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

A system for facilitating a closing of a real estate transaction, the system comprising:

• a processor;
• and
• a memory operatively coupled to the processor, the memory having storage adapted to store real estate transaction information, and the memory having computer-executable instructions which, when executed by the processor, cause the processor to:
• store, in the memory, real estate transaction information in a virtual file for each of a plurality of closings;
• receive, from a computer, a first user input that includes a search criterion;
• search the virtual files for the search criterion;
• output, to a computer, information of one or more virtual files satisfying the search criterion;
• receive, from a computer, a second user input that comprises an update to one of the one or more virtual files;
• update information in the one virtual file based on the second user input;
• receive, from a computer, 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;
• wherein the first party comprises a party obtaining a real estate loan from a lender at the closing;
• wherein the first real estate transaction information comprises information of a plurality of terms of the loan;
• store the first real estate transaction information in the memory in a virtual file;
• access a plurality of form electronic documents in the memory to be used in the first real estate transaction;
• wherein a first form electronic document to be used in the first real estate transaction comprises at least one of a HUD-1 document and a Truth in Lending document;
• maintain one or more conditions required to close the first real estate transaction;
• maintain a status of the one or more conditions;
• preliminarily compile the plurality of form electronic documents, including the first form electronic document, to be used in the first real estate transaction with at least some of the first real estate transaction information;
• output, to a computer, the preliminarily compiled plurality of form electronic documents;
• wherein the output of the preliminarily compiled plurality of form electronic documents causes a display of at least a portion of the preliminarily compiled plurality of form electronic documents on a display screen for review of the plurality of preliminary compiled form electronic documents by the first party to the first real estate transaction;
• receive, from a computer, an electronic signature indicating approval of the preliminarily compiled first form electronic document;
• finally compile the preliminary compiled first form electronic document by integrating a signature into the preliminary compiled first form electronic document;
• receive, from a computer, a image of at least one scanned ancillary document;
• maintain electronic closing documents for the first real estate transaction that comprise:
• said at least one ancillary document;
• and
• said finally compiled first form electronic document;
• in response to a third user input, generate and output, to a computer, a first report that identifies at least one of the group of:
• deeds and mortgages filed with a government recordation service;
• and
• in response to a fourth user input, generate and output, to a computer, a second report that includes information of a plurality of closings of real estate transactions.

A system for facilitating a closing of a real estate transaction, the system comprising:

• a processor;
• and
• a memory operatively coupled to the processor, the memory having storage adapted to store real estate transaction information, and the memory having computer-executable instructions which, when executed by the processor, cause the processor to:
• receive, from a computer, real estate transaction information for the real estate transaction;
• wherein the real estate transaction information comprises information identifying a first party to the transaction and information identifying a real estate property of the 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;
• store the real estate transaction information in the memory;
• maintain one or more conditions required to close the real estate transaction;
• maintain a status of the one or more conditions;
• maintain information of one or more sub-servicers involved in the real estate transaction;
• preliminarily compile a plurality of form electronic documents with at least some of the real estate transaction information;
• output, to a computer, the preliminarily compiled form electronic documents, wherein the output of the preliminarily compiled form documents causes a display of at least a portion of the preliminarily compiled form documents on a display screen for review by a first party;
• receive, from a computer, an electronic signature indicating approval of at least one of the preliminarily compiled form electronic documents by the first party;
• receive, from a computer, a digital image of at least one ancillary document;
• output, to a computer, electronic closing documents for the real estate transaction that comprise:
• said at least one ancillary document;
• said preliminary compiled at least one form electronic document with an electronic signature;
• and
• one or more documents sufficient to contractually bind the first party to the real estate transaction;
• in response to a third user input, generate and output, to a computer, a first report that identifies at least one of the group of:
• deeds and mortgages filed with a government recordation service;
• and
• in response to a fourth user input, generate and output, to a computer, a second report that includes information of a plurality of closings of real estate transactions.

A system for facilitating a closing of a real estate transaction, the system comprising:

• a processor;
• and
• a memory operatively coupled to the processor, the memory having storage adapted to store real estate transaction information, and the memory having computer-executable instructions which, when executed by the processor, cause the processor to:
• receive, from a computer, 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 the closing;
• wherein the real estate transaction information comprises information relating to a plurality of terms of the loan;
• store the real estate transaction information in the memory in a virtual file;
• receive, from a computer, a first user input that includes a search criterion;
• search a plurality of the virtual files for the search criterion;
• output, to a computer, information of one or more virtual files satisfying the search criterion;
• receive, from a computer, a second user input that comprises an update to one of the one or more virtual files;
• update information in the one virtual file based on the second user input;
• maintain payment amounts to be made to one or more entities who are not a party bound to the real estate transaction upon closing of the real estate transaction;
• maintain information of one or more sub-servicers involved in the real estate transaction;
• calculate the funds to be transferred between the parties to the real estate transaction;
• preliminarily compile a funds document specifying funds to be transferred as part of the real estate transaction;
• output, to a computer, the preliminarily compiled funds document, wherein the output of the preliminarily compiled funds document causes a display of at least a portion of the preliminarily compiled funds document on a display screen for review by the first party;
• receive, from a computer, an electronic signature indicating approval of the preliminarily compiled funds document by the first party;
• receive, from a computer, a digital image of at least one ancillary document;
• maintain electronic closing documents for the real estate transaction that comprise:
• said at least one ancillary document;
• said preliminary compiled funds document with an electronic signature;
• and one or more documents sufficient to contractually bind the first party to the real estate transaction;
• in response to a third user input, generate and output, to a computer, a first report that identifies at least one of the group of:
• deeds and mortgages filed with a government recordation service;
• and
• in response to a fourth user input, generate and output, to a computer, a second report that includes information of a plurality of closings of real estate transactions.