Method and system for completing a lease for real property in an on-line computing environment

• US 7,636,687 B2
• Filed: 01/22/2001
• Issued: 12/22/2009
• Est. Priority Date: 11/20/2000
• Status: Expired due to Fees

• Current Assignee: Resman, LLC (Property Brands, Inc.)
• Original Assignee: General Electric Capital Corporation (General Electric Company)
• Inventors: Foster, Paul, Warshauer, Richard
• Primary Examiner(s): Hamilton; Lalita M
• Application Number:
  US09/766,727
• Publication Number:
  US 20020062277A1
• Time in Patent Office: 3,256 Days
• Field of Search: 705/35, 705/38
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

The present invention relates to completing a lease for property in an on-line computing environment. A distributed computer network can enable a user to access multiple databases and to obtain comparables data related to a property of interest for use in calculations. This can enable users to access the latest, broadest set of relevant property data and to select relevant comparable values quickly and with minimal manual intervention. An on-line property management environment can comprise a distributed computer network coupled to numerous client computers, a property services server platform connected to a local database, and numerous property information databases. Building owners or their agents can list their available space for rent on a web site hosted b (a property services server platform in a distributed computing environment. Commercial tenants or their agents requiring space can either directly enter the property services server platform or enter through allied sites.

Claims

1. A computing system for enabling a lease transaction for real property in an on-line computing environment, comprising:

a property management services server hosting a leasing software module for enabling the lease transaction;

at least one database, coupled to said property management services server, storing real estate property-related data for a plurality of real estate properties; and

a plurality of client computers coupled to said property management services server, at least one client computer operable by an owner and at least one client computer operable by a tenant, wherein the owner and the tenant input predetermined information about a selected real estate property into said leasing software module and negotiate an electronic term sheet using said leasing software module in support of the lease transaction for the selected real estate property,

wherein said leasing software module accesses the property-related data on one of said at least one database to obtain data relevant to the selected real estate property, populates a lease agreement based on predetermined information from an owner of the selected real estate property and information in the electronic term sheet negotiated by the owner and the tenant, and presents the populated lease agreement and the comparables data for approval by the owner and the tenant.

2. The system of claim 1, wherein said client computers comprise one or more of

a lender client computer operable by a lender to support property financing requirements for the selected real estate property;

a site visit agent client computer operable by a site visit agent to support on-site property review and analysis of the selected real estate property;

a property specialist client computer operable by a property specialist to provide property-related expertise in connection with the selected real estate property; and

a deal agent client computer operable by a deal agent to screen, negotiate, and close property-related transactions in connection with the selected real estate property.

3. The system of claim 2, wherein the property specialist client computer is operable by a property specialist comprising one of a property appraisal specialist, a property engineering specialist, and a property environmental specialist.

4. The system of claim 2, wherein said client computers further comprise a call center client computer operable by a call center agent, and

wherein the tenant can select a user operating another one of the client computers by contacting the call center agent.

5. The system of claim 1, wherein said at least one database comprises a local database maintained by a party responsible for said property management services server.

6. The system of claim 1, wherein said at least one database comprises a remote database maintained by a party other than a party responsible for said property management services server.

7. The system of claim 1, wherein said property management services server is operable to store information about a plurality of site visit agents that support on-site property review and analysis of the selected real estate property, and

wherein a tenant can select one of the site visit agents from the information stored on the property management services server to support the lease transaction.

8. The system of claim 1, wherein said property management services server is operable to store information about a plurality of deal agents that screen, negotiate, and close property-related transactions, and

wherein a tenant can select one of the deal agents from the information stored on the property management services server to support the lease transaction.

9. The system of claim 1, wherein said property management services server is operable to store information about a plurality of property specialists that provide property-related expertise in connection with the selected real estate property, and

wherein a tenant can select one of the property specialists from the information stored on the property management services server to support the lease transaction.

10. A computer-implemented method for conducting a lease transaction for real estate property in a distributed computer network environment, comprising the steps of:

storing property characteristics from an owner for a plurality of the owner'"'"'s real estate properties in an electronic database;

defining a tenant'"'"'s property requirements for leasing a real estate property using a software module operating on a property services server;

identifying with the software module a matching property from one of the owner'"'"'s real estate properties, the matching property comprising property characteristics from the owner that match the tenant'"'"'s property requirements;

publishing with the software module the matching property that matches the tenant'"'"'s property requirements;

storing in the electronic database an electronic term sheet negotiated by the owner and the tenant using the software module operating on the property services server;

creating a lease agreement for the matching property by populating the property characteristics from the owner for the matching property and the terms of the electronic term sheet into a form lease agreement comprising lease terms and legal provisions; and

publishing the created lease agreement for review by the tenant and the owner.

11. The method of claim 10, further comprising the steps of:

allowing the tenant and the owner to revise the lease agreement via the distributed computer network; and

allowing the tenant and the owner to execute the lease agreement via the distributed computer network.

12. The method of claim 10, further comprising the steps of:

allowing the tenant to make an offer via the distributed computer network to lease the matching owner property;

allowing an owner of the matching owner property to accept the offer via the distributed computer network; and

allowing the tenant and the owner to modify the offer via the distributed computer network.

13. The method of claim 10, wherein said owner property characteristics are stored in a plurality of remote databases maintained by one or more third parties.

14. The method of claim 10, further comprising the steps of:

storing information for a plurality of deal agents that screen, negotiate, and close property-related transactions; and

selecting, based on the stored information, one of the deal agents via the distributed computer network to support the lease agreement for the matching owner property.

15. The method of claim 10, further comprising the steps of:

storing information for a plurality of property specialists that provide property-related expertise in connection with the selected real estate property; and

selecting, based on the stored information, one of the property specialists via the distributed computer network to support the lease agreement for the matching owner property.

16. The method of claim 15, wherein each of the property specialists comprises one of a property appraisal specialist, a property engineering specialist, and a property environmental specialist.

17. A system for enabling a lease transaction for real property in an on-line computing environment, comprising:

a property management services server, coupled to a distributed computer network, hosting a leasing software module for enabling the lease transaction, storing information for a plurality of clients, and operable to receive a tenant'"'"'s property requirements for leasing a real estate property; and

a plurality of remote databases, coupled to said property management services server, each storing real estate property-related data, including owner property characteristics for a plurality of real estate properties, said remote databases being maintained by one or more third parties;

wherein, responsive to receiving the tenant'"'"'s property requirements by the property management services server, said leasing software module accesses the owner property characteristics in at least one of said remote databases to identify a matching property comprising owner property characteristics that match the tenant'"'"'s property requirements,

wherein the matching property becomes a subject of the lease transaction,

wherein said leasing software module stores an electronic term sheet negotiated by an owner of the matching property and the tenant using the leasing software module, and

wherein said leasing software module populates a lease agreement based on the owner property characteristics and the negotiated electronic term sheet.

18. The system of claim 17, further comprising a plurality of client computers, coupled to said property management services server, each operable to input predetermined information about the matching property into said leasing software module in support of the lease transaction for the matching property.

19. The system of claim 18, wherein said plurality of client computers comprises at least one of:

a lender client computer operable by a lender to support property financing requirements for the matching property;

a site visit agent client computer operable by a site visit agent to support on-site property review and analysis of the matching property;

a property specialist client computer operable by a property specialist to provide property-related expertise in connection with the matching property; and

a deal agent client computer operable by a deal agent to support screening, negotiating, and closing property-related transactions in connection with the matching property.

20. The system of claim 17, further comprising a local database operable to store information about a plurality of deal agents that screen, negotiate, and close property-related transactions, and

wherein said property management services server is further operable to receive instructions to select one of the deal agents from the information stored in the local database to support the lease transaction.

21. The system of claim 20, wherein said local database is further operable to store information about a plurality of property specialists that provide property-related expertise in connection with the selected real estate property, and

wherein said property management services server is further operable to receive instructions to select one of the property specialists from the information stored on the property management services server to support the lease transaction.