Conditional fee ownership home financing system and business method
First Claim
1. A method for financing a real estate transaction between a conditional fee purchaser and a conditional remainder purchaser, said method comprising:
- (a) executing a conditional fee agreement with regards to purchasing real property between said conditional fee purchaser and said conditional remainder purchaser, said conditional fee agreement having a determination date;
(b) executing a real estate sales contract between said conditional fee purchaser, said conditional remainder purchaser, and a seller of a piece of real property;
(c) payment by said conditional fee purchaser to the seller of the amount owed by said conditional fee purchaser under the real estate sales contract;
(d) payment by said conditional remainder purchaser of closing costs and down payment for the purchase of said real property as required under the real estate sales contract;
(e) recording of the deed containing conditional fee language by the seller, after all closing requirements are met; and
, (f) receipt by said conditional remainder purchaser on said determination date of either a fee simple interest in said real property, or a payment for said conditional remainder purchaser'"'"'s share of said fee simple interest by said conditional fee purchaser, wherein the conditional remainder purchaser receives an ownership interest in the real property only upon receipt of the fee simple interest on said determination date.
2 Assignments
0 Petitions
Accused Products
Abstract
A method and system for financing the purchase of real property utilizing a conditional fee simple deed. Under this method a conditional fee purchaser and a conditional remainder purchaser enter into a conditional fee agreement, delineating the rights and responsibilities of each party with regards to the purchase of a residential property. The agreement includes a determination date, at which time, the conditional remainder purchaser will either receive the entire fee simple interest in the property or will receive a lump sum payment from the conditional fee purchaser for the conditional remainder purchaser'"'"'s interest in the real property. The conditional fee agreement includes a list of conditions under which the property will pass directly to the conditional remainder purchaser prior to the determination date.
60 Citations
34 Claims
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1. A method for financing a real estate transaction between a conditional fee purchaser and a conditional remainder purchaser, said method comprising:
- (a) executing a conditional fee agreement with regards to purchasing real property between said conditional fee purchaser and said conditional remainder purchaser, said conditional fee agreement having a determination date;
(b) executing a real estate sales contract between said conditional fee purchaser, said conditional remainder purchaser, and a seller of a piece of real property;
(c) payment by said conditional fee purchaser to the seller of the amount owed by said conditional fee purchaser under the real estate sales contract;
(d) payment by said conditional remainder purchaser of closing costs and down payment for the purchase of said real property as required under the real estate sales contract;
(e) recording of the deed containing conditional fee language by the seller, after all closing requirements are met; and
, (f) receipt by said conditional remainder purchaser on said determination date of either a fee simple interest in said real property, or a payment for said conditional remainder purchaser'"'"'s share of said fee simple interest by said conditional fee purchaser, wherein the conditional remainder purchaser receives an ownership interest in the real property only upon receipt of the fee simple interest on said determination date. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
- (a) executing a conditional fee agreement with regards to purchasing real property between said conditional fee purchaser and said conditional remainder purchaser, said conditional fee agreement having a determination date;
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13. A method for financing a real estate transaction between a conditional fee purchaser and a conditional remainder purchaser, said method comprising:
- (a) storing in a computer system information relating to said conditional fee purchaser, said conditional remainder purchaser, and said real estate transaction;
(b) negotiating and executing a conditional fee agreement with regards to purchasing real property between said conditional fee purchaser and said conditional remainder purchaser, said conditional fee agreement having a determination date;
(c) storing information in the computer system relating to said conditional fee agreement;
(d) executing a real estate sales contract between said conditional fee purchaser, said conditional remainder purchaser, and a seller of a piece of real property;
(e) storing information in the computer system relating to said the piece of real property and the seller;
(f) payment by said conditional fee purchaser to the seller of the amount owed by said conditional fee purchaser under the real estate sales contract;
(g) payment by said conditional remainder purchaser of closing costs and down payment for the purchase of said real property as required under the real estate sales contract;
(h) recording of the deed containing conditional fee language by the seller, after all closing requirements are met; and
, (i) receipt by said conditional remainder purchaser on said determination date of either a fee simple interest in said real property, or a payment for said conditional remainder purchaser'"'"'s share of said fee simple interest by said conditional fee purchaser, wherein the conditional remainder purchaser receives an ownership interest in the real property only upon receipt of the fee simple interest on said determination date. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20)
- (a) storing in a computer system information relating to said conditional fee purchaser, said conditional remainder purchaser, and said real estate transaction;
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21. A method for investing in real property, wherein said investor is a conditional remainder purchaser, said method comprising said conditional remainder purchaser:
- (a) identifying a third party who wishes to purchase a piece of real property, said third party to be known as a conditional fee purchaser;
(b) negotiating and executing a conditional fee agreement with said conditional fee purchaser, said conditional fee agreement having a determination date;
(c) locating a piece of real property, which said conditional remainder purchaser and said conditional fee purchaser are interested in purchasing;
(d) executing a real estate sales contract between said conditional remainder purchaser, said conditional fee purchaser, and a seller of said piece of real property of interest;
(e) paying the seller of said piece of real property of interest a down payment and covering closing costs for the purchase of said real property, as required under the real estate sales contract and the conditional fee agreement;
(f) ensuring said conditional fee purchaser pays the seller the amount owed by said conditional fee purchaser for said piece of real property under the real estate sales contract;
(g) ensuring a deed containing conditional fee language agreed to in said conditional fee agreement is recorded by the seller, after all closing requirements are met; and
, (h) receiving on said determination date either a fee simple interest in said real property from said conditional fee purchaser, or a payment for said conditional remainder purchaser'"'"'s share of said fee simple interest by said conditional fee purchaser, wherein the conditional remainder purchaser receives an ownership interest in the real property only upon receipt of the fee simple interest on said determination date. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28, 29, 30, 31)
- (a) identifying a third party who wishes to purchase a piece of real property, said third party to be known as a conditional fee purchaser;
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32. A method for purchasing real property, wherein said purchaser is a conditional fee purchaser, said method comprising said conditional fee purchaser:
- (a) identifying a third party who wishes to invest in real property, said third party to be known as a conditional remainder purchaser;
(b) negotiating and executing a conditional fee agreement with said conditional remainder purchaser, said conditional fee agreement having a determination date;
(c) locating a piece of real property, which said conditional fee purchaser and said conditional remainder purchaser are interested in purchasing;
(d) executing a real estate sales contract between said conditional fee purchaser, said conditional remainder purchaser, and a seller of said piece of real property of interest;
(e) paying the seller the amount owed by said conditional fee purchaser for said piece of real property under the real estate sales contract;
(f) ensuring said conditional remainder purchaser pays the seller of said piece of real property of interest a down payment and covering closing costs for the purchase of said real property as required under the real estate sales contract and the conditional fee agreement;
(g) ensuring a deed containing conditional fee language agreed to in said conditional fee agreement is recorded by the seller, after all closing requirements are met; and
, (h) on said determination date, either giving a fee simple interest in said real property to said conditional remainder purchaser, or paying said conditional remainder purchaser for said conditional remainder purchaser'"'"'s share of said fee simple interest, wherein the conditional remainder purchaser receives an ownership interest in the real property only upon receipt of the fee simple interest on said determination date. - View Dependent Claims (33, 34)
- (a) identifying a third party who wishes to invest in real property, said third party to be known as a conditional remainder purchaser;
Specification