twice as likely to suffer a title related loss than ITG, while ITG provides the same coverage for a quarter of the cost. It’s estimated that Iowans would pay about $45 million more a year under title insurance.
ITG is superior because it requires an examination of the title by an attorney, and clearance of all title defects prior to closing. This is similar to going to the doctor for proactive/preventative treatment rather than post-diagnosis.
ITG, unlike title insurance, does not operate for profit. All revenue in excess of expenses goes to the Iowa Finance Authority’s housing assistance fund, which has helped more than 51,000 Iowans purchase homes.
As an additional result of Iowa’s title abstracting standards, the attorney-abstract system results in very few defects and produces the cleanest titles in the nation. A tokenized land initiative should start from the cleanest genesis possible, and that is located in Iowa.
P.S.—I am a licensed Iowa attorney in addition to my full time role as an analyst for Figment. I am also a member of @lex_DAO and a guest contributor to @_KaliDAO. If you want to talk law or web3 with me, send me a message!

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