Real estate computer network

• US 6,594,633 B1
• Filed: 07/07/1999
• Issued: 07/15/2003
• Est. Priority Date: 07/07/1999
• Status: Expired due to Term

• Current Assignee: Hanger Solutions, LLC (IP Investments Group LLC)
• Original Assignee: Vincent S. Broerman
• Inventors: Broerman, Vincent S.
• Primary Examiner(s): Trammell, James P.
• Assistant Examiner(s): Worjloh, Jalatee
• Application Number:
  US09/362,107
• Time in Patent Office: 1,469 Days
• Field of Search: 705/1, 705/36, 705/37, 705/23, 705/5, 705/26, 705/27, 705/80
• US Class Current: 705/313
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 50/16 Real estate

Abstract

A real estate computer network 10 facilitates a real estate transaction between a buyer 13 and a seller 12 by electronically communicating between the parties 12, 13 and third parties such as a real estate facilitating entities 24 (e.g., lawyer, mortgage provider, title provider) over a network 14, such as or including the Internet 16. Each stage of the transaction is supported by the parties utilizing an online real time interactive communication interface 120 to list property information; to search for a property in a property database 20; to negotiate via an electronic purchase contract 96; and to schedule associated events (e.g., showings) and deadlines (e.g., closing, mortgage filing). Other real estate services are supported, such as electronic mortgage calculator 224, electronic mortgage application 226, searching for comparable sales 92, electronic document delivery 222, and others.

Claims

1. A method of brokering a real estate transaction, the method comprising:

(a) electronically communicating property information to potential buyers over a computer network, the property information stored in a property database including a plurality of property records, each property record identifying a real estate property;

(b) electronically communicating a real estate transaction document to one of a seller party and a buyer party for use in conducting a transaction between a seller and a buyer for the selected real estate property, wherein electronically communicating the real estate transaction document includes at least one of communicating an offer, communicating a counteroffer, communicating a rejection and communicating an acceptance to one of the seller party and buyer party over the computer network, and wherein electronically communicating the real estate transaction document includes conducting negotiations for a purchase contract using an online real time interactive communications interface; and

(c) concurrently maintaining separate private interactive communications between the buyer party and one of a seller and a seller'"'"'s agent from the seller party, and between the seller and the seller'"'"'s agent, while conducting negotiations for the purchase contract.

2. The method of claim 1, wherein electronically communicating the real estate transaction document includes electronically transmitting the real estate transaction document to one of the seller and buyer.

3. The method of claim 2, further comprising:

(a) receiving contact information from each of the seller and buyer for the selected real estate property; and

(b) communicating the contact information for one of the seller and buyer to the other of the seller and buyer.

4. The method of claim 1, wherein electronically communicating the real estate transaction document includes electronically transmitting the real estate transaction document to one of a seller'"'"'s agent and a buyer'"'"'s agent.

5. The method of claim 1, further comprising electronically transmitting the real estate transaction document to a transaction facilitating entity.

6. The method of claim 5, wherein the transaction facilitating entity is selected from the group consisting of an attorney, a mortgage provider and a title provider.

7. The method of claim 1, further comprising scheduling a showing of the selected real estate property online.

8. The method of claim 7, further comprising displaying to a buyer party a calendar indicating available showing times.

9. The method of claim 1, further comprising electronically communicating comparable information for the selected real estate property to at least one of a seller and a buyer.

10. The method of claim 9, wherein electronically communicating comparable information for the selected real estate property includes accessing a transaction database including transactional information for a plurality of real estate transactions.

11. The method of claim 10, further comprising accessing the transaction database to detect a covert transaction for the selected real estate property.

12. The method of claim 1, further comprising collecting a commission from the seller party in response to completion of a real estate transaction for the selected real estate property.

13. The method of claim 12, wherein the commission is based on a percentage of the transaction price.

14. The method of claim 13, wherein the commission is one percent of the transaction price.

15. The method of claim 12, wherein the commission is a fixed fee.

16. The method of claim 12, wherein collecting the commission includes collecting the commission using an electronic payment transaction.

17. The method of claim 1, further comprising collecting a fixed fee from the seller party for listing the selected estate property in the property database.

18. The method of claim 1, further comprising collecting a fee from the seller party for an enhanced service provided thereto.

19. The method of claim 1, further comprising collecting earnest money from the buyer party using an electronic payment transaction.

20. The method of claim 19, wherein collecting earnest money from the buyer party includes electronically depositing the earnest money in an escrow account.

21. The method of claim 1, wherein electronically communicating the real estate transaction document includes conducting negotiations for a purchase contract for the selected real estate property entirely through electronic communications.

22. The method of claim 21, wherein conducting negotiations for the purchase contract for the selected real estate property are performed entirely through electronic communications between a seller and a buyer.

23. The method of claim 1, wherein electronically communicating the real estate transaction document includes communicating a disclosure document to the buyer party.

24. The method of claim 23, wherein electronically communicating the real estate transaction document further includes:

(a) receiving disclose information from the seller party via an online interface;

(b) generating the disclosure document from the disclosure information.

25. The method of claim 1, further comprising proactively notifying the buyer party of property records in the property database that match a search criteria input by the buyer party.

26. The method of claim 1, further comprising:

(a) electronically receiving property information for the selected real estate property from the seller party; and

(b) electronically generating the property record from the property information received from the seller party.

27. A method of negotiating a contract, the method comprising:

(a) electronically generating an offer by revising, under the direction of a first party, an electronic form including an immutable contract term and a mutable contract term, wherein revising the electronic form includes configuring the mutable contract term;

(b) electronically transmitting the electronic form to a second party with the electronic form incorporating the configuration made by the first party;

(c) electronically generating a counteroffer by revising the electronic form under the direction of the second party, wherein electronically generating the counteroffer includes modifying the mutable contract term;

(d) electronically transmitting the electronic form to the first party with the electronic form incorporating the revision made by the second party; and

(e) electronically tracking revisions to the electronic form.

28. An apparatus, comprising:

(a) a memory; and

(b) a program resident in the memory and accessible by a buyer party and a seller party, the program configured to store property information received from the seller party over a computer network, and to electronically communicate a real estate transaction document to one of the seller party and the buyer party for use in conducting a transaction between a seller and a buyer for the selected property wherein the program is further configured to electronically communicate the real estate transaction document by at least one of communicating an offer, communicating a counteroffer, communicating a rejection and communicating an acceptance to one of the seller party and buyer party over the computer network, to electronically communicate the real estate transaction document by conducting negotiations for a purchase contract using an online real time interactive communications interface, and to concurrently maintain separate private interactive communications between the buyer party and one of a seller and a seller'"'"'s agent from the seller party, and between the seller and the seller'"'"'s agent, while conducting negotiations for the purchase contract.

29. The apparatus of claim 28, wherein the program is further configured to electronically communicate the real estate transaction document by electronically transmitting the real estate transaction document to one of the seller and buyer.

30. The apparatus of claim 29, wherein the program is further configured to:

receive contact information from each of the seller and buyer for the selected real estate property; and

to

communicate the contact information for one of the seller and buyer to the other of the seller and buyer.

31. The apparatus of claim 28, wherein the program is further configured to electronically communicate the real transaction document by electronically transmitting the real estate transaction document to one of a seller'"'"'s agent and a buyer'"'"'s agent.

32. The apparatus of claim 28, wherein the program is further configured to electronically transmit the real estate transaction document to a transaction facilitating entity, the transaction facilitating entity selected from the group of an attorney, a mortgage provider, and a title provider.

33. The apparatus of claim 28, wherein the program is further configured to schedule a showing of the selected real estate property online.

34. The apparatus of claim 33, wherein the program is further configured to display to a buyer party a calendar indicating available showing times.

35. The apparatus of claim 28, wherein the program is further configured to electronically communicate comparable information for the selected real estate property to at least one of a seller and a buyer.

36. The apparatus of claim 35, wherein the program is further configured to electronically communicate comparable information for the selected real estate property by accessing a transaction database including transactional information for a plurality of real estate transactions.

37. The apparatus of claim 36, wherein the program is further configured to access the transaction database to detect a covert transaction for the selected real estate property.

38. The apparatus of claim 28, wherein the program is further configured to collect a commission from the seller party in response to completion of a real estate transaction for the selected real estate property.

39. The apparatus of claim 38, wherein the program is further configured to collect the commission by collecting the commission using an electronic payment transaction.

40. The apparatus of claim 28, wherein the program is further configured to collect earnest money from the buyer party using an electronic payment transaction and to electronically deposit the earnest money in an escrow account.

41. The apparatus of claim 28, wherein the program is further configured to electronically communicate the real estate transaction document by conducting negotiations for a purchase contract for the selected real estate property entirely through electronic communications.

42. The apparatus of claim 41, wherein the program is further configured to conduct negotiations for the purchase contract for the selected real estate property entirely through electronic communications between a seller and a buyer.

43. The apparatus of claim 28, wherein the program is further configured to electronically communicate the real estate transaction document by communicating a disclosure document to the buyer party.

44. The apparatus of claim 43, wherein the program is further configured to electronically communicate the real estate transaction document by receiving disclosure information from the seller party via an online interface, and generating the disclosure document from the disclosure information.

45. The apparatus of claim 28, wherein the program is further configured to proactively notify the buyer party of property records in the property database that match a search criteria input by the buyer party.

46. A program product, comprising:

(a) a program configured to be accessed by a buyer party and a seller party, the program configured to store property information received from the seller party over a computer network, and to electronically communicate a real estate transaction document to one of the seller party and the buyer party for use in conducting a transaction between a seller and a buyer for the selected property, wherein the program is further configured to electronically communicate the real estate transaction document by at least one of communicating an offer, communicating a counteroffer, communicating a rejection and communicating an acceptance to one of the seller party and buyer party over the computer network, to electronically communicate the real estate transaction document by conducting negotiations for a purchase contract using an online real time interactive communications interface, and to concurrently maintain separate private interactive communications between the buyer party and one of a seller and a seller'"'"'s agent from the seller party, and between the seller and the seller'"'"'s agent, while conducting negotiations for the purchase contract; and

(b) a signal bearing medium bearing the program.

47. A program product of claim 46, wherein the signal bearing medium comprises at least one of a recordable medium and a transmission medium.