System and method for creating electronic real estate registration

• US 7,693,765 B2
• Filed: 11/30/2005
• Issued: 04/06/2010
• Est. Priority Date: 11/30/2004
• Status: Expired due to Fees

• Current Assignee: Michael Dell Orfano
• Original Assignee: Michael Dell Orfano
• Inventors: Dell Orfano, Michael
• Primary Examiner(s): Trammell; James P
• Assistant Examiner(s): Malhotra; Sanjeev
• Application Number:
  US11/291,358
• Publication Number:
  US 20060116952A1
• Time in Patent Office: 1,588 Days
• Field of Search: 705/35, 705/39, 705/51, 701/208, 702/14, 707/200
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 30/0278 Product appraisal
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 50/16 Real estate

Abstract

A system for providing a registered land asset includes a property transaction database in communication with a computer network the property transaction database provides information related to transactions associated with each registered land asset parcel, each land parcel having a registered land asset identifier representing global coordinates particular to the parcel. The system also includes a location characteristic database in communication with the computer network. The location characteristic database provides socioeconomic data regarding the location wherein the land parcel associated with the registered land asset is situated. A registered land asset contract may give a leaseholder an option to purchase the land by the end of a given term. A computer receives data from the property transaction database and the location characteristic database via the computer network and calculates prices and values associated with a registered land asset contract associated with the land parcel and a registered land asset contract is recorded in association with the land asset identifier corresponding to the land parcel in an electronic land title registry in communication with the computer network.

Claims

1. A method for establishing an electronic land title registry, the method comprising:

providing a Registered Asset Identifier (RAI) including a geo-referenced address based on a global coordinate position that specifies locations on the surface of the Earth corresponding to land subject to a land title deed;

recording a land title deed and the RAI in association with one another in a local land court so as to legally associate the land title deed with the RAI;

transmitting the RAI to an electronic land title registry database in communication with a land title registry process adapted to store electronic documents associated with the RAI and allow retrieval of the documents based upon entry by an accessing party of predetermined information associated with the RAI;

transmitting from a recording party an electronic version of the land title deed and a registered land asset contract associated with the land to be recorded in association with the RAI in the electronic land title registry database as a registered land asset;

receiving and appending from an appending party other information relating to the registered land asset and corresponding RAI;

accessing, at a subsequent time, by the accessing party, over the party-accessible computer network, the electronic land title registry database, and using a mechanism associated therewith performing at least one of retrieving, verifying, analyzing, and gathering appended information associated with the registered asset in association with the RAI; and

facilitating, at a subsequent time, by at least one of the recording party, the appending party or the accessing party, over the party-accessible computer network, a clearing and settlement process of the registered land asset, the recorded land asset contract and the appended information associated with the registered land asset and corresponding RAI;

wherein the registered land asset defines both a leasehold estate subject to a lease and a purchase option and the land subject to the land title deed upon which the leasehold estate resides, and wherein the registered land asset contract provides a leaseholder an option to purchase the land by an end of a given term and the registered land asset is available for purchase by a purchasing party and sale by a selling party by accessing the corresponding RAI through a database that is available via a network so as to facilitate one of either a purchase transaction or sale transaction; and

wherein the other information includes appraisal information related to an appraised value the land subject to the land title deed including at least (a) a market ground rent of the land subject to the land title deed, (b) a land capitalization rate and (c) a fee simple land value of the land subject to the land title deed and the leasehold estate, and further comprising operating an interim pricing process in communication with the land title registry database to determine a community score (cScore) that modifies the calculated market land value for each registered land asset based upon externalities associated with a property underlying the registered land asset including associated community data, the cScore being associated with each registered land asset within a community subject to the community data.

2. A method according to claim 1, wherein the geo-referenced address comprises a universal transverse mercator (UTM) grid code.

3. A method according to claim 1, wherein the RAI is appended with a sequential equity allocation lien (the “

SEAL”

) identifier.

4. A method according to claim 3, wherein the SEAL identifier includes one of:

a date associated with the SEAL identifier, a time associated with the SEAL identifier, a document associated with the SEAL identifier, document type associated with the SEAL identifier and a document preparer associated with the SEAL identifier.

5. A method according to claim 1, wherein the RAI is appended with a vendor identification number (the “

VIN”

).

6. A method according to claim 1, further comprising assigning the registered land asset associated with the registered land asset contract and recording the assignment of the registered land asset in association with the RAI in the electronic land title registry.

7. A method according to claim 1, further comprising creating a property transaction database, associated with the electronic land title registry database and accessible over the communications network by each of the recording party, the accessing party and appending party, by providing information related to transactions associated with each RAI.

8. A method according to claim 7, further comprising creating a location characteristic database associated with the electronic land title registry database by providing socioeconomic data associated with each RAI.

9. A method according to claim 8, further comprising calculating values for each registered land asset so as to generate a market land value associated with a RAI on the basis of information from the property transaction database and the location characteristic database.

10. A method according to claim 9 wherein the market land value is employed by an option pricing process to generate an option price for the leaseholder to purchase the land, and appending the option price in association with the RAI in the land title registry database.

11. The method of claim 1, wherein the interim pricing process approximates the cScore for each registered land asset in an absence of a predetermined amount of the community data or transaction data with respect to the registered land asset.

12. A method according to claim 11 further comprising offering the registered land asset contract via the land registry database for purchase thereof, and associating the investor as a party capable of accessing the registered land asset database over the communications network.

13. An electronically stored registered land asset contract associated with the RAI produced according to the method of claim 12, and thereby defining a financial instrument adapted for public trading and electronic exchange.

14. A method according to claim 1 wherein the accessing party is at least one of a holder of a leasehold estate on the registered land asset or a land asset investor.