Real Estate Transaction Method And System

• US 20060282378A1
• Filed: 07/08/2006
• Published: 12/14/2006
• Est. Priority Date: 11/22/2000
• Status: Abandoned Application

• Current Assignee: Bradley L. Gotfried
• Original Assignee: Bradley L. Gotfried
• Inventors: Gotfried, Bradley L.
• Application Number:
  US11/456,198
• Publication Number:
  US 20060282378A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

A method and system for brokering real estate transactions, in which a broker allows a user to sell a first property and purchase a second property via a computer communications network. The method and system include the following steps: (a) the broker accepting at least one first property sale offering; (b) the broker providing at least one second property purchase offering; (c) the broker allowing the user to accept a selection of at least one second property selected from the at least one second property purchase offering; (d) the broker transferring the sale proceeds from the sale transaction of the first property to the user, for use in purchasing the at least one second property selected in said accepting step (c); and (e) executing a purchase transaction of the at least one second property selected in said accepting step (c), using the sale proceeds from the sale transaction of the at least one first property as payment towards the purchase of the at least one second property.

Claims

1. A method for brokering real estate transactions wherein a broker allows a user to sell a first property and purchase a second property via a computer communications network, comprising the steps of:

(a) the broker purchasing a first property from the user;

(b) the broker providing at least one second property purchase offering;

(c) the broker receiving a selection of at least one second property selected from the at least one second property purchase offering;

(d) the broker transferring the sale proceeds from the sale transaction of the first property to the user, for use in purchasing the at least one second property selected in said receiving step (c); and

(e) executing a purchase transaction of the at least one second property selected in said receiving step (c), using the sale proceeds from the sale transaction of the at least one first property as payment towards the purchase of the at least one second property.

2. The method according to claim 1, wherein the broker'"'"'s purchase of the first property is conditioned upon the user applying the sale proceeds from the sale transaction of the first property to purchase the second property.

3. The method according to claim 1, wherein said purchase execution step (e) further comprises the use of electronic encryption.

4. The method according to claim 3, wherein the electronic encryption utilizes the Secure Sockets Layer encryption standard.

5. The method according to claim 1, further comprising the step of the broker offering to the user a purchase price for the first property.

6. The method according to claim 5, wherein the purchase price of the first property is based on at least one selected from the group consisting of information regarding the first property received from the user, information regarding the first property contained in public records, the taxable value of the first property, and a combination thereof.

7. The method according to claim 1, wherein said first property offering step (a) further comprises querying the user for information regarding the property offering.

8. The method according to claim 7, wherein said querying step further comprises requesting information from the user regarding search criteria to be used to identify the at least one second property.

9. The method according to claim 8, wherein the search criteria relating to the at least one second property includes at least one of location, price, interior area, exterior area, number of bedrooms, number of bathrooms, liens and other encumbrances, date of construction, and the distance between the second property and at least one of schools, medical and rescue services, religious organizations, restaurants, shopping areas, and mass transit services.

10. The method according to claim 1, wherein said purchase execution step (e) further comprises the use of digital signature technology for transaction consummation.

11. The method according to claim 2, wherein said first property offering step (a) further comprises the use of digital signature technology for transaction consummation.

12. The method according to claim 7, wherein said querying step further comprises ascertaining from the user whether the user has a digital signature.

13. The method of claim 12, further comprising the step of registering the digital signature of the user.

14. The method according to claim 1, wherein said first property offering step (a) further comprises processing by a network server.

15. The method according to claim 14, wherein the network server processing further comprises the step of receiving information from the user regarding the first property.

16. The method according to claim 14, wherein the network server processing further comprises the step of formulating queries for use with at least one public record database.

17. The method according to claim 16, wherein said public record database queries are formulated to ascertain information regarding at least one of title status and taxable value of the first real property.

18. The method according to claim 14, wherein said network server processing further comprises the step of executing the public record database queries via a computer communications network.

19. The method according to claim 14, wherein said network server processing further comprises the step of obtaining results from the public record database queries via a computer communications network.

20. The method according to claim 14, wherein said network server processing further comprises the step of compiling the results of the public record database queries into a results report.

21. The method according to claim 14, wherein said network server processing step further comprises transmitting the results report to the user.

22. The method according to claim 21, wherein said transmitting step occurs via a computer communications network.

23. The method according to claim 2, further comprising the step of allowing the user to confirm the sale transaction step prior to execution.

24. The method according to claim 23, wherein said confirming step further comprises providing the user with a proposed purchase price for the at least one first property.

25. The method according to claim 24, wherein the proposed purchase price is the taxable value of the at least one first property.

26. The method according to claim 21, wherein the proposed purchase price is the taxable value of the first property multiplied by a pricing factor.

27. The method according to claim 24, wherein said confirming step further comprises allowing the user to accept or reject the proposed purchase price.

28. The method according to claim 1, wherein the sale proceeds are transferred into an escrow account.

29. A machine readable storage, having stored thereon a computer program having a plurality of code sections executable by a machine for causing the machine to conduct real estate transactions wherein a broker allows a user to sell a first property and purchase a second property via a computer communications network, comprising the steps of:

(a) purchasing a first property from the user;

(b) providing at least one second property purchase offering;

(c) receiving a selection of at least one second property selected from the at least one second property purchase offering;

(d) transferring the sale proceeds from the sale transaction of the first property for use in purchasing the at least one second property selected in said receiving step (c); and

(e) executing a purchase transaction of the at least one second property selected in said receiving step (c), using the sale proceeds from the sale transaction of the at least one first property as payment towards the purchase of the at least one second property.

30. The machine readable storage according to claim 29, wherein the purchasing of the first property is conditioned upon the user applying the sale proceeds from the sale transaction of the first property to purchase the second property.

31. The machine readable storage according to claim 29, wherein said purchase execution step (e) further comprises the use of electronic encryption.

32. The machine readable storage according to claim 31, wherein the electronic encryption utilizes the Secure Sockets Layer encryption standard.

33. The machine readable storage according to claim 29, further comprising the step of offering to the user a purchase price of the first property.

34. The machine readable storage according to claim 33, wherein the purchase price of the first property is based on at least one selected from the group consisting of information regarding the first property received from the user, information regarding the first property contained in the public records, the taxable value of the first property, and a combination thereof.

35. The machine readable storage according to claim 29, wherein said first property offering step (a) further comprises querying the user for information regarding the property offering.

36. The machine readable storage according to claim 35, wherein said querying step further comprises requesting information from the user regarding search criteria to be used to identify the at least one second property.

37. The machine readable storage according to claim 36, wherein the search criteria relating to the at least one second property includes at least one of location, price, interior area, exterior area, number of bedrooms, number of bathrooms, liens and other encumbrances, date of construction, and the distance between the second property and at least one of schools, medical and rescue services, religious organizations, restaurants, shopping areas, and mass transit services.

38. The machine readable storage according to claim 29, wherein said purchase execution step (e) further comprises the use of digital signature technology for transaction consummation.

39. The machine readable storage according to claim 30, wherein said first property offering step (a) further comprises the use of digital signature technology for transaction consummation.

40. The machine readable storage according to claim 35, wherein said querying step further comprises ascertaining from the user whether the user has a digital signature.

41. The machine readable storage according to claim 40, further comprising the step of registering the digital signature of the user.

42. The machine readable storage according to claim 29, wherein said first property offering step (a) further comprises processing by a network server.

43. The machine readable storage according to claim 42, wherein the network server processing further comprises the step of receiving information from the user regarding the first property.

44. The machine readable storage according to claim 42, wherein the network server processing further comprises the step of formulating queries for use with at least one public record database.

45. The machine readable storage according to claim 44, wherein said public record database queries are formulated to ascertain information regarding at least one title status and taxable value of the first real property.

46. The machine readable storage according to claim 42, wherein said network server processing further comprises the step of executing the public record database queries via a computer communications network.

47. The machine readable storage according to claim 42, wherein said network server processing further comprises the step of obtaining results from the public record database queries via a computer communications network.

48. The machine readable storage according to claim 42, wherein said network server processing further comprises the step of compiling the results of the public record database queries into a results report.

49. The machine readable storage according to claim 42, wherein said network server processing step further comprises transmitting the results report to the user.

50. The machine readable storage according to claim 49, wherein said transmitting step occurs via a computer communications network.

51. The machine readable storage according to claim 30, further comprising the step of allowing the user to confirm the sale transaction step prior to execution.

52. The machine readable storage according to claim 51, wherein said confirming step further comprises providing the user with a proposed purchase price for the at least one first property.

53. The machine readable storage according to claim 52, wherein the proposed purchase price is the taxable value of the at least one first property.

54. The machine readable storage according to claim 49, wherein the proposed purchase price is the taxable value of the first property multiplied by a pricing factor.

55. The machine readable storage according to claim 52, wherein said confirming step further comprises allowing the user to accept or reject the proposed purchase price.

56. The machine readable storage according to claim 29, wherein the sale proceeds are transferred into an escrow account.