Method and system for managing and preparing documentation for real estate transactions

• US 8,078,543 B2
• Filed: 05/10/2010
• Issued: 12/13/2011
• Est. Priority Date: 12/30/1999
• Status: Expired due to Fees

• Current Assignee: Remmis Holding LLC
• Original Assignee: Remmis Holding LLC
• Inventors: Salzmann, Lee, Mincone, John V., Mincone, Joseph, HOLLINGER, ANDRE
• Primary Examiner(s): Augustin, Evens J
• Application Number:
  US12/776,547
• Publication Number:
  US 20100312712A1
• Time in Patent Office: 582 Days
• Field of Search: 705/64, 705/38
• US Class Current: 705/64
• CPC Class Codes: G06Q 20/3676 Balancing accounts
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• 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 50/167 Closing
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

A method and system for preparing and managing real estate transfers and financing, including a system for preparation, production and storage of relevant documentation and the data contained therein; a system for coordinating, reconciling and transferring funds; and a system of analyzing and tracking the progress of numerous real estate transactions. The invention uses a database to minimize the redundancy involved in the preparation of all documentation needed for real estate closings. Information input into the database is used to generate the documentation necessary to complete real estate transfers, including all forms required by relevant financial institutions and government agencies. Such documentation includes handwritten signatures, which are digitally scanned and incorporated into the documents. Also, ancillary documentation can be scanned into the system and combined with other customer data and documentation. Thus a “closing package” can be compiled which contains electronic versions of virtually any document needed for closing a real estate transaction. Further included are scheduling features for coordinating one or many real estate transactions and management reporting for keeping track of a plurality of real estate transaction.

Claims

1. A method, implemented at least in party by a computer system, of facilitating a closing of a real estate transaction, comprising:

receiving first real estate transaction information for a first real estate transaction;

wherein the first real estate transaction information comprises information identifying a first party to the transaction and information identifying a property of the first real estate transaction;

storing the first real estate transaction information in a memory;

preliminarily compiling one or more electronic documents with at least some of the first real estate transaction information;

outputting for review by the first party, the one or more preliminarily compiled electronic documents;

receiving an electronic signature indicating approval of at least one of the preliminarily compiled electronic documents by the first party;

maintaining one or more financing terms associated with a loan to be obtained at the closing of the first real estate transaction;

receiving a digital image of at least one ancillary document; and

outputting electronic closing documents for the first real estate transaction that comprise;

said digital image of at least one ancillary document;

said at least one preliminary compiled electronic document with an electronic signature; and

one or more documents sufficient to contractually bind the first party to the first real estate transaction.

2. The method of claim 1, further comprising:

storing in a memory real estate transaction information in a virtual file for each of a plurality of real estate transactions;

receiving a first user input that includes a search criterion;

searching the virtual files for the search criterion;

outputting information of one or more virtual files satisfying the search criterion;

receiving a second user input that comprises an update to one of the one or more virtual files; and

updating information in the one virtual file based on the second user input.

3. The method of claim 1, further comprising maintaining a status of one or more conditions required to close the first real estate transaction.

4. The method of claim 2, further comprising maintaining payment amounts to be made to one or more entities who are not a party to the first real estate transaction.

5. The method of claim 1, further comprising maintaining information of a date for disbursing funds and wherein the date is subsequent to a closing date of the first real estate transaction.

6. The method of claim 1, further comprising maintaining information identifying a method of disbursing funds to at least one party to the first real estate transaction.

7. The method of claim 1, wherein the electronic signature is integrated into the at least one preliminarily compiled electronic document and comprises a handwritten signature.

8. The method of claim 7, wherein the handwritten signature comprises a scanned image.

9. The method of claim 1, wherein the first real estate transaction comprises a sale of the property.

10. The method of claim 1, wherein the first real estate transaction comprises a closing of a mortgage on the property.

11. The method of claim 1, wherein said at least one preliminarily compiled electronic document comprises a negotiable financial instrument.

12. The method of claim 1, wherein the at least one preliminary compiled electronic document comprises a HUD-1 document.

13. The method of claim 1, wherein the ancillary document is received as an electronic image of a paper document and the electronic image-comprises a pdf file.

14. The method of claim 1, wherein said outputting the electronic closing documents comprises electronically filing at least a portion of the electronic closing documents.

15. A method, implemented at least in party by a computer system, of facilitating a closing of a real estate transaction, comprising:

receiving real estate transaction information for the real estate transaction;

wherein the real estate transaction information comprises information identifying a first party to the transaction;

wherein the first party comprises a party obtaining a real estate loan from a lender at closing;

wherein the real estate transaction information comprises information relating to a plurality of terms of the loan;

storing the real estate transaction information in a memory in a virtual file;

receiving a first user input that includes a search criterion;

searching a plurality of the virtual files for the search criterion;

outputting information of one or more virtual files satisfying the search criterion;

receiving a second user input that comprises an update to one of the one or more virtual files;

updating information in the one virtual file based on the second user input;

preliminarily compiling one or more electronic documents with at least some of the real estate transaction information;

presenting the one or more preliminarily compiled electronic documents to the first party;

receiving an electronic signature indicating approval of at least one of the preliminarily compiled electronic documents;

receiving a digital image of at least one ancillary document; and

outputting electronic closing documents for the real estate transaction that comprise;

said at least one ancillary document; and

said preliminary compiled at least one electronic document with an electronic signature.

16. The method of claim 15, wherein said preliminary compiled at least one electronic document comprises a negotiable financial instrument.

17. A computer program product embodied on a tangible computer readable medium for facilitating a closing of a real estate transaction, comprising:

code to receive real estate transaction information for a real estate transaction;

wherein the real estate transaction information comprises information identifying a first party to the transaction and information identifying a property of the real estate transaction;

wherein the first party comprises a party obtaining a real estate loan from a lender at the closing;

wherein the real estate transaction information comprises information relating to a plurality of terms of the loan;

code to store the real estate transaction information in a memory in a virtual file;

code to search a plurality of the virtual files for the search criterion in response to receiving a first input;

code to output information of one or more virtual files satisfying the search criterion;

code to update information in the one virtual file based a second user input that comprises an update to one of the one or more virtual files;

code to compile one or more electronic documents to be used in the real estate transaction with at least some of the real estate transaction information;

code to output said one or more compiled electronic documents for review by one or more parties to the transaction;

code to store data of a third user input that comprises an electronic signature indicating approval of at least one of said compiled electronic documents by a party to the transaction,

code to determine payment amounts to be made to one or more entities who are not a party to the real estate transaction;

code to store a digital image of at least one ancillary document, and

code to output electronic closing documents for the real estate transaction that comprise;

said at least one ancillary document;

said electronic document with the electronic signature.

18. The computer program product of claim 17, further comprising code to maintain information of a date for disbursing funds and wherein the date is subsequent to a closing date of the real estate transaction.

19. The computer program product of claim 17, wherein the electronic document with the electronic signature comprises a negotiable financial instrument.

20. The computer program product of claim 17, wherein the electronic document with the electronic signature comprises a HUD-1 document.