System and method for facilitating like kind exchanges

• US 20060085210A1
• Filed: 10/19/2004
• Published: 04/20/2006
• Est. Priority Date: 10/19/2004
• Status: Abandoned Application

• Current Assignee: Michael Owens
• Original Assignee: Michael Owens
• Inventors: Owens, Michael
• Application Number:
  US10/969,299
• Publication Number:
  US 20060085210A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/0278 Product appraisal
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

An interactive computer system, preferably hosted on the Internet, has interfaces that obtain entity-specific information regarding a property owner, obtain property-specific information of the property to be exchanged in a 1031 exchange, and establish a contract that engages the services of a facilitator to handle the exchange. An inducement to enter into the contract can advantageously be included, as for example, an automated valuation model to estimate a value of the property.

Claims

1. An interactive computer system, comprising:

a first electronic interface that obtains entity-specific information regarding a property owner;

a second electronic interface that obtains property-specific information regarding a first property owned by the property owner; and

a third electronic interface through which the property owner enters into a contract to engage a facilitator to exchange the first property for a second property of like kind.

2. The system of claim 1, wherein the first property comprises real estate.

3. The system of claim 2, further comprising a fourth electronic interface through which the property owner, prior to the property owner contracting to engage the facilitator, contracts to pay a fee for a service.

4. The system of claim 3, wherein the service comprises utilizing an automated valuation model to estimate a value of the first property.

5. The system of claim 2, further comprising a fifth electronic interface through which the property owner arranges to make a payment for the service, and wherein the payment is transacted after the property owner contracts to engage the facilitator.

6. The system of claim 3, further comprising a display that identifies to the property owner, subsequent to the property owner contracting to pay for the service, a set of at least three specific replacement properties from which the second property can be selected to effect a tax advantaged exchange for the property owner.

7. The system of claim 2, further comprising a display that identifies to the property owner, prior to the property owner contracting to engage the facilitator, a set of at least three specific replacement properties from which the second property can be selected to effect a tax advantaged exchange for the property owner.

8. The system of claim 2, further comprising a display that provides to the property owner, prior to the property owner contracting to engage the facilitator, prior to the property owner contracting to engage the facilitator, any legally required disclosure relating to engagement of the facilitator by the property owner.

9. The system of claim 1, further comprising at least one additional electronic interface through which the property owner, prior to the property owner contracting to engage the facilitator, (a) contracts to pay a fee for a service;

(b) is provided at three specific replacement properties from which the second property can be selected to effect a tax advantaged exchange for the property owner;

(c) provides the property owner with any legally required disclosure relating to engagement of the facilitator by the property owner.

10. The system of claim 9 wherein all of the interfaces are accessible through a web page of a public package-switched network.

11. The system of claim 1, further comprising an electronic capital gains calculator interface that can be used by the property owner to estimate a tax savings by using a tax advantaged exchange rather than a sale to relinquish the first property.

12. The system of claim. 1, further comprising additional electronic interfaces through which the property owner contracts to use an automated valuation model to estimate a value of the first property, then contracts to engage the facilitator, and then arranges to pay for use of the automated valuation service.

13. A method of facilitating a like kind property exchange through a publicly accessible site of a computer network, comprising the following steps:

obtaining personal information on a property owner;

obtaining information about a property owned by the property owner;

providing a list of specific exchange properties that can be utilized by the property owner to execute a tax advantaged exchange of the property; and

providing an acceptance interface through which a facilitator can be contractually engaged to represent the property owner with respect to an exchange of the property for one of the exchange properties.

14. The method of claim 13, further comprising:

performing a service related to property for a fee; and

securing payment for the service after the property owner has contractually engaged the facilitator.

15. The method of claim 14, wherein the service comprises using an automated valuation model to estimate a value of the property.

16. The method of claim 14, further comprising discounting the fee upon the property owner completing the tax advantaged exchange of the property.

17. The method of claim 13, further comprising providing a property-choosing interface through which the property owner can choose at least three of the exchange properties to satisfy a tax code provision.

18. The method of claim 13, further comprising using a web page of the Internet as the publicly accessible site.

19. A method of making money, comprising hosting a set of computer programs that accomplishes the steps of claim 13.

20. A method of making money, providing a link to a site that accomplishes the steps of claim 13.