Electronic realty systems and methods

• US 7,725,359 B1
• Filed: 04/21/2006
• Issued: 05/25/2010
• Est. Priority Date: 04/21/2005
• Status: Expired due to Fees

• Current Assignee: Frank L. Divers, Jennifer Katzfey
• Original Assignee: Frank L. Divers, Jennifer Katzfey
• Inventors: Katzfey, Jennifer, Divers, Frank L.
• Primary Examiner(s): Pond, Robert M.
• Application Number:
  US11/408,593
• Time in Patent Office: 1,495 Days
• Field of Search: 705/26, 705/27
• US Class Current: 705/26.1
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0603 Catalogue ordering

Abstract

Systems and methods for providing an interactive electronic real estate web site. Buyers, sellers and a variety of different service providers are electronically and communicatively connected with each other to facilitate residential and commercial real estate transactions. Through the use of customized online forms, buyers and sellers are guided through the real estate transaction process through the use of a virtual real estate agent. Direct communication in the form of internal messaging and document sharing between buyers and sellers (and service providers) makes the transaction process more efficient and replaces the need for brokers and broker commissions. A timeline approach to the real estate transaction process affords efficiency and realistic expectations to the parties involved, user rewards are used as incentives for buyers and sellers to use preferred service providers.

Claims

1. A method automating a real estate transaction between a first party, second party and at least one participating service provider communicatively connected to a real estate website server comprising:

providing a property listing form to remotely connected first parties by the realty website server;

receiving a completed property listing form from a first party and automatically creating and publishing the first party'"'"'s property listing by said website server, wherein the server grants access to the first party'"'"'s property listing, information, documents and updated information to a second party and at least one participating service provider at appropriate times during the sales transaction using permission based rules;

displaying to the first party from the first party'"'"'s tracking web page a timeline subsequent to creating the property listing and displaying to the first party next step events via the first party'"'"'s timeline, wherein next step events are linked to contract actions required by the first party;

displaying to a second party from the second party'"'"'s tracking web page a timeline subsequent to second party registration and displaying to the second party next step events via the second party'"'"'s timeline, wherein next step events are linked to contract actions required by the second party;

providing an online search function to said second party enabling electronic search of said real estate property listing;

submitting to the website server by the second party a customized offer form comprising price, terms and conditions specific to the first party'"'"'s property listing;

merging the first party'"'"'s timeline with the second party'"'"'s timeline subsequent to the second party making the customized offer that creates a displayable property transaction timeline, wherein both the second party and first party view next step events identified by the property transaction timeline from their respective tracking web page, wherein the next step events are linked to contract actions required by the second party, first party and at least one participating service provider;

automatically updating the property transaction timeline based on changes to the property listing, first party'"'"'s information, second party'"'"'s information, agreements, addendums or amendments, or other documents within the system as the sales transaction progresses, wherein said changes are instantly communicated to the second party, the first party and the at least one participating service provider; and

facilitating closing of said real estate transaction without intervention by a human intermediary and without the need for in-person or telephonic correspondence outside the real estate website server comprising;

providing direct messaging communications between the first party, the second party and the at least one participating service provider;

signing documents using electronic signature;

implementing offer-counteroffer exchanges between the second party and first party; and

implementing addendum exchanges to agreements between the second party and first party.

2. The method of claim 1, wherein said step of providing a property listing form further comprises providing at least one first party disclosure form based on legal requirements.

3. The method of claim 2, further comprising the step of:

providing a document storage area on said website server, selectively accessible to both said second party and said first party, storing digital copies of all documents including said offer, said first party disclosures, a home certification, or an inspection report.

4. The method of claim 3, wherein said at least one participating service provider includes an ancillary service provider selected from the group consisting of:

a mortgage lender;

a home inspector;

an insurance company;

a moving company;

a storage company;

a carpet cleaning company;

a painter; and

an automobile rental company.

5. The method of claim 3, wherein said website server manages said documents, including managing the access, revision and deletion of said documents through the use of a virtual agent timeline that utilizes dates from said documents to populate the timeline next steps and ensure that all contractual obligations are met prior to closing.

6. The method of claim 1, after said step of electronically communicating said offer to said first party, further comprising the steps of:

electronically receiving a counteroffer or amendment to the offer from the first party; and

electronically responding to the first party with respect to said counteroffer or amendment.

7. The method of claim 1, wherein said real estate property is residential or commercial property.

8. The method of claim 1, where said first party is a property seller, said second party is a property buyer and the real estate transaction is a real estate sales transaction.

9. The method of claim 1, wherein said step of facilitating closing comprises the steps of:

providing an online integration with a mortgage company;

negotiating a mortgage rate and terms with said mortgage company electronically through the transmittal of a pre-approval and/or application form(s) and sales agreement contracts, seamlessly enabling approvals and closing to occur in an electronic format;

receiving a confirmation through the system from a title company that an escrow amount has been deposited, moving the timeline forward to the next step in the process;

receiving a confirmation from said title company that all local requirements have been satisfied and also receiving confirmation from the mortgage company, if applicable, that the second party and first party are clear to close.

10. The method of claim 1, wherein the second party, the first party, the at least one participating service provider and the real estate website server are connected via the Internet, and communication is facilitated using a direct messaging system that encompasses all parties to the transaction.

11. The method of claim 1, where said first party is a lessor, said second party is lessee and the real estate transaction is a real estate leasing transaction.

12. A system automating a real estate transaction between a first party, second party and at least one participating service provider communicatively connected to a real estate website server, the system comprising:

means for communicating a property listing form to remotely connected first parties by the realty website server;

means for receiving a completed property listing form from a first party and automatically creating and publishing the first party'"'"'s property listing by said website server, wherein the server grants access to the first party'"'"'s property listing, information, documents and updated information to a second party and at least one participating service provider at appropriate times during the sales transaction using permission based rules;

means for displaying to the first party from the first party'"'"'s tracking web page a timeline subsequent to creating the property listing and displaying to the first party next step events via the first party'"'"'s timeline, wherein next step events are linked to contract actions required by the first party;

means for displaying to a second party from the second party'"'"'s tracking web page a timeline subsequent to second party registration and displaying to the second party next step events via the second party'"'"'s timeline, wherein next step events are linked to contract actions required by the second party;

means for providing an online search function to said second party enabling electronic search of said real estate property listing;

means for submitting to the website server by the second party a customized offer form comprising price, terms and conditions specific to the first party'"'"'s property listing;

means for merging the first party'"'"'s timeline with the second party'"'"'s timeline subsequent to the second party making the customized offer that creates a displayable property transaction timeline, wherein both the second party and first party view next step events identified by the property transaction timeline from their respective tracking web page, wherein the next step events are linked to contract actions required by the second party, first party and at least one participating service provider;

means for automatically updating the property transaction timeline based on changes to the property listing, first party'"'"'s information, second party'"'"'s information, agreements or other documents within the system as the sales transaction progresses, wherein said changes are instantly communicated to the second party, the first party and the at least one participating service provider; and

means for facilitating closing of said real estate transaction without intervention by a human intermediary and without the need for in-person or telephonic correspondence outside the real estate website server comprising;

means for providing direct messaging communications between the first party, the second party and the at least one participating service provider;

means for signing documents using electronic signature;

means for implementing offer-counteroffer exchanges between the second party and first party; and

means for implementing addendum exchanges to agreements between the second party and first party.

13. The system of claim 12, where said first party is a property seller, said second party is a property buyer and the transaction is a real estate sales transaction.

14. The system of claim 12 wherein said property is a residential property or a commercial property and the disclosure forms relate to local legal requirements.

15. The system of claim 12, where said first party is a lessor, said second party is lessee and the transaction is a real estate leasing transaction.

16. The system of claim 12, further comprising an electronic document repository that both stores all transaction-related documents and manages the access, revisions and deletions of said documents.

17. The system of claim 12, wherein said at least one participating service provider is selected from the group consisting of a mortgage company, a title company, a painter, a mover, a landscaper, and an insurance company.

18. The system of claim 12, wherein said website server is utilized to facilitate is an auction.