Electronic realty and transaction system and method therein
AssigneeAmerican Hungarian Technologies Inc.
InventorsEva T. Klivington, Margit E. Klivington
Life of this patent
Estimating the term…
Abstract
The electronic realty transaction system (ERTS) automates real estate processes and provides web-based accessibility to residential, commercial, and land markets. The system will provide a “one-stop-shop” for all real estate related transactions and will include a detailed tracking and history of customer transactions for the realtors. The system will provide the ability to charge, collect, and track payments for real estate related transactions. ERTS includes an electronic contract generator (ECG) that pulls information from multiple sources and automatically identifies end-user requests for services and ultimately enables a property request (i.e. contract) to be developed using auto populating techniques.
Claims33
A method of generating on line a contract for a real estate transaction for a particular real estate property and managing a workflow for the contract, the method comprising:
- collecting and storing, on line and in electronic form, transaction specific information for a real estate contract, the transaction specific information including identities of parties and agents involved with the real estate transaction and a contract price for the real estate transaction;
- calculating, by a computer, a recommended security deposit based on the contract price;
- receiving, at the computer, a confirmation that a security deposit has been made by a party;
- providing, in an electronic format, a real estate contract form;
- automatically populating, in the computer, the real estate contract form with at least some of the transaction specific information;
- after receiving the confirmation that the security deposit has been made, automatically generating online, in the computer, responsive to populating the real estate contract form, an electronic file corresponding to the real estate contract for the real estate transaction;
- sending concurrently, using a web-based service, a notice of the generated electronic file corresponding to the real estate contract to parties and agents in the workflow for the real estate transaction;
- changing a portion of the transaction specific information in the real estate contract;
- sending a notice of the changed transaction specific information to next parties in the workflow depending on which party in the workflow is responsible for the changing,
- wherein read access to the real estate contract is granted to the parties in the workflow, and wherein read/write access to the real estate contract is granted to the buyer and the seller.
A method of developing via a web-based network a ratified contract for a real estate transaction for a particular real estate property and managing a workflow for the ratified contract, wherein the workflow for the ratified contract is between a seller and a buyer, the method comprising:
- collecting, on line and in electronic form from a plurality of files, transaction specific information for a real estate contract, the transaction specific information including a contract price for the real estate contract;
- calculating, by a computer, a recommended security deposit based on the contract price;
- receiving, at the computer, a confirmation that a security deposit has been made by a party;
- after receiving the confirmation that the security deposit has been made, automatically generating, online in the computer, an electronic file corresponding to the real estate contract for the real estate transaction by automatically populating, in the computer, a real estate contract form with at least some of the transaction specific information from the plurality of files;
- changing a portion of the transaction specific information in the real estate contract;
- obtaining, online, approval of the real estate contract by the buyer and the seller of the workflow to provide a ratified contract,
- wherein read access to the real estate contract is granted to the parties in the workflow,
- and wherein read/write access to the real estate contract is granted to the buyer and the seller.
An electronic contract generator for generating a contract for a paperless real estate transaction for a particular real estate property and managing a workflow for the contract, the electronic contract generator comprising:
- a processor coupled to a database and a plurality of client processors via a web based network in a client server arrangement;
- and
- software instructions that when installed and executing on the processor result in the processor performing the method comprising;
- automatically collecting, on line in a computer, and in electronic form from a plurality of files, transaction specific information for a real estate transaction, the transaction specific information including a contract price for the real estate transaction;
- calculating a recommended security deposit based on the contract price;
- receiving a confirmation that a security deposit has been made by a party;
- after receiving the confirmation that the security deposit has been made, automatically generating online, in the computer, an electronic file corresponding to the real estate contract for the real estate transaction by automatically populating, in the computer, a real estate contract form with the transaction specific information;
- changing a portion of the transaction specific information in the real estate contract;
- and
- obtaining, online, approval of the real estate contract by a buyer and a seller to provide a ratified contract,
- wherein read access to the real estate contract is granted to the parties in the workflow, and wherein read/write access to the real estate contract is granted to the buyer and the seller.
Dependencies are inferred from the claim text.