Electronic realty and transaction system and method therein

• US 20030187756A1
• Filed: 12/27/2002
• Published: 10/02/2003
• Est. Priority Date: 12/27/2001
• Status: Active Grant

• Current Assignee: AHT Corp.
• Original Assignee: AHT Corp.
• Inventors: Klivington, Eva T., Klivington, Margit E.
• Granted Patent: US 7,818,219 B2
• Time in Patent Office: Days
• US Class Current: 705/27
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 50/16 Real estate
• CPC Class Codes: Y10S 707/945 Contract negotiation
• CPC Class Codes: Y10S 707/946 Real estate

Abstract

The electronic realty transaction system (ERTS) automates real estate processes and provides web-based accessibility to residential, commercial, and land markets. The system will provide a “one-stop-shop” for all real estate related transactions and will include a detailed tracking and history of customer transactions for the realtors. The system will provide the ability to charge, collect, and track payments for real estate related transactions. ERTS includes an electronic contract generator (ECG) that pulls information from multiple sources and automatically identifies end-user requests for services and ultimately enables a property request (i.e. contract) to be developed using auto populating techniques.

Claims

1. A method of generating on line a contract for a real estate transaction comprising:

collecting, on line and in electronic form, transaction specific information for a real estate contract including identifying parties and agents involved with the real estate contract;

providing, in an electronic format, a real estate contract form;

populating the real estate contract form with the transaction specific information;

generating online, responsive to populating the real estate contract form, an electronic file corresponding to the real estate contract for the real estate transaction; and

sending concurrently, using a web-based service, a notice of the generating online the electronic file corresponding to the real estate contract to a plurality of parties involved with the real estate transaction.

2. The method of claim 1 wherein the collecting, in electronic form, transaction specific information for a real estate contract further comprises obtaining some transaction specific information from a contract information file.

3. The method of claim 1 wherein the collecting, in electronic form, transaction specific information for a real estate contract further comprises obtaining some of the transaction specific information from other electronic files relevant to the real estate transaction.

4. The method of claim 3 wherein the obtaining some of the transaction specific information from other electronic files relevant to the real estate transaction further comprises obtaining the some of the transaction specific information from one of a buyer information file, a seller information file, and a specific realty file.

5. The method of claim 1 wherein:

the providing, in an electronic format, a real estate contract form further comprises providing a standard real estate contract form that is un-populated with tagged fields in a post descriptive file (pdf) format;

the populating the real estate contract form with the transaction specific information further comprises populating the tagged fields of the standard real estate contract form in the pdf format from corresponding data base fields; and

the generating online, responsive to populating the real estate contract form, an electronic file corresponding to the real estate contract for the real estate transaction further comprises generating a populated real estate contract in the pdf format.

6. The method of claim 1 wherein the sending concurrently the notice to the plurality of parties further comprises sending the notice to a plurality of a buyer, a seller, a selling agent, a selling broker, a listing agent, and a listing broker.

7. The method of claim 6 wherein the notice corresponding to the real estate contract is one of an electronic notification concerning the real estate contract and the electronic file corresponding to the real estate contract.

8. The method of claim 1 further comprising one of the plurality of parties involved with the real estate transaction modifying the real estate contract.

9. The method of claim 8 wherein the modifying the real estate contract further comprises one of adding and changing one of contract data, contract items, and contract funding information.

10. The method of claim 8 further comprising tracking any change resulting from the modifying the real estate contract and a history of the modification including the one of the plurality of parties that originated the change, status of the one of the parties, and the time of the modification and sending concurrently a notice of any changes to the plurality of parties involved with the real estate transaction.

11. The method of claim 8 further comprising;

creating online additional electronic files corresponding to additional documents associated with the real estate contract.

12. The method of claim 11 further comprising attaching the additional electronic files corresponding to additional documents associated with the real estate contract to the electronic file corresponding to the real estate contract for the real estate transaction.

13. A method of developing via a web-based network a ratified contract for a real estate transaction between a seller and a buyer comprising:

collecting, on line and in electronic form from a plurality of files, transaction specific information for a real estate contract;

generating online an electronic file corresponding to the real estate contract for the real estate transaction by populating a real estate contract form with the transaction specific information; and

obtaining, online, approval of the real estate contract by the buyer and the seller to provide a ratified contract.

14. The method of claim 13 wherein the collecting, on line and in electronic form from a plurality of files, transaction specific information for a real estate contract further comprises obtaining information from a buyer information file, a seller information file, and a realty information file.

15. The method of claim 13 wherein the generating online an electronic file corresponding to the real estate contract for the real estate transaction further comprises generating the electronic file corresponding to the real estate contract for the real estate transaction in a post descriptive file (pdf) format.

16. The method of claim 13 wherein the obtaining, online, approval of the real estate contract by the buyer and the seller to provide a ratified contract further comprises sending to a party involved with the real estate transaction, via a web-based connection, information corresponding to the real estate contract for the real estate transaction.

17. The method of claim 16 wherein;

the party involved with the real estate transaction is one of a buyer, a seller, a selling agent, a selling broker, a listing agent, and a listing broker; and

the information corresponding to the real estate contract for the real estate transaction is one of a notice concerning the real estate contract and the electronic file corresponding to the real estate contract.

18. The method of claim 16 further comprising the party involved with the real estate transaction disapproving the real estate contract and modifying the real estate contract to provide a counter offer real estate contract that upon approval is the ratified contract, the modifying the real estate contract further comprising one of adding and changing one of contract data, contract items, and contract funding information.

19. The method of claim 16 further comprising a party involved with the real estate transaction, via a web-based network connection, reviewing the real estate contract process by one of checking status of the real estate contract, receiving an automatic electronic notification regarding the real estate contract, and offering comments regarding the real estate contract.

20. An electronic contract generator for generating a contract for a paper less real estate transaction, the electronic contract generator comprising:

a processor coupled to a database and a plurality of client processors via a web based network in a client server arrangement; and

software instructions that when installed and executing on the processor result in the processor performing the method comprising;

automatically collecting, on line and in electronic form from a plurality of files, transaction specific information for a real estate contract;

generating online an electronic file corresponding to the real estate contract for the real estate transaction by populating a real estate contract form with the transaction specific information; and

obtaining, online, approval of the real estate contract by a buyer and a seller to provide a ratified contract.

21. The electronic contract generator of claim 20 wherein the collecting, on line and in electronic form from a plurality of files, transaction specific information for a real estate contract further comprises obtaining information from a buyer information file, a seller information file, and a realty information file.

22. The electronic contract generator of claim 20 wherein the generating online an electronic file corresponding to the real estate contract for the paperless real estate transaction further comprises generating the electronic file corresponding to the real estate contract for the real estate transaction in a post descriptive file (pdf) format.

23. The electronic contract generator of claim 20 wherein the obtaining, online, approval of the real estate contract by the buyer and the seller to provide a ratified contract further comprises sending to a party comprising one of a buyer, a seller, a selling agent, a selling broker, a listing agent, and a listing broker involved with the real estate transaction, via a web-based network connection, one of a notice concerning the real estate contract and the electronic file corresponding to the real estate contract for the real estate transaction.

24. The electronic contract generator of claim 23 further comprising the party involved with the real estate transaction disapproving the real estate contract and modifying the real estate contract to provide a counter offer real estate contract that upon approval is the ratified contract, the modifying the real estate contract further comprising one of adding and changing one of contract data, contract items, and contract funding information, wherein all modifying is tracked via a transaction history.

25. The electronic contract generator of claim 20 wherein the electronic file corresponding to the real estate contract for the real estate transaction is stored at a centrally located server and therefore minimally redundant and available in a current version to a multitude of service providers.