Closing system for closing real-estate transactions between a plurality of parties
First Claim
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1. A closing system for closing a real estate transaction between a plurality of parties and transferring ownership of property via a real estate deed, the system comprising:
- a closing server adaptable to internet communications, wherein the closing server comprises;
a closing database, wherein the closing database comprises;
a closing module executed on the closing server, wherein the closing module presents;
at least one pre-defined closing condition, wherein the at least one pre-defined closing condition comprises;
at least one first deadline for approving or disapproving the pre-defined closing condition;
at least one first identity of the plurality of parties authorized to approve or disapprove the at least one pre-defined closing condition before the at least one first deadline expires;
a first active classifier, wherein the at least one pre-defined closing condition is deemed to have failed if not approved before the at least one first deadline expires;
a first passive classifier, wherein the at least one pre-defined closing condition is deemed satisfied if not disapproved before the at least one first deadline expires; and
at least one custom closing condition, wherein the at least one custom closing condition comprises;
at least one second deadline for approving or disapproving the at least one custom closing condition;
at least one second identity of the plurality of parties authorized to approve or disapprove the at least one custom closing condition before the at least one second deadline expires;
a second active classifier, wherein the at least one custom closing condition is deemed to have failed if not approved before the at least one second deadline expires;
a second passive classifier, wherein the at least one custom closing condition is deemed satisfied if not disapproved before the at least one second deadline expires;
a title insurance module correlated with the closing database, wherein the title insurance module executed on the closing server presents;
a plurality of title insurance company identifying information;
a plurality of title insurance policies associated with the plurality of title insurance identifying information, wherein the plurality of title insurance policies each comprise a plurality of terms; and
at least one computer processor having identity verifier logic and resources for verifying the identities of the plurality of parties.
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Abstract
The present invention is a method and system for closing a real estate sale over a computerized network. More particularly, the present invention enables the parties to a pending real estate sale to enter closing instructions into the system via the Internet and provides the means for electronically processing the closing of such sale in accordance with such closing instructions without the need for a human closing agent.
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Citations
16 Claims
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1. A closing system for closing a real estate transaction between a plurality of parties and transferring ownership of property via a real estate deed, the system comprising:
a closing server adaptable to internet communications, wherein the closing server comprises; a closing database, wherein the closing database comprises; a closing module executed on the closing server, wherein the closing module presents; at least one pre-defined closing condition, wherein the at least one pre-defined closing condition comprises; at least one first deadline for approving or disapproving the pre-defined closing condition; at least one first identity of the plurality of parties authorized to approve or disapprove the at least one pre-defined closing condition before the at least one first deadline expires; a first active classifier, wherein the at least one pre-defined closing condition is deemed to have failed if not approved before the at least one first deadline expires; a first passive classifier, wherein the at least one pre-defined closing condition is deemed satisfied if not disapproved before the at least one first deadline expires; and at least one custom closing condition, wherein the at least one custom closing condition comprises; at least one second deadline for approving or disapproving the at least one custom closing condition; at least one second identity of the plurality of parties authorized to approve or disapprove the at least one custom closing condition before the at least one second deadline expires; a second active classifier, wherein the at least one custom closing condition is deemed to have failed if not approved before the at least one second deadline expires; a second passive classifier, wherein the at least one custom closing condition is deemed satisfied if not disapproved before the at least one second deadline expires; a title insurance module correlated with the closing database, wherein the title insurance module executed on the closing server presents; a plurality of title insurance company identifying information; a plurality of title insurance policies associated with the plurality of title insurance identifying information, wherein the plurality of title insurance policies each comprise a plurality of terms; and at least one computer processor having identity verifier logic and resources for verifying the identities of the plurality of parties. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
Specification