ALTERNATIVE METHOD AND SYSTEM FOR LEASING, FINANCING AND PURCHASING RESIDENTIAL REAL ESTATE
First Claim
1. A method for providing a service which enables a consumer to lease a residential real property with a residual purchase option, the method comprising:
- allowing a consumer to select a residential real property for the service;
receiving, from the consumer, information about the selected residential real property for the service;
evaluating the information about the selected residential real property in order to determine a financing and purchasing decision;
obtaining from the consumer an agreement with respect to the selected residential real property, the agreement specifying terms and conditions for the service;
upon receipt of the agreement, purchasing the selected residential real property in which to allow the consumer to live; and
at any triggering events for a purchase option, offering to the consumer the purchase option for the selected residential real property.
1 Assignment
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Accused Products
Abstract
The present invention is directed to a method and system for allowing a customer to purchase a house at an affordable price, where the house has been leased to the consumer under mutually agreed terms between the consumer and a leasing company. More specifically, the method and system facilitates a financial service alternative to conventional financial services, which enables a consumer first to select a house to lease and then optionally to purchase the leased house at a fixed residual purchase price during or at the end of the lease term. The consumer is directed to select a market available “for sale” residential real property to be leased. The selected house is initially purchased by a home leasing company for providing the alternative financial service on the selected house. The residual purchase price is determined based on the acquisition cost plus an appreciation factor based on lease terms and qualifications of the consumer.
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Citations
37 Claims
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1. A method for providing a service which enables a consumer to lease a residential real property with a residual purchase option, the method comprising:
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allowing a consumer to select a residential real property for the service; receiving, from the consumer, information about the selected residential real property for the service; evaluating the information about the selected residential real property in order to determine a financing and purchasing decision; obtaining from the consumer an agreement with respect to the selected residential real property, the agreement specifying terms and conditions for the service; upon receipt of the agreement, purchasing the selected residential real property in which to allow the consumer to live; and at any triggering events for a purchase option, offering to the consumer the purchase option for the selected residential real property. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 27, 28)
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21. An alternative financing service system for allowing a consumer to purchase a residential real property with a residual purchase option price, the residential real property being leased to the consumer, the alternative financing service system comprising:
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a broker component for receiving a request for a service from a consumer, and for receiving, from the consumer, information about a selected residential real property for the service; an evaluation component for evaluating the information about the selected residential real property in order to determine a financing and purchasing decision; and a decision component for determining a purchasing and financing decision and for preparing a service agreement, the agreement specifying terms and conditions for the service. - View Dependent Claims (22, 23, 24, 25, 26, 34)
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29. A computer implemented method for providing a service which allows a consumer to select a residential real property for an equity leasing service provided by a home leasing company wherein the equity leasing service locks a residual purchase price for a future purchase of the residential real property, the computer implemented method comprising:
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approving a financing program for the consumer, the program including preliminary terms and conditions for the consumer to have the equity leasing service; allowing the consumer to select a residential real property, the residential real property being selected based on the approved financing program; evaluating information about the selected residential real property in order to determine a financing and purchasing decision; obtaining from the consumer an agreement on the leasing the selected residential real property for a lease term; upon receipt of the agreement, purchasing the selected residential real property in which to allow the consumer to live; and at any triggering events for a purchase option, enabling the consumer to purchase the selected residential real property at a residual purchase option price, wherein the residual purchase option price and the triggering events are specified in the agreement. - View Dependent Claims (30, 31, 32, 33, 35, 36, 37)
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Specification