Systems, apparatus, and method re escrow data and documentation

• US 20070078762A1
• Filed: 05/18/2006
• Published: 04/05/2007
• Est. Priority Date: 04/20/2000
• Status: Active Grant

• Current Assignee: C Triola
• Original Assignee: C Triola
• Inventors: Triola, C.
• Granted Patent: US 8,204,807 B2
• 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
• CPC Class Codes: G06Q 30/0613 Third-party assisted
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

The apparatus and method implements, manages, and tracks on-line digital transactions via an escrow, including opening, servicing, real-time or near-real time status of the broker, title company, lender, vendor, buyer and seller, and closing of an escrow via a medium such as the internet. Multiple access methods are employed. The present invention provides computerization and internet type process implementation for escrow processes including, but not limited to, digital transaction coordination, digital status coordinators, seamless escrow transactions, on-line digital signatures, video signature authentication, digital certificate authentication, signature authentication, satellite and other wireless transmission of escrow transactions, voice digital instruction, the merging of voice with digital data transactions, set-top/WebTV digital escrow transmission, global digital escrow networking, and the like. The system includes appropriate data, application, and servers along with supporting LAN or WAN-based application to perform escrow services.

Claims

1. Apparatus for an escrow transaction for personal property title transfer, the apparatus comprising:

a computer based automation system, and

system components associated with said system, said components providing implementation, management, tracking, and closing of said escrow transaction, wherein data and documentation for implementing, managing, tracking, and closing the escrow transaction are accessible via on-line communications.

2. The apparatus as set forth in claim 1, comprising:

said components including computer program modules distributed among parties to said escrow transaction, said parties including principals, agents, service providers, governmental entities, quasi-governmental entities, and vendors, and

said computer program modules providing predetermined party associated data entry and access to said data and said documentation for said parties.

3. The apparatus as set forth in claim 2, comprising:

said computer program modules including security measures providing for a variety of levels for said associated data entry and access to said data and said documentation.

21. The apparatus as set forth in claim 2, comprising:

said computer program modules including modules for digital tracking and transfer and recording of said documentation.

22. The apparatus as set forth in claim 2, comprising:

said computer program modules including modules for digital tracking and transfer of funds or other compensation.

23. The apparatus as set forth in claim 2, comprising:

said computer program modules including implementing identity authentication and digital signatures and electronic signatures for all the documentation requiring signature by at least one of said parties.

4-20. -20. (canceled)

24. Apparatus for real estate escrow transactions, comprising:

a telecommunications system, and

associated with said telecommunications system, system components for implementing, managing, tracking, and closing of said escrow transactions, wherein data and documentation regarding said implementing, managing, tracking and closing the real estate escrow transactions are accessible on-line via said telecommunications system.

25. The apparatus as set forth in claim 24, comprising:

said components including computer program modules distributed among parties to said real estate escrow transactions, said parties including principals, agents, service providers, governmental entities, quasi-governmental entities, and vendors to said escrow transactions, and

said computer program modules providing predetermined party-associated data entry and access to said data and documentation.

26. The apparatus as set forth in claim 25, comprising:

said computer program modules including security measures providing for a variety of levels for said associated data entry and accessed.

27. The apparatus as set forth in claim 25, comprising:

said computer program modules including digital signature processing modules and electronic signature processing modules.

28. The system as set forth in claim 24, wherein said system components includes digital computerization and internet type process implementation program modules, including at least one module for:

receiving instructions for the opening of an escrow;

escrow transaction coordination, including providing and sending digital instructing to all parties involved in the transaction;

escrow vendor service transaction coordination;

escrow status coordination and communication;

party and third party personal identification authentication via on-line digital signature, video fingerprint or thumb-print, retinal scan, video signature authentication, digital certificate authentication, or digital signature document execution;

coordinating and permitting access to the on-going status of an escrow in progress;

submission and transfer of loan applications, loan agreements, and loan documents;

transfer of funds or other consideration;

processing and verification of electronic documents including but not limited to grant deeds, certificates of ownership, title insurance policies, loan applications and agreements, homeowners association documents, zoning disclosure reports, home warranty policies, pest and other property inspection reports, natural hazard disclosures, geological reports, lead-based paint inspections, escrow settlement statements, government and quasi-government forms;

transmission of digital escrow instructions;

voice command of digital instructions, including merging of the voice command and escrow transactions;

wireless transactions;

global digital escrow networking, including appropriate data, application, and servers along with supporting LAN or WAN-based application to perform escrow services;

or

closing escrow, including transfer of documentation, including delivering clear title and final loan agreements, and release of transaction funds.

29. System for real estate escrow transaction data and electronic document processing and transmitting using a public internet, comprising:

at least one escrow office first computer means for connecting to the internet, said first computer having first computer program code means for said implementing, managing, tracking and closing of the real estate escrow transactions data and electronic documents;

at least one second computer means for connecting to the internet, said second computer means associated with at least one of the buy-sell principals and agents thereof and having second computer program code means for connecting to said first computer program code means;

at least one third computer means for connecting to the internet, said third computer means associated with at least one service provider, vendor, governmental entity, or quasi-governmental entity and having third computer program code means for connecting to said first computer program code means and said second computer program code means,

wherein data and documents associated with implementing, managing, tracking and closing escrow from starting escrow to closing escrow is accessible via the internet by said first computer means and said second computer means and said third computer means.

30. The system as set forth in claim 29, comprising:

first computer program modules distributed among said first computer means, said second computer means, and said third computer means, said first computer program modules providing predetermined associated data entry and access for principals, agents, service providers, vendors, governmental entities, and quasi-governmental entities.

31. The system as set forth in claim 30, comprising:

each of said first computer program code means and said second computer program code means and said third computer program code mean having second computer program modules including means for providing for a variety of levels of security for access to said data and said electronic documents.

32. The system as set forth in claim 31, comprising:

each of said first computer program code means and said second computer program code means and said third computer program code mean having third computer program modules including means for using digital signatures or electronic signatures on said electronic documents.

33. A method of doing business in property escrow using on-line communications systems, the method comprising:

establishing an on-line escrow account for all parties requiring access to a given title transfer or ownership transfer of a property; and

controlling on-line transactional account management services for said parties with respect to the on-line escrow account, said services including providing all data and all documents associated with implementing, managing, tracking, and closing the on-line escrow account via the on-line communications systems.

34. The method as set forth in claim 33, comprising:

said services including party identification and security access measures for each of said parties, including on-line access using digital party identification authentications for access to data and documents associated with said account and for digital signatures or electronic signatures of said documents.