Springing Interests Flowing from Benefits that Run with the Land
OwnerJoseph B. Aldermaninventor
Life of this patent
Estimating the term…
Abstract
Methods, systems and kits are described for transmuting ownership interests in real property by generating springing interests flowing from benefits that run with land. A method includes before a first transfer from an original value-adding owner to a second owner conferring a benefit that runs with at least one piece of real estate; and then attaching a covenant to the at least one piece of real estate, the covenant granting a springing interest that shall vest at a time of one or more subsequent transfers of the at least one piece of real estate in, consideration of the benefit.
Claims27
A method, comprising:
- before a first transfer from an original value-adding owner to a second owner, conferring a benefit on at least one piece of real estate;
- then
- attaching a covenant to the at least one piece of real estate, the covenant granting a springing interest that shall vest in the original value-adding owner at a time of one or more subsequent transfers of the at least one piece of real estate in consideration of the benefit, the vested springing interest including a right to receive a conveyance fee, the benefit i) running with the at least one piece of real estate and ii) including at least one improvement to the at least one piece of real estate selected from the group consisting of developing the at least one piece of real estate and building upon the at least one piece of real estate;
- and
- reserving in the first transfer a lien securing payment of a conveyance fee,
- wherein prior to each transfer a prospective owner is provided, with regard to the covenant, with at least one form of notice selected from the group consisting of actual notice and constructive notice, and
- wherein the second owner is required as a condition of the first transfer to provide actual notice of the covenant to a third owner.
A method, comprising:
- before a first transfer from an original value-adding owner to a second owner conferring a benefit that runs with at least one piece of real estate;
- and then
- attaching a covenant to the at least one piece of real estate, the covenant granting a springing interest that shall vest at a time of one or more subsequent transfers of the at least one piece of real estate in consideration of the benefit.
A kit for ameliorating the costs of improvements to real property by creating springing interests that vest at the time of subsequent transfers of real property comprising:
- a first document for transferring title to real property having an improvement thereto bestowed by an original value-adding owner to a purchaser, said document configured for accepting a sales price for all or part of the original value-adding owner's real property including said improvement, said sales price being less than the present value of said real property with said improvement, and said document also including a covenant requiring a purchaser to condition subsequent purchases of said real property on the payment of a predetermined conveyance fee to said original value-adding owner, and
- a second document including a lien for enforcing said covenant and for recording in the real property records for said real property.
A system for ameliorating the costs of improvements to real property by creating springing interests that vest at the time of subsequent transfers of real property comprising:
- a computer system having a suite of software to allow word processing for drafting documents,
- a database of real property of a value-adding owner configured to include a value of each piece, lot, subdivision, or parcel of real property and a proportionate value of improvements added to said real property and each individual piece, lot, subdivision, or parcel of real property,
- a processor for calculating a sales price or percentage of value for selling a piece, lot, subdivision, or parcel of said real,
- a second database including the calculated prices or percentages of value for each piece, lot, subdivision, or parcel of said real property, and
- a user interface for accessing said second database and importing information relating to said real property into a word processing program, whereby a user may draft an electronic sales document including a price for sale of said property and a written covenant obligating subsequent purchasers to pay a conveyance fee to said value-adding owner for the improvement to said real property.
Dependencies are inferred from the claim text.