Method for Fractional Sale of Property

• US 20080154686A1
• Filed: 12/19/2007
• Published: 06/26/2008
• Est. Priority Date: 12/20/2006
• Status: Abandoned Application

• Current Assignee: Robert Keith Vicino
• Original Assignee: Robert Keith Vicino
• Inventors: Vicino, Robert Keith
• Application Number:
  US11/960,608
• Publication Number:
  US 20080154686A1
• Time in Patent Office: Days
• US Class Current: 705/8
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 30/0236 Incentive or reward received by requiring registration or ID from user
• CPC Class Codes: G06Q 30/0241 Advertisements
• 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
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 50/16 Real estate

Abstract

A method for assisting property owners in selling property for fractional ownership by locating a property that is already listed for sale and is a qualified candidate property, contacting the listing broker or owner about selling the property fractionally, offering the property for sale for fractional ownership concurrently with offering the property for sale for sole ownership, finding fractional buyers collectively willing to purchase the property for more than it could be sold to a single owner, assisting in the preparation and execution of all necessary documents required for the transactions, overseeing the sales transaction, and obtaining a commission or fee on the sale of the property concurrently with or separate from the listing broker. This creates a turnkey service to property owners interested in selling their property for fractional ownership without any added risk and little to no upfront cost to the property owner.

Claims

1. A method for selling property for fractional ownership comprising the steps of:

(1) identifying a property already listed for sale or being offered for sale in the near future that is a qualified candidate for fractional ownership, where the property is identified actively or passively, where actively identifying the property comprises locating the property, where passively identifying the property comprises being presented the property,

(2) contacting the owner and proposing that the owner offer the property for sale for fractional ownership and offering the owner a service that comprises the provision of necessary expertise, skill, and products to sell the owner'"'"'s property for fractional ownership,

(3) if the owner agrees to offer the property for sale as a fractional ownership and use the offered service, providing the owner with the service,

where the owner is contacted directly or indirectly, where the owner is contacted through a representative of the owner when contacted indirectly, where the owner, when contacted, is informed, directly or indirectly, of the service that will be provided to sell the property for fractional ownership,

where the property can comprise of one or more individual properties of similar or different type,

where the owner is not required to have any expertise or experience in the field of fractional ownership or sales, and

where fractional ownership comprises of two or more persons, known as fractional owners, directly or indirectly co-owning property coupled with each fractional owner having a right to use the property a portion of the total available time.

2. The method of claim 1, where, as a part of the service, two or more buyers are sourced and enter into a contract to purchase a fractional interest in the property.

3. The method of claim 1, where the service that will be provided to sell the owner'"'"'s property for fractional ownership further comprises one or more services selected from the group comprising:

sourcing insurance for the property, sourcing mortgage financing for potential buyers of the property, obtaining a reservation and scheduling system or method, preparing ongoing operating budgets and management guidelines, placing the property into an appropriate reciprocal vacation property exchange program, and obtaining ongoing property management services.

4. The method of claim 1, where the property is offered for sale for fractional ownership concurrently with offering the property for sale for whole ownership.

5. The method of claim 1, where the necessary products to sell the owner'"'"'s property for fractional ownership comprise purchase and sale agreements.

6. The method of claim 1, where the necessary products to sell the owner'"'"'s property for fractional ownership comprise covenants, conditions, and restrictions.

7. The method of claim 1, where the service that will be provided to sell the owner'"'"'s property for fractional ownership further comprises one or more services selected from the group comprising:

marketing, advertising, promotion, decorating, and furnishing.

8. The method of claim 1, where the service that will be provided to sell the owner'"'"'s property for fractional ownership further comprises one or more services selected from the group comprising:

financial advice, evaluation of relevant market and legal issues, and business advice.

9. The method of claim 1, where the service that will be provided to sell the owner'"'"'s property for fractional ownership further comprises introducing the property into an exchange network of other fractional or timeshare properties.

10. The method of claim 1, where the fractional owners have exclusive use of the property on a recurring basis over a period of time.

11. The method of claim 1, where the total available time is one or more years.

12. A method for selling property for fractional ownership comprising the steps of:

(1) identifying a property already listed for sale or being offered for sale in the near future that is a qualified candidate for fractional ownership, where the property is identified actively or passively, where actively identifying the property comprises locating the property, where passively identifying the property comprises being presented the property,

(2) contacting the owner and proposing that the owner offer the property for sale for fractional ownership and offering the owner a service that comprises the provision of necessary expertise, skill, and products to sell the owner'"'"'s property for fractional ownership,

(3) if the owner agrees to offer the property for sale as a fractional ownership and use the offered service, providing the owner with the service which comprises the steps of

(a) assisting the owner in preparing the property for sale for fractional ownership,

(b) offering the property for sale for fractional ownership,

(c) locating and arranging for two or more buyers to enter into purchase agreements to purchase an interest in the property as fractional owners thereby starting a sales transaction,

(d) overseeing the sales transaction of the property through to closing, cancellation, or termination of the purchase agreements, and,

(e) receiving compensation from the owner, directly or indirectly, as a result of the sale of the property for fractional ownership,

where any documents, legal entities, or both necessary to sell the property for fractional ownership are prepared and finalized anytime before the sales transaction closes,

where the owner is contacted directly or indirectly, where the owner is contacted through a representative of the owner when contacted indirectly, where the owner, when contacted, is informed, directly or indirectly, of the service that will be provided to sell the property for fractional ownership,

where the property can comprise of one or more individual properties of similar or different type,

where the owner is not required to have any expertise or experience in the field of fractional ownership or sales, and

where fractional ownership comprises of two or more persons, known as fractional owners, directly or indirectly co-owning property coupled with each fractional owner having a right to use the property a portion of the total available time.

13. The method of claim 12, where the fractional owners have exclusive use of the property on a recurring basis over a period of time.

14. The method of claim 12, where the total available time is one or more years.

15. The method of claim 12, where additional services are provided after the owner agrees to offer the property for sale as a fractional ownership property and before the closing of any purchase transaction.

16. The method of claim 15, where the additional services comprise one or more services selected from the group comprising:

sourcing insurance for the property, sourcing mortgage financing for potential buyers of the property, obtaining a reservation and scheduling system or method, preparing ongoing operating budgets and management guidelines, placing the property into an appropriate reciprocal vacation property exchange program, and obtaining ongoing property management services.

17. The method of claim 15, where the additional services comprise one or more services selected from the group comprising:

marketing, advertising, promotion, decorating, and furnishing.

18. The method of claim 12, where the service that will be provided to sell the owner'"'"'s property for fractional ownership further comprises one or more services selected from the group comprising:

financial advice, evaluation of relevant market and legal issues, and business advice.

19. The method of claim 12, where the service that will be provided to sell the owner'"'"'s property for fractional ownership further comprises introducing the property into an exchange network of other fractional or timeshare properties.

20. A method for selling property for fractional ownership comprising the steps of:

(1) identifying a property already listed for sale or being offered for sale in the near future that is a qualified candidate for fractional ownership, where the property is identified actively or passively, where actively identifying the property comprises locating the property, where passively identifying the property comprises being presented the property,

(2) contacting the owner and proposing that the owner offer the property for sale for fractional ownership and offering the owner a service that comprises the provision of necessary expertise, skill, and products to sell the owner'"'"'s property for fractional ownership,

(3) if the owner agrees to offer the property for sale as a fractional ownership and use the offered service, providing the owner with the service which comprises the steps of

(a) assisting the owner in preparing the property for sale for fractional ownership,

(b) offering the property for sale for fractional ownership,

(c) locating and arranging for two or more buyers to enter into purchase agreements to purchase an interest in the property as fractional owners thereby starting a sales transaction,

(d) overseeing the sales transaction of the property through to closing, cancellation, or termination of the purchase agreements, and,

(e) receiving compensation from the owner, directly or indirectly, as a result of the sale of the property for fractional ownership,

where any documents, legal entities, or both necessary to sell the property for fractional ownership are prepared and finalized anytime before the sales transaction closes,

where one or more additional services are performed anytime before the close of the sales transaction, where the one or more additional services performed benefit the future fractional owners of the property,

where the owner is contacted directly or indirectly, where the owner is contacted through a representative of the owner when contacted indirectly, where the owner, when contacted, is informed, directly or indirectly, of the turnkey service that will be provided to sell the property for fractional ownership,

where the owner is not required to have any expertise or experience in the field of fractional ownership or sales,

where the property can comprise of one or more individual properties of similar or different type,

where fractional ownership comprises of two or more persons, known as fractional owners, directly or indirectly co-owning property coupled with each fractional owner having a right to use the property a portion of the total available time, and

where compensation received from the owner is related to the cumulative sale price of the property, where the cumulative sale price of the property is the total price paid for the property by all of the fractional owners.