Claims:We claim:
1) A system for real estate transaction, comprising of;
a. A network server of the internal database of the website;
b. A database for collecting all the real estate transaction data;
c. Transaction documents verification server for checking of the documents;
d. User interface such as laptop/desktop/tablet;
e. Digital signing of the transaction documents by users; and
f. Storing all the transaction documents in the database.
2) The system as claimed in claim 1, wherein the said internal database of the website collects all the real estate transaction data and receive all the data of the user with the transactions of real estate after registration of users to the internal database of the website.
3) The system as claimed in claim 1, wherein the said real estate transaction documents are verified after digital signature and are transmitted to the network server for storing them.
4) The system as claimed in claim 1, wherein the said transaction documents include various contracts such as selling contract, mortgage document and title closing document.
, Description:FIELD OF THE INVENTION:
The invention generally relates to electronic real estate transaction systems. The present invention more particularly relates to a web based real estate transaction system for conducting real estate transactions for authorized participants.
BACKGROUND OF THE INVENTION:
Traditionally real estate transactions have been carried out in stages and in personal meetings. Usually several weeks are needed for carrying out a complete real estate transaction. So multiple meetings are required in between seller, buyer, real estate agents, inspectors, mortgage brokers, insurance agents, lawyers and lenders. This traditional method of real estate transactions is highly inefficient. A problem is existed in authenticating documents and signatures. Real estate transactions involve confidential information which is protected, secured and require signatures from multiple participants
Real estate transactions have traditionally been done in stages and in personal meetings. It would take several weeks to coordinate and complete a real estate transaction. It would require multiple meetings between the seller, buyer, real estate agents, inspectors, mortgage brokers, insurance agents, lawyers and lenders. This traditional method of conducting real estate transactions is highly inefficient along with a problem existed with authenticating documents and signatures. However, as real estate transactions involve confidential information that must be protected and secured and require signatures from multiple participants that can be authenticated. Traditional methods were considered to be the only reliable way to conduct these transaction.
Various attempts are made at making software related real estate transaction systems that could be done via the internet to provide documents electronically via the internet but these systems require traditional closings and mortgage approval because of the problems with authenticating documents and signatures. Attempts have also been made to provide electronic documents and accommodate electronic signatures, but authenticating the documents and signatures remain a problem.
So there is a need for a system for web based electronic real estate transaction. The various participants are involved in the real estate transaction, generates and provides digitized real estate related documents and includes electronic signature that enables selected participants to securely sign predetermined documents electronically and allows selected participants to view and participate in the transaction without granting signing authority.
OBJECTS OF THE INVENTION:
An object of the present invention is to provide real estate transaction, generates and provides digitized real estate related documents.
Another object of the present invention is to provide electronic signature that enables selected participants to securely sign predetermined documents electronically and allows selected participants to view and participate in the transaction without granting signing authority.
Other objects and benefits of the present invention will be more apparent from the following description, which is not intended to bind the scope of the present invention.
SUMMARY OF THE INVENTION:
Accordingly, a system for web based electronic real estate transaction is disclosed. A system for real estate transaction comprising of;
a. A network server of the internal database of the website;
b. A database for collecting all the real estate transaction data;
c. Transaction documents verification server for checking of the documents;
d. User interface such as laptop/desktop/tablet;
e. Digital signing of the transaction documents by users; and
f. Storing all the transaction documents in the database.
DESCRIPTION OF THE DRAWINGS:
Fig 1 is the system for web based electronic real estate transaction.
DETAILED DESCRIPTION OF THE DRAWINGS:
The present invention is a system for web based electronic real estate transaction. The various participants are involved in the real estate transaction, generates and provides digitized real estate related documents and includes electronic signature that enables selected participants to securely sign predetermined documents electronically and allows selected participants to view and participate in the transaction without granting signing authority.
In one embodiment, a system for real estate transaction comprising of;
g. A network server of the internal database of the website;
h. A database for collecting all the real estate transaction data;
i. Transaction documents verification server for checking of the documents;
j. User interface such as laptop/desktop/tablet;
k. Digital signing of the transaction documents by users; and
l. Storing all the transaction documents in the database.
In another embodiment, a network server of the internal database is provided. The internal database of the website collects all the real estate transaction data and receive all the data of the user with the transactions of real estate. The data of buyer and seller in the transactions is included. If some modification is made in documents, then the internal database views the modification and maintain the changes in the modifications in the system. The modifications include at least digitally signing an electronic real estate transaction document and changing real estate transaction data associated with electronic real estate transaction document. Real estate transaction documents are verified after digital signature and are transmitted to the network server for storing them.
In another embodiment, real estate document is divided into many sections such as one part is accessible for user and access is not given for the rest of the part of the document to user as it is related to other user associated with the transaction.
In another embodiment, contract is negotiated in between buyer and seller and after selling of the property, the title is closed and thus the contract is closed. The various contracts are conducted in between seller and buyer and website as an intermediator like the sales contract in between seller and website database, followed by mortgage document and finally selling document of the real estate to the buyer. The various stages of transaction are title search, loan approval and title closing stage. At least one of the plurality of users is enabled to digital sign at least one selected electronic real estate transaction document.