REAL ESTATE BROKERAGE METHOD AND SYSTEM

A method of real estate brokerage is provided, the method comprising: identifying a client, the client owning a property; identifying a lawyer representing the client; identifying a real estate agent representing the client; defining a division of a commission payable on sale of the property between the lawyer and the real estate agent; marketing and/or promoting the sale of the property by at least one of the lawyer and the real estate agent based on the division of the commission; negotiating a sale/purchase contract; conveying the property to a buyer by the lawyer; and distributing the commission between the lawyer and the real estate agent according to the division. A non-transitory computer-readable medium storing instructions to perform a method of real estate brokerage is also provided.

TECHNICAL FIELD

The present invention relates to a method and system of real estate brokerage for lawyers and real estate agents to allocate responsibility and remuneration for a real estate sale and/or purchase transaction. More specifically, the present invention relates to a method of real estate brokerage for lawyers and real estate agents to determine a remuneration division structure to divide a commission from a real estate transaction and to divide tasks and responsibilities associated with a real estate transactions based on the commission division structure.

BACKGROUND OF THE INVENTION

The purchase and sale of real estate and/or businesses (hereinafter referred to as “property”) typically involves a complex and involved transaction. In a transaction to sell property sellers typically have to: list and market the property, determine an asking price, negotiate the sale price, review terms in an offer for purchase and sale, provide for and complete condition of sale terms, attend to the legal conveyancing for transfer of the property to the purchaser, etc. Similarly, in a transaction to purchase property, purchasers may typically have to: determine a list of potential properties, research information about the neighbourhoods of potential properties (i.e. school, growth potential, crime rate etc.), negotiate the purchase price, draft an offer for purchase and sale agreement, obtain financing, review and execute conveyance or other transfer documents, etc. For both the purchaser and seller, a property transaction is typically a complex process that involves large sums of money, stringent legal requirements and the potential for costly mistakes.

Two professional industries exist to help both purchasers and sellers in their acquisition and sale of property. Real estate agents (also often referred to as REALTORS®) are available to aid in the marketing and advertising of the property for sellers, and advise purchasers of properties available for sale. Real estate lawyers (also interchangeably referred to as attorneys or lawyers) are typically available to aid in the review of legal documents, such as an offer for sale and purchase (if consulted by a purchase or seller or real estate agent), and assist in the completion of the conveyance of a property from a seller to the purchaser. In some cases, and in certain states, the closing of a real estate transaction may also involve licensed escrow agents and title companies. It is also possible for the foregoing functions to be conducted by real estate lawyers.

A real estate agent's business model may typically be based on the realtor developing systems to consistently obtain clients and generate property listings. Referrals from other individuals are often the most highly regarded and preferred business a real estate agent can obtain. The most successful real estate agents typically have thriving referral networks from their own network of contacts or contact database (i.e. past and current clients, friends and family). However, typically not many real estate agents enjoy steady referrals from one particular individual or entity. Therefore there remains a need for methods and systems that allow real estate agents to expand their sources of referrals.

It is not uncommon for law firms and lawyers, particularly those with a real estate and/or estates practice, to require professional services provided by a real estate agent on behalf of their clients. For example, in an estate sale, a lawyer may want, or be required, to hire a real estate agent to help advertise and promote a property for sale. In a conventional real estate transaction, described in detail below, the lawyer's involvement prior to the property's conveyance may be minimal. In addition, the lawyer may not typically be able to receive a portion of the commission in the sale of the property. Instead, the lawyer may typically charge a professional legal services and/or conveyancing fee directly to the property seller or client in addition to the commission typically paid by the seller to the real estate agent on the sale of the property.

Accordingly, there remains a need for methods and systems to provide for lawyers, in particular real estate lawyers, and real estate agents to facilitate and govern cooperative action between the lawyer and real estate agent for a client from the beginning of a property transaction, including a timely review of a legally binding contract by the lawyer, and preferably at no additional cost to the client.

SUMMARY OF THE INVENTION

It is an object of the present invention to provide a method and system to allocate responsibilities between lawyers and realtors acting cooperatively, and to divide commission remuneration for a property transaction that address some of the limitations of the prior art.

According to one embodiment of the present invention, a method of real estate brokerage is provided, the method comprising: identifying a client, the client owning a property; identifying a lawyer representing the client; identifying a real estate agent representing the client; defining a division of a commission payable on sale of the property between the lawyer and the real estate agent; promoting the sale of the property by at least one of the lawyer and the real estate agent based on the division of the commission; conveying the property to a buyer by the lawyer; and where applicable, with the assistance of escrow and/or title company agents, and distributing the commission between the lawyer and the real estate agent according to the division.

According to another embodiment of the invention, a further method of real estate brokerage is provided, the method comprising: identifying a client, the client purchasing a property; identifying a lawyer representing the client; identifying a real estate agent representing the client; defining a division of a commission payable on purchase of the property between the lawyer and the real estate agent; showing the property by at least one of the lawyer and the real estate agent based on the division of the commission; conveying the property to the client by the lawyer, and where applicable with the assistance of escrow and/or title company agents; and distributing the commission between the lawyer and the real estate agent according to the division. In a further embodiment of the invention, a non-transitory computer-readable medium storing computer-executable instructions to implement a method of real estate brokerage is provided. In one such embodiment, the computer-readable medium comprises computer-executable instructions to: identify a client, the client owning or purchasing a property; identify a lawyer representing the client; identify a real estate agent representing the client; define a division of a commission payable on at least one of sale or purchase of the property between the lawyer and the real estate agent; promote or show the property by at least one of the lawyer and the real estate agent based on the division of the commission; convey the property to a buyer of the property by the lawyer; and distribute the commission between the lawyer and the real estate agent according to the division.

In a particular such embodiment, the computer-executable instructions to identify a lawyer representing the client comprise instructions to generate a retainer agreement document and recording execution of the retainer agreement document. In another such embodiment, the computer-executable instructions to identify a real estate agent representing the client comprise instructions to generate an engagement agreement document and recording execution of the engagement agreement document.

Further advantages of the invention will become apparent when considering the drawings in conjunction with the following detailed description.

Like reference numerals refer to corresponding parts throughout the several views of the figures.

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

FIG. 1is a relationship diagram depicting a seller client2, a real estate agent4and a lawyer6according to an aspect of a prior art conventional real estate transaction model. Client2, is an individual, corporation or otherwise legal or equitable entity seeking to sell a property. Client2forms an agency relationship8with a real estate agent4by executing an agency contract, such as a typical listing agreement whereby the real estate agent is contracted to act as the seller client's agent to list and advertise the seller's property for sale. The client2may also typically enter into a separate attorney-client relationship10with a real estate or conveyancing lawyer6to convey the property after a sale agreement is entered into with a buyer by entering into a separate retainer agreement with the lawyer6. Typically, in a conventional business model, the client2would need to locate and contract with the real estate agent4and lawyer6separately, and may typically not even retain the lawyer6until after a sale agreement is negotiated or entered into by the client2.

FIG. 2illustrates a series of operations that may typically be completed during a conventional real estate transaction. The first operation20ofFIG. 2comprises identifying a client2that wishes to sell a property.

The second operation22ofFIG. 2comprises identifying a real estate agent4to represent client2. In the second operation22, client2, through advertisements, family, friends or past experience may select a real estate agent4to help in the sale of client's2property. Client2and real estate agent4will, among other tasks, typically negotiate the commission to be paid to real estate agent4upon successful sale of the property. In some jurisdictions, an industry standard typically provides for a commission of approximately 6% of the sale price of the property to be paid to the real estate agent4as the commission. In addition to negotiating and agreeing to a commission, client2and real estate agent4may typically outline the tasks real estate agent4will complete in association with the sale of the property. An exemplary and series of tasks which the real estate agent4may agree to be performed in association with the sale of a property may include: promoting the property through advertisements such as posting on MLS® or another listing service or publication promoting the property through real estate agent's personal and professional network, conducting open houses, showing the property to prospective purchasers, representing client2in negotiations with prospective purchasers, reviewing and advising on offers for sale and purchase of the property, receiving deposit money, contact with clients providing feedback from property showings, providing market updates to clients and providing primary client contact availability to manage client expectations, questions and emotions, for example. To formalize the agency relationship8to have the real estate agent4represent the client2, client2and real estate agent4may execute a listing agreement or other suitable agency agreement or contract defining the services to be provided by the real estate agent4in representing the client4.

The third operation24ofFIG. 2comprises promoting the property by the real estate agent4. Promoting the property may typically comprise performing the series of tasks that real estate agent4agreed to in the second operation22. In a conventional property sale transaction, the third operation25is typically completed when client2has an executed purchase and sale agreement with a purchaser. At such stage in a conventional business model, the purchase and sale agreement is typically ready for conveyancing to transfer ownership to a purchaser.

The fourth operation26ofFIG. 2comprises identifying a lawyer6, or law firm, to represent client2. Client2, such as through the referral of real estate agent4, advertisements, family, friends or past experiences, typically selects lawyer6to complete the conveyance of the client's2property. Client2and lawyer6may typically negotiate a professional service fee for the lawyer's assistance completing the conveyance. In some jurisdictions a professional fee charged for conveyancing or legally transferring a property from seller to buyer may typically be approximately $600-$1500 for a simple conveyance of a residential property, for example. To formalize the attorney-client relationship10, client2and lawyer6, may typically execute a retainer agreement or other suitable professional representation agreement, for example.

The fifth operation28ofFIG. 2comprises conveying the property to a purchaser. In general, conveying the property to the buyer or purchaser may in some jurisdictions typically comprise: reviewing the purchase and sale agreement, reviewing a property disclosure statement (if any), searching and reviewing title of the property, providing undertakings, depositing purchase funds into trust, filing appropriate forms one or more land title offices, paying disbursements, preparing a statement of account, and paying the remainder of the funds to the selling client2. The fifth operation may typically further comprise the operation28-1of paying commissions to the real estate agent. Such commission may typically be divided between the client's real estate agent4and a real estate agent acting for the buyer, if any.

FIG. 3is a relationship diagram depicting a seller client102, real estate agent104and lawyer106, in accordance with an embodiment of the present invention. Client102may typically be an equivalent property seller to the seller client identified as client2in the conventional example illustrated inFIG. 1. In one aspect of the invention, client102enters into an attorney-client relationship110with lawyer106. Attorney-client relationship110may desirably provide lawyer106with broad authority to supervise and assist in promotion and negotiation phases of the property sale and may further desirably define a commission based payment structure for compensation of the lawyer106upon completion of the sale of the property. Client102also enters into an agency relationship108with real estate agent104. In one embodiment, agency relationship108may desirably provide that the fees associated with real estate agent104's services will be paid upon sale of the property based on the fee set forth in the agency agreement entered into by client102with real estate agent104. As shown inFIG. 3, lawyer106and real estate agent104enter into a relationship112for co-representation of the client102. In one embodiment, relationship112may comprise an agreement, such as a written or electronically represented written agreement, defining a division of tasks involved in a property transaction and/or defining a division of commission remuneration between the lawyer106and real estate agent104upon sale of the property.

FIG. 4illustrates an exemplary series of operations according to an embodiment of the present invention. The first operation200ofFIG. 4comprises identifying a client102. In one embodiment, Client102is a seller that wishes to sell a property.

The second operation202ofFIG. 4comprises identifying a lawyer106representing client102. Client102enters into an attorney-client relationship110with lawyer106to represent client102. In one aspect of the invention, in forming relationship110, client102may desirably retain and/or provide lawyer106with the authority to represent and act on behalf of client102for the purpose of taking all necessary and prudent steps to sell and transfer the property, including marketing, advertising, negotiating and acting on the client's102behalf with prospective purchasers and their lawyers or agents. In a preferred embodiment, client102may provide instructions that lawyer106may share its commission with a real estate agent104on the basis of a separate agency agreement (also commonly known as listing agreement) being entered into between real estate agent104and client102. In one such preferred embodiment, client102may authorize lawyer106to permit real estate agent104to perform some of the tasks involved in selling the property such as marketing and advertising the property, showing the property to prospective buyers, and/or negotiating a sale contract for example. In some embodiments, lawyer106may be given the option to perform all the tasks involved in the property transaction alone without the help of a real estate agent104. In one such embodiment, lawyer106may be retained to perform all the necessary tasks associated with sale of a property, such as promoting the property, negotiating a purchase agreement, and conveying the property to a purchaser, for example. Typically, operation202may desirably comprise executing a retainer agreement between the client102and lawyer106which defines the tasks to be completed in association with the sale of the property, and further defining the remuneration to be paid to the lawyer for such services.

In one such embodiment, operation202further comprises defining the remuneration to be paid by the client102for the provision of services by lawyer106. In one such embodiment, client102may agree to pay lawyer106a portion of the proceeds in the sale of the property as a commission on the sale price of the property. The commission may be negotiated between lawyer106and client102and in one exemplary embodiment may typically range from 0-10% of the sale price of the property. In another exemplary embodiment, the commission may be approximately 3% of the sale price of the property.

In some embodiments, relationship110may desirably define that lawyer or law firm106may only exclusively represent one party in the transaction associated with the sale of the property. That is law firm106may only represent client102, and may not form a relationship, such as a limited dual agency relationship, with a purchaser.

In some embodiments, relationship110may be formalized in the form of a retainer agreement, contract or other legal agreement, such as for example a written or electronically represented written agreement, between lawyer106and client104. Accordingly, such retainer agreement may desirably define the agreed to terms and conditions of relationship110between the lawyer106and client102, including the commission to be paid to the lawyer106for services associated with the sale of the property.

In some embodiments, client102may be already be represented by law firm106. For example, client102may represent an estate as executor/trustee and law firm106may be retained to deal with the estate probate and disposition of the property. In another embodiment, law firm106may be a trustee and wishes to sell a property on behalf of its client beneficiaries102. In another embodiment, law firm106may be acting for a foreclosing lender who wishes to liquidate a property owned by client102.

The third operation204ofFIG. 4comprises identifying a real estate agent104representing client102. In one embodiment, identifying a real estate agent104representing the client102comprises a client102and real estate agent104entering into an agency relationship108, such as a written agreement or electronically represented written agreement, for example. In some embodiments, identifying real estate agent104may involve lawyer or law firm106searching a realtor database of realtors willing to form a relationship112with the lawyer106. In some embodiments, client102may know a real estate agent104that is willing to engage in relationship112with the lawyer106for cooperatively providing services associated with sale of the property.

In one such embodiment, operation204further comprises defining the remuneration to be paid to the real estate agent for the provision of services in the sale of a property. In a preferred embodiment, real estate agent104agrees to be paid a portion of the total lawyer's106commission based on the amount set forth in the agency agreement between the real estate agent104and client102. In one such embodiment, the division of the commission and amount to be paid to each of the real estate agent104and lawyer106is determined by the fourth operation206and is defined in the relationship112between the real estate agent104and lawyer106.

In some embodiments, relationship108will provide that real estate agent104may only exclusively represent one party in the transaction associated with the sale of the property. That is, real estate agent104may only represent seller client102, and may not form a relationship, such as a limited dual agency relationship, with a purchaser.

In some embodiments, client102and real estate agent104may formalize their agency relationship108such as by completing a listing agreement or other agency agreement, such as a written agreement or electronically represented written agreement, which defines the agreed to terms and conditions of agency relationship108, such as for the purposes of listing and/or marketing a property, for example.

The fourth operation206comprises defining a division of commission between lawyer106and real estate agent104. In some embodiments, such as where real estate agent104is involved in the property sale transaction, real estate agent104will share a portion of the commission paid to lawyer106such as to be divided in proportion with the responsibility of each of the real estate agent104and lawyer106for performing tasks associated with the property sale, and such division may be defined at operation206. On one such embodiment, that portion of the commission payable to real estate agent104may be set forth in the agency agreement, and that portion of the commission payable to the lawyer106will be set forth in the retainer agreement.

In one embodiment, lawyer106and real estate agent104may negotiate and define a division of commission or commission sharing term forming the basis of relationship112. In some embodiments, the division of commission or commission sharing term may comprise a fixed sum to be paid to one or more of the lawyer106and real estate agent104. In some embodiments, the division of commission or commission sharing term may comprise a percentage of a total commission paid to lawyer106upon sale of the property and defined in relationship110between the lawyer106and client102.

In some embodiments, a division of commission or commission sharing term may further comprise lawyer106and real estate agent104dividing a series of required tasks associated with the sale of the property between themselves. In one such embodiment, the division of tasks may be based on the division of the commission. In one embodiment, a non-limiting exemplary series of tasks associated with the sale of a property that may be divided between the lawyer106and real estate agent104may comprise:Creating a market analysis report and determining asking price for the property;Marketing the property, such as, taking photos and/or developing websites or advertisements;Listing the property, such as, placing an MLS® or other listing for the property;Showing the property to prospective purchasers, such as, conducting open houses, providing access to the property;Reviewing a title document to the property;Reviewing an offer for the sale and purchase of property from the prospective purchaser and advising the client102or negotiating a counter-offer; andReceiving trust money from a prospective purchaser.

In some embodiments, the division of commission or commission sharing terms and corresponding relationship112may be restricted by legislation or regulation. In some jurisdictions, lawyer106may be limited to provide only legal services; in such jurisdictions, real estate agent104and lawyer106may agree to divide the tasks based on each party's legally permitted work, and may agree to a division of commission or commission structure reflecting the amount of work each party provides. In other jurisdictions where lawyers106may be permitted to provide real estate services, the division of tasks and commission may define that the real estate agent104may be hired for as little as exposure on MLS® or another property listing service, database, registry or other compilation of property information, for example. In one such embodiment, the division of commission or commission share payable to a real estate agent104may be defined to reflect a lesser amount of work being completed by real estate agent104.

In one embodiment, lawyer106may perform the tasks of reviewing title upon commencement of listing a home for sale, receiving all correspondence between the real estate agent104and client102, receiving and reviewing offers for sale and purchase of the property, and attending to the conveyance of the property. In an exemplary such embodiment, a division of commission to the lawyer106may comprise an approximately 30-40% share of the total commission. In one such embodiment, the remainder of the tasks associated with the sale of a property would be performed by the real estate agent104, with the real estate agent receiving the remainder of the commission, approximately 60-70% of the total commission, for example.

In some embodiments relationship112may be formalized between lawyer106and real estate agent104through an engagement agreement, contract, and/or other legal document, such as in the form of a written agreement or an electronically represented written agreement, which may desirably define the division of commission and tasks between the lawyer106and real estate agent104.

Although the second202, third204and fourth206operations have been presented in a sequential order in the exemplary embodiment illustrated inFIG. 4, the order of each operation is non-essential to the practice of the invention. In other embodiments, each of operations202,204,206may occur before or after one another. In some embodiments, the operations202,204,206may commence concurrently. In some embodiments, the fourth operation206(defining division of commission) and relationship112may exist prior to client102deciding to sell their property and before the first operation200.

The fifth operation208comprises promoting the property. In one embodiment, promoting the property may typically comprise lawyer106and real estate agent104performing the series of tasks that each previously agreed to in accordance with the fourth operation206, in association with the sale of the property. The fifth operation208may typically be completed when client102has executed a purchase and sale agreement with a purchaser. In one embodiment, at such point the purchase and sale agreement may desirably be ready for conveyancing.

The sixth operation210comprises conveying the property to the purchaser. In one embodiment, conveying the property to the purchaser may typically comprise one or more of:Reviewing title (if not previously completed);Conducting searches, such as searches for any mortgages, taxes, liens, or other charges on title;Preparing transfer documents, such as statements of adjustment, tax certificates, property transfer tax forms, for example;Attending to the signing of documents by the purchaser;Liaising with the seller's lawyerOrdering funds from a lender (if any), deposit the balance of funds from the purchaser, and confirming excess deposit has been received;Acting as escrow agentFiling/recording the transfer documents such as in a land title registry or other property records office;Arranging for title insurance and/or liaising with title companies;Paying any existing mortgages, and discharging any other liens and liabilities for the property.

In some embodiments, fifth operation210may additionally comprise operation210-1which comprises distributing the commission between the lawyer106and the real estate agent104. In one such embodiment, the commission may be distributed according to the division of commission or commission sharing terms defined in operation206as part of relationship112between the lawyer106and real estate agent104. In one embodiment, either of operation210or210-1may additionally comprise paying the remainder of the purchase funds, following distribution of the commission, to the client102as proceeds of the sale of the property.

FIG. 5is a schematic relationship diagram depicting a purchaser client302, real estate agent304and lawyer306, in accordance with an embodiment of the invention. Purchaser or buyer client302may typically be equivalent to client102except purchaser client302wishes to purchase rather than sell a property. In one aspect of the invention, client302enters into an attorney-client relationship310with lawyer306. Relationship310is similar to relationship110except relationship310may desirably provide lawyer306with broad authority to supervise and aid in the purchase of a property and may further desirably define a commission based structure for compensation of the lawyer306from a commission paid by the seller of the property upon completion of the sale. Client302also enters into an agency relationship308with real estate agent304. Agency relationship308is similar to agency relationship108except agency relationship308provides that real estate agent304will provide service associated with the purchase of a property. Lawyer306and real estate agent304enter into a relationship312for co-representation of the client302, similar to relationship112, except the division of commission and tasks are associated with the purchase of a property.

FIG. 6illustrates an exemplary series of operations according to an embodiment of the present invention.FIG. 6is similar toFIG. 4except it provides a series of operations for a property transaction associated with a purchaser. The first operation400ofFIG. 2comprises identifying a client302. Client302is a purchaser that wishes to purchase a property.

The second operation402comprises identifying a lawyer306representing client302. Client302may enter into a attorney-client relationship310with lawyer306to represent client302. In one aspect of the invention, in forming relationship310, client302may desirably retain and/or provide lawyer306with the authority to represent and act on behalf of client302for the purpose of taking all necessary and prudent steps to purchase and transfer a property, including showing properties, making offers for the purchase of a property on behalf of the client302, and acting on the client's302behalf with sellers and their lawyers or agents. In one embodiment, client302may also provide instructions that lawyer306may share its commission with a real estate agent304. In an exemplary such embodiment, client302may authorize lawyer306to permit real estate agent304to perform some of the tasks involved in the purchasing of a property such as locating and showing various properties to the client302, for example. In some embodiments, lawyer306may be given the option to perform all the tasks involved in representing the client302in purchasing a property without the assistance of a real estate agent304. Typically, operation402may desirably comprise executing a retainer agreement, such as a written agreement or electronically represented written agreement between the client302and lawyer306which defines the tasks to be completed in association with the purchase of a property, and further defining the remuneration to be paid to the lawyer306for such services.

In one such embodiment, operation402further comprises defining an agreement whereby client302agrees to provide lawyer306with the buyer agent portion of a commission fee provided by the seller, such as is paid by a seller to the listing real estate agent. In some embodiments, client302may provide instructions that lawyer306may share its buyer agent fee with a real estate agent304for performing some of the tasks required to purchase a property.

In some embodiments, relationship310may desirably provide that lawyer or law firm306may only exclusively represent one party in the transaction associated with the purchase of the property. That is, lawyer306may only represent purchaser client302, and may not form or have a pre-existing relationship, such as a limited dual agency relationship for example, with a seller.

In some embodiments, relationship310may be formalized in the form of a purchaser agent fee agreement, retainer agreement, contract or other legal agreement, such as in the form of a written agreement or electronically represented written agreement, between lawyer306and client304. These agreements providing the agreed to terms and conditions of relationship310, including the commission to be paid to the lawyer306for services associated with the purchase of the property.

The third operation404ofFIG. 6comprises identifying real estate agent304representing the client302. In one embodiment, identifying a real estate agent304representing the client302comprises a client302and real estate agent304entering into an agency relationship308. In some embodiments, identifying real estate agent304comprises lawyer or law firm306searching a realtor database for realtors willing to form a relationship112with the lawyer306. In some embodiments, client302may know a real estate agent304that is willing to engage in a relationship312with the lawyer306for cooperatively providing services associated with purchase of a property.

In one such embodiment, operation404further comprises defining the remuneration to be paid to the real estate agent304for the provision of services in the purchase of a property. In a preferred embodiment, real estate agent304agrees to be paid a buyer agent commission fee offered by the listing agent, which fee is then shared with lawyer306. In one such embodiment, the division of the buyer agent commission fee and amount to be paid to each of the real estate agent304and lawyer306is determined by the fourth operation306and is defined in the relationship312between the real estate agent304and lawyer306.

In some embodiments, relationship308will provide that real estate agent304may only exclusively represent one party in the transaction associated with the sale of the property. That is, real estate agent304may only represent client302, and may not form a relationship, such as a limited dual agency relationship, with a seller.

The fourth operation406comprises defining a division of commission, or commission sharing terms, between the lawyer306and the real estate agent304. Lawyer306and real estate agent304may typically negotiate and define a division of commission, or commission sharing term, such as to form the basis of relationship312. In some embodiments, the division of commission or commission sharing terms may comprise a fixed sum to be paid to at least one of the lawyer306and real estate agent304. In some embodiments, the division of commission or commission sharing term may comprise a percentage of the buyer agent commission fee payable to lawyer306upon purchase of the property and defined in relationship310between the lawyer306and client302.

In some embodiments, a division of commission or commission sharing terms may further comprise lawyer306and real estate agent304dividing a series of required or optional tasks associated with the purchase of property between themselves. In one such embodiment, the division of tasks may be based on the division of the buyer agent commission fee. In one embodiment, an exemplary, non-limiting, series of tasks associated with the purchase of a property that may be divided between the lawyer306and real estate agent304may comprise:Obtaining property parameters from the client;Placing client on automatic MLS® or other listing notification system based on the property parameters;Showing the client various properties they are interested in;Completing a land title or other property registry or records office search and reviewing with client;Obtaining client instruction and drafting purchase offer with appropriate subject conditions;Negotiating counter-offers with the seller on behalf of client;Diarizing subject removal date;Providing the client with mortgage broker information;Obtaining a property disclosure or similar statement;Drafting subject removal addendum; andObtaining deposit money from client and placing in trust account.

In one embodiment, the real estate agent304may perform the tasks of obtaining property parameters from the client, placing client on automatic MLS notification system based on the property parameters and showing the client various properties they are interested in. In an exemplary such embodiment, the realtor's304share of the buyer agent commission fee may comprise between approximately 60-90% of the total buyer agent commission fee. In one such embodiment, the remainder of the tasks associated with a real estate property transaction would be performed by the lawyer or law firm106, with the lawyer106receiving the remainder of the commission, such as between approximately 10-40% of the total buyer agent commission fee, for example.

In some embodiments relationship312may be formalized between lawyer306and real estate agent304through an engagement agreement, contract, or other legal document, such as in the form of a written agreement or electronically represented written agreement, which may desirably define the division of commission remuneration and tasks between the lawyer306and real estate agent304.

Although the second402, third404and fourth406operations have been presented in a sequential order in the exemplary embodiment illustrated inFIG. 4, the order of each operation is non-essential to the practice of the invention. In other embodiments, each of operations402,404,406may occur before or after one another. In some embodiments, operations402,404,406may commence concurrently. In some embodiments, the fourth operation406(defining division of commission or commission sharing terms) and relationship312may exist prior to client302deciding to purchase a property and before the first exemplary operation400.

The fifth operation408comprises showing properties. In one embodiment, showing properties may typically comprise the lawyer306and/or real estate agent304performing the series of tasks that each previously agreed to in accordance with the fourth operation406, in association with locating a property for purchase and negotiating the purchase of a property. The fifth operation408may typically be completed when client302has executed a purchase and sale agreement with a seller. In one embodiment, at such point the purchase and sale agreement may desirably be ready for conveyancing.

The sixth operation410comprises conveying the property to the purchaser. In one embodiment, conveying the property to the purchaser may typically comprise at least one or more of:Awaiting conveyancing instruction letter;Preparing closing documents, including mortgage documents;Liaising with the seller's lawyer;Acting as escrow agent;Arranging title insurance and/or liaising with title companiesAttending to execution of closing documents;Depositing remainder balance of funds require to complete transaction into trust account;Registration or recordal of property title documents in a land title registry or other property records office; andArranging for the pick-up of keys and title documents by client.

In some embodiments, fifth operation410may additionally comprise operation410-1which comprises distributing the buyer's agent commission between the lawyer306and real estate agent304. In one such embodiment, the buyer's agent commission may be distributed according to the division of commission or commission sharing terms defined in operation406as part of relationship312between the lawyer306and real estate agent304, for example.

While the present invention and its various functional components and operational functions have been described in particular exemplary embodiments, the invention may also be implemented in electronic and/or computer hardware, software, firmware, middleware or a combination thereof and utilized in electronic and/or computerized systems, subsystems, components or subcomponents thereof. In particular embodiments implemented in software, elements of the present invention may be instructions and/or code segments to perform the necessary tasks. The program or code segments may be stored in a machine readable medium, such as an exemplary non-transitory computer readable medium, such as may comprise a processor readable medium, such as a processor readable storage medium or a computer program product, or transmitted by a computer data signal embodied in a carrier wave, or a signal modulated by a carrier, over a transmission medium or communication link. The machine readable medium or processor readable medium may include any non-transitory medium that can store or transfer information in a form readable and executable by a machine, for example a processor, computer, etc.

In an alternative embodiment, aspects of the present invention may be implemented in written or other non-volatile recorded form, such as in implementations and applications using printed and/or written documents, forms, checklists and the like.

The exemplary embodiments herein described are not intended to be exhaustive or to limit the scope of the invention to the precise forms disclosed. They are chosen and described to explain the principles of the invention and its application and practical use to allow others skilled in the art to comprehend its teachings.