Conditional fee ownership home financing system and business method
First Claim
1. A method for financing a real estate transaction between a conditional fee purchaser and a conditional remainder purchaser, said method comprising:
- (a) executing a conditional fee agreement with regards to purchasing real property between said conditional fee purchaser and said conditional remainder purchaser, said conditional fee agreement having a determination date;
(b) executing a real estate sales contract between said conditional fee purchaser, said conditional remainder purchaser, and a seller of a piece of real property;
(c) payment by said conditional fee purchaser to the seller of the amount owed by said conditional fee purchaser under the real estate sales contract;
(d) payment by said conditional remainder purchaser of closing costs and down payment for the purchase of said real property as required under the real estate sales contract;
(e) recording of the deed containing conditional fee language by the seller, after all closing requirements are met; and
, (f) receipt by said conditional remainder purchaser on said determination date of either a fee simple interest in said real property, or a payment for said conditional remainder purchaser'"'"'s share of said fee simple interest by said conditional fee purchaser.
2 Assignments
0 Petitions
Accused Products
Abstract
A method and system for financing the purchase of real property utilizing a conditional fee simple deed. Under this method a conditional fee purchaser and a conditional remainder purchaser enter into a conditional fee agreement, delineating the rights and responsibilities of each party with regards to the purchase of a residential property. The agreement includes a determination date, at which time, the conditional remainder purchaser will either receive the entire fee simple interest in the property or will receive a lump sum payment from the conditional fee purchaser for the conditional remainder purchaser'"'"'s interest in the real property. The conditional fee agreement includes a list of conditions under which the property will pass directly to the conditional remainder purchaser prior to the determination date.
13 Citations
41 Claims
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1. A method for financing a real estate transaction between a conditional fee purchaser and a conditional remainder purchaser, said method comprising:
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(a) executing a conditional fee agreement with regards to purchasing real property between said conditional fee purchaser and said conditional remainder purchaser, said conditional fee agreement having a determination date;
(b) executing a real estate sales contract between said conditional fee purchaser, said conditional remainder purchaser, and a seller of a piece of real property;
(c) payment by said conditional fee purchaser to the seller of the amount owed by said conditional fee purchaser under the real estate sales contract;
(d) payment by said conditional remainder purchaser of closing costs and down payment for the purchase of said real property as required under the real estate sales contract;
(e) recording of the deed containing conditional fee language by the seller, after all closing requirements are met; and
,(f) receipt by said conditional remainder purchaser on said determination date of either a fee simple interest in said real property, or a payment for said conditional remainder purchaser'"'"'s share of said fee simple interest by said conditional fee purchaser. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. A method for financing a real estate transaction between a conditional fee purchaser and a conditional remainder purchaser, said method comprising:
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(a) storing in a computer system information relating to said conditional fee purchaser, said conditional remainder purchaser, and said real estate transaction;
(b) negotiating and executing a conditional fee agreement with regards to purchasing real property between said conditional fee purchaser and said conditional remainder purchaser, said conditional fee agreement having a determination date;
(c) storing information in the computer system relating to said conditional fee agreement;
(d) executing a real estate sales contract between said conditional fee purchaser, said conditional remainder purchaser, and a seller of a piece of real property;
(e) storing information in the computer system relating to said the piece of real property and the seller;
(f) payment by said conditional fee purchaser to the seller of the amount owed by said conditional fee purchaser under the real estate sales contract;
(g) payment by said conditional remainder purchaser of closing costs and down payment for the purchase of said real property as required under the real estate sales contract;
(h) recording of the deed containing conditional fee language by the seller, after all closing requirements are met; and
,(i) receipt by said conditional remainder purchaser on said determination date of either a fee simple interest in said real property, or a payment for said conditional remainder purchaser'"'"'s share of said fee simple interest by said conditional fee purchaser. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20)
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21. A method for investing in real property, wherein said investor is a conditional remainder purchaser, said method comprising said conditional remainder purchaser:
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(a) identifying a third party who wishes to purchase a piece of real property, said third party to be known as a conditional fee purchaser;
(b) negotiating and executing a conditional fee agreement with said conditional fee purchaser, said conditional fee agreement having a determination date;
(c) locating a piece of real property, which said conditional remainder purchaser and said conditional fee purchaser are interested in purchasing;
(d) executing a real estate sales contract between said conditional remainder purchaser, said conditional fee purchaser, and a seller of said piece of real property of interest;
(e) paying the seller of said piece of real property of interest a down payment and covering closing costs for the purchase of said real property, as required under the real estate sales contract and the conditional fee agreement;
(f) ensuring said conditional fee purchaser pays the seller the amount owed by said conditional fee purchaser for said piece of real property under the real estate sales contract;
(g) ensuring a deed containing conditional fee language agreed to in said conditional fee agreement is recorded by the seller, after all closing requirements are met; and
,(h) receiving on said determination date either a fee simple interest in said real property from said conditional fee purchaser, or a payment for said conditional remainder purchaser'"'"'s share of said fee simple interest by said conditional fee purchaser. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28, 29, 30, 31)
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32. A method for purchasing real property, wherein said purchaser is a conditional fee purchaser, said method comprising said conditional fee purchaser:
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(a) identifying a third party who wishes to invest in real property, said third party to be known as a conditional remainder purchaser;
(b) negotiating and executing a conditional fee agreement with said conditional remainder purchaser, said conditional fee agreement having a determination date;
(c) locating a piece of real property, which said conditional fee purchaser and said conditional remainder purchaser are interested in purchasing;
(d) executing a real estate sales contract between said conditional fee purchaser, said conditional remainder purchaser, and a seller of said piece of real property of interest;
(e) paying the seller the amount owed by said conditional fee purchaser for said piece of real property under the real estate sales contract;
(f) ensuring said conditional remainder purchaser pays the seller of said piece of real property of interest a down payment and covering closing costs for the purchase of said real property as required under the real estate sales contract and the conditional fee agreement;
(g) ensuring a deed containing conditional fee language agreed to in said conditional fee agreement is recorded by the seller, after all closing requirements are met; and
,(h) on said determination date, either giving a fee simple interest in said real property to said conditional remainder purchaser, or paying said conditional remainder purchaser for said conditional remainder purchaser'"'"'s share of said fee simple interest. - View Dependent Claims (33, 34, 35, 36, 37, 38, 39, 40, 41)
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Specification