Patent Publication Number: US-2004054606-A1

Title: Real estate computer network

Description:
CROSS-REFERENCE TO RELATED APPLICATIONS  
     [0001] This application is a continuation of U.S. patent application Ser. No. 09/362,107, filed Jul. 7, 1999 by Vincent S. Broerman (to be issued on Jul. 15, 2003 as U.S. Pat. No. 6,594,633), which application is incorporated by reference herein. 
    
    
     
       FIELD OF THE INVENTION  
       [0002] The invention is generally related to computers and computer software, and to the provision of real estate brokerage and associated services to users coupled to an electronic communications medium.  
       BACKGROUND OF THE INVENTION  
       [0003] Selling and buying real property is generally a time-consuming process requiring the assistance of several professional services at a considerable cost. The typical seller is unfamiliar with the marketing required to sell their property and cannot access marketing channels used by real estate agents, such as the Multiple-Listing Service (MLS). Also, the typical seller does not have sufficient familiarity with comparable sales in their area to assess the market price for their property. If a potential buyer is located, the typical seller does not have the legal resources necessary to negotiate a purchase contract and to close the transfer. Consequently, sellers often use seller agents to list and show the property for significant commissions, as much as 6% or 7% of the sale price, even when the agents perform a very small service. In addition, sellers typically do not have the ability to sell by owner on an equal footing, and thus may have no real alternative other than paying the large commission.  
       [0004] Typical buyers are at a similar disadvantage in finding and purchasing real property such as a home. Often buyers are unfamiliar with the area and what properties are listed for sale. Even if able to access a publicly-available Multiple-Listing Service (MLS), buyers generally cannot gain access to sales data to assess reasonable market values. Once a property is located, the typical buyer does not have the legal resources necessary to negotiate a purchase contract and to close the transfer.  
       [0005] Real estate transactions are typically accomplished through an assortment of communication systems that are largely not integrated and often not even electronic communication. Each party (e.g., buyer, buyer&#39;s agent, seller, seller&#39;s agent, title provider, mortgage provider, real estate attorney, inspectors) generally keep their own personal schedules. The parties have to contact one another to establish appointments. This may be exceedingly difficult if more than two of the parties have to find mutually convenient times. Also, having to contact parties by telephone is often inadequate due to unavailability.  
       [0006] Moreover, the myriad of scheduling details that occur in negotiating and closing a purchase contract for real estate property can easily be overlooked. For example, a buyer and the seller may be unaware that state regulations require certain inspections or that certain types of mortgage applications (e.g., VA loan) require a certain period of time and additional procedures (e.g., termite inspection). Consequently, these parties may not even be aware of these scheduling considerations when negotiating a purchase contract.  
       [0007] Attempting to avoid the high commission of real estate agents means difficulty in negotiating the purchase contract. Sellers and buyers may not have ready access to an appropriate form purchase contract. Assistance in completing the form purchase contract may not be available at minimal cost. In addition, the physical shuttling of offers and counter offers between the parties may impose a time consuming burden, and may make negotiating more emotionally difficult. Also, tracking the number of changes to the purchase contract during negotiation is difficult, especially given methods of modification including handwritten changes and faxed changes. Furthermore, a party making the pending offer may benefit from knowing whether the other party has received the document without giving an impression of being anxious.  
       SUMMARY OF THE INVENTION  
       [0008] The invention addresses these and other problems associated with the prior art by providing an apparatus, program product and method that assist in the automated and efficient provision of real estate services, particularly in the area of facilitating real estate sales transactions.  
       [0009] Consistent with one aspect of the invention, brokering a real estate transaction is facilitated by electronically communicating property information to potential buyers over a computer network such as the Internet. The property information is stored in a property database. The transaction is facilitated by one or more real estate documents retrievable by the buyer or the seller. By managing the flow of information electronically, the need for professional assistance is minimized, along with the associated costs.  
       [0010] Consistent with another aspect of the invention, negotiation during a transaction includes electronically generating an offer by revising an electronic form under the direction of the first party, either the seller or the buyer. This electronic form includes immutable contract terms and mutable contract terms. The buyer or seller making the offer is interactively assisted in completing the form. The revised electronic form is electronically transmitted to the other party. The second party may subsequently generate a counter offer by supervising changes to the mutable contract terms and by having the counter offer electronically transmitted to the first party. Each version of the electronic form is tracked as to status and content.  
       [0011] Consistent with a further aspect of the invention, execution of the transaction is facilitated by receiving disclosure information from a seller via electronic communication so the disclosure information may be stored, associated with a property record identifying a real estate property, and electronically communicated to another party, such as a buyer or a third-party facilitator.  
       [0012] Consistent with an additional aspect of the invention, conduct of the transaction is facilitated by receiving scheduling information from the buyer party and/or the seller party via electronic communication to the other party.  
       [0013] These and other advantages and features, which characterize the invention, are set forth in the claims annexed hereto and forming a further part hereof. However, for a better understanding of the invention, and of the advantages and objectives attained through its use, reference should be made to the Drawings, and to the accompanying descriptive matter, in which there are described exemplary embodiments of the invention.  
     
    
    
     BRIEF DESCRIPTION OF THE DRAWINGS  
     [0014]FIG. 1 is a block diagram of a computer network consistent with the invention.  
     [0015]FIG. 2 is a block diagram of an exemplary hardware and software environment for a computer from the computer network of FIG. 1.  
     [0016]FIG. 3 is a block diagram illustrating the primary software components utilized by the computer network of FIG. 1 in a real estate application, including an illustration of electronic communication between a buyer party, a seller party and a brokerage system.  
     [0017]FIG. 4 is a block diagram of a property record from the property database of FIG. 3.  
     [0018]FIG. 5 is a depiction of a home screen of an online real time interactive communication interface used by a buyer party or a seller party for electronic communication with the computer network of FIGS.  1 - 3 .  
     [0019]FIG. 5A is a depiction of a custom profile screen of the online real time interactive communication interface of FIG. 5.  
     [0020]FIG. 5B is a depiction of an online real time interactive communications interface for confidential, concurrent electronic communication between a buyer party and a seller party with an accompanying electronic purchase contract.  
     [0021]FIG. 5C is a depiction of an online real time interactive communication interface for generating a disclosure document from disclosure information received from a seller party.  
     [0022]FIG. 6 is a flow chart illustrating the sequence of operations by a main routine of the computer network of FIGS.  1 - 3  for performing the electronic communication and utilizing the primary software components of FIG. 3.  
     [0023]FIG. 7 is a flowchart illustrating the sequence of operations performed by the seller and the computer network to list a sale property for the main routine referenced in FIG. 6.  
     [0024]FIG. 8 is a flowchart illustrating the sequence of operations performed by the buyer and the computer network to search the property database of FIG. 3 for the main routine referenced in FIG. 6.  
     [0025]FIG. 9 is a flowchart illustrating the sequence of operations performed by the buyer, the seller, and the computer network to negotiate sale of a property found in the search routine of FIG. 8 for the main routine referenced in FIG. 6.  
     [0026]FIG. 10 is a flowchart illustrating the sequence of operations performed by the buyer, the seller, and the computer network to close the sale of the property negotiated in FIG. 9 for the main routine referenced in FIG. 6.  
     [0027]FIG. 11 is a flowchart illustrating the sequence of operations performed by the computer network for post-transaction monitoring for the main routine referenced in FIG. 6.  
     [0028]FIG. 12 is a flowchart illustrating the sequence of operations performed by the seller and the computer network for creating or modifying a seller custom profile for the main routine referenced in FIG. 6.  
     [0029]FIG. 13 is a flowchart illustrating the sequence of operations performed by the buyer and the computer network for creating or modifying a buyer custom profile for the main routine referenced in FIG. 6.  
    
    
     DETAILED DESCRIPTION  
     Hardware and Software Environment  
     [0030] Turning to the Drawings, wherein like numbers denote like parts throughout the several views, FIG. 1 illustrates a real estate computer network  10  consistent with the invention. Real estate computer network  10  operates as a computing platform for providing real estate services to a plurality of sellers  12  and buyers  13  coupled thereto over an electronic communications network  14 . Buyers  13  and sellers  12  may couple to the real estate computer network  10  through any number of electronic communications media, e.g., a global public network such as the Internet  16 .  
     [0031] The real estate computer network  10  includes a network server  18  containing a property database  20 , and the network server  18  is coupled to a brokerage system computer  22 , such as over a network or through a global public network such as the Internet  16 , although network server  18  and the brokerage system computer  22  may be encompassed within one system or device. The real estate computer network  10  is also shown coupled to a facilitator computer  24 , a payment transaction computer  26  for electronic payment transactions for fees such as a commission (e.g., credit card charge), and to a sales computer  28  containing a sales database  30 .  
     [0032] An advantage of the real estate computer network  10  that will become apparent through the discussion herein is to reduce or eliminate the need for a seller  12  and a buyer  13  to work through real estate agents. However, for certain embodiments or due the preferences or limitations of a buyer  13  or seller  12 , an agent may be used. Consequently, hereafter a seller party  12  may be used to denote a seller  12  and/or those working for the seller  12  such as a seller&#39;s agent. Similar, a buyer party  13  may be used to denote a buyer  13  and/or those working for the buyer  13  such as a buyer&#39;s agent.  
     [0033]FIG. 2 illustrates in another way an exemplary hardware and software environment for an apparatus  50  consistent with the invention. For the purposes of the invention, apparatus  50  may represent practically any type of computer, computer system or other programmable electronic device, including a seller computer  12 , a buyer computer  13 , a brokerage system computer  22  or any of a number of computers in real estate network  10  (FIG. 1). Each such computer may be implemented as a desktop computer, a server computer, a workstation, a portable computer, a handheld computer, an embedded controller, or another other type of single- or multi-user computer. Apparatus  50  may be coupled in a wired or wireless network  10  as shown in FIG. 1, or may be a stand-alone device in some implementations. Apparatus  50  will hereinafter also be referred to as a “computer”, although it should be appreciated the term “apparatus” may also include other suitable programmable electronic devices consistent with the invention.  
     [0034] Computer  50  typically includes at least one processor  52  coupled to a memory  54 . Processor  52  may represent one or more processors (e.g., microprocessors), and memory  54  may represent the random access memory (RAM) devices comprising the main storage of computer  50 , as well as any supplemental levels of memory, e.g., cache memories, nonvolatile or backup memories (e.g., programmable or flash memories), read-only memories, etc. In addition, memory  54  may be considered to include memory storage physically located elsewhere in computer  50 , e.g., any cache memory in a processor  52 , as well as any storage capacity used as a virtual memory, e.g., as stored on a mass storage device  56  or on another computer coupled to computer  50  via network  62 .  
     [0035] Computer  50  also typically receives a number of inputs and outputs for communicating information externally. For interfacing with a user or operator, computer  50  typically includes one or more user input devices  60  (e.g., a keyboard, a mouse, a trackball, a joystick, a touchpad, and/or a microphone, among others) and a display  62  (e.g., a CRT monitor, an LCD display panel, and/or a speaker, among others). For additional storage, computer  50  may also include one or more mass storage devices  60 , e.g., a floppy or other removable disk drive, a hard disk drive, a direct access storage device (DASD), an optical drive (e.g., a CD drive, a DVD drive, etc.), and/or a tape drive, among others. Furthermore, computer  50  may include an interface with one or more networks  62  (e.g., a LAN, a WAN, a wireless network, and/or the Internet, among others) to permit the communication of information with other computers coupled to the network. It should be appreciated that computer  50  typically includes suitable analog and/or digital interfaces between processor  52  and each of components  54 - 62  as is well known in the art.  
     [0036] Computer  50  operates under the control of an operating system  64 , and executes or otherwise relies upon various computer software applications, components, programs, objects, modules, databases, data structures, etc. (e.g., as represented by application  66 ). Moreover, various applications, components, programs, objects, modules, etc. may also execute on one or more processors in another computer coupled to computer  50  via a network  62 , e.g., in a distributed or client-server computing environment, whereby the processing required to implement the functions of a computer program may be allocated to multiple computers over a network.  
     [0037] In general, the routines executed to implement the embodiments of the invention, whether implemented as part of an operating system or a specific application, component, program, object, module or sequence of instructions will be referred to herein as “computer programs”, or simply “programs”. The computer programs typically comprise one or more instructions that are resident at various times in various memory and storage devices in a computer, and that, when read and executed by one or more processors in a computer, cause that computer to perform the steps necessary to execute steps or elements embodying the various aspects of the invention. Moreover, while the invention has and hereinafter will be described in the context of fully functioning computers and computer systems, those skilled in the art will appreciate that the various embodiments of the invention are capable of being distributed as a program product in a variety of forms, and that the invention applies equally regardless of the particular type of signal bearing media used to actually carry out the distribution. Examples of signal bearing media include but are not limited to recordable type media such as volatile and non-volatile memory devices, floppy and other removable disks, hard disk drives, magnetic tape, optical disks (e.g., CDROM&#39;s, DVD&#39;s, etc.), among others, and transmission type media such as digital and analog communication links.  
     [0038] In addition, various programs described hereinafter may be identified based upon the application for which they are implemented in a specific embodiment of the invention. However, it should be appreciated that any particular program nomenclature that follows is used merely for convenience, and thus the invention should not be limited to use solely in any specific application identified and/or implied by such nomenclature.  
     [0039] Those skilled in the art will recognize that the exemplary environments illustrated in FIGS. 1 and 2 are not intended to limit the present invention. Indeed, those skilled in the art will recognize that other alternative hardware and/or software environments may be used without departing from the scope of the invention.  
     Real Estate Transaction Services  
     [0040] The various aspects of the invention will now be described in greater detail in connection with the provision of real estate transaction services by a plurality of buyer parties  13 , including buyers and/or buyer agents, and by a plurality of seller parties  12 , including sellers and/or seller agents, via a computer network, represented at  10  in FIG. 3. In particular, FIG. 3 illustrates in greater detail the electronic communication (i.e., flow of information) between a buyer  13 , a brokerage system  22 , a seller  12 , and perhaps third parties such as a facilitator  24  (e.g., a lawyer, mortgage provider, and/or title provider) and payment transaction system  26 .  
     [0041] The electronic communication performed by the real estate computer network  10  may include various types and formats for various functions such as messaging, notifying, scheduling, and document transmittal. The content of the electronic communication may include audio, text and graphical information transmitted over wires or wireless channels and converted to a human legible form by a computer, fax machine, voice telephone mailbox, pager, automated message to a telephone, handheld personal assistant, an/or e-mail system.  
     [0042] One particularly important aspect of facilitating of real estate transactions in the manner described herein is providing an online real time interactive communications interface to both sellers  12  and buyers  13  to facilitate transacting real estate sales, especially in a confidential fashion. Having a property database  20  accessible by both the buyer  13  and the seller  12  provides the means whereby the parties can find one another. Moreover, having electronic communication between the parties allows for another important aspect of facilitating real estate transaction, electronically communicating a real estate document to either the buyer  13  or the seller  12  to facilitate the transaction. In particular, the electronically communicating the real estate transaction document may include negotiations for a purchase contract for a selected real estate property entirely through electronic communications. Legal authorization for such entirely electronic communication may require recognition of some form of document certification such as a digital signature. If negotiation by entirely electronic communication is not legally authorized or desired, traditional professional services through a real estate facilitating entity may be used to continue with the real estate transaction.  
     [0043] Another important aspect of the facilitating of real estate transactions in the manner described herein is tracking interactions made with the system for a number of advantages. Sellers  12  may benefit from knowing what the virtual “foot traffic” is for their property so that they may gauge the effectiveness of their listing. The brokerage system  22  needs to know usage of certain features that would warrant payment. Parties to a negotiation of a purchase contract  96  would benefit from knowing whether the other party has received a document such as counteroffer. Moreover, the recipient of such a counteroffer would benefit from tracking all changes made to the purchase contract  96  during the negotiation. In addition, listing, finding, negotiating and closing the sale of a real estate property requires a large number of scheduling considerations. Having a way to track, display, update and notify parties of scheduling associated with a real estate transaction is a more efficient answer than relying on telephone calls and unconnected scheduling systems. Integrating real estate transactions with buyers  13  and sellers  12  virtually connected enables a number of advantages for tracking usage by parties  12 ,  13  and real estate transaction documents.  
     [0044] Provision of these features is illustrated by the electronic communication, or flow of information, between the seller  12  and the buyer  13 . It will be appreciated that although the brokerage system  22  is not depicted as directly connected to each component of FIG. 3, that the brokerage system  22  coordinates the real estate computer network  10  in a way that usage and actions are appropriately tracked and scheduled, as will become more apparent in the discussion below regarding the sequentially organized flowcharts for the real estate computer network  10 .  
     [0045] As depicted by the diagram of FIG. 3, a large array of desirable or required services and electronic communication connections between parties are shown via the convenience of a computer  50 . It will be apparent that although having the full complement available as described herein is advantageous, various elements and aspects of the embodiments described herein could be omitted, or offered independently of one another, in other applications. In addition, it is anticipated that bundling additional real estate services not specifically illustrated here would be beneficial in some applications.  
     [0046] The real estate computer network  10  includes electronic communication between the seller  12  and a seller custom profile  80 , allowing the system to access such information about and preferences of the seller  12  including how to contact, scheduling considerations, etc. Moreover, payment information such as secure storage of credit card billing information for enhanced services may be included. Similarly, the buyer  13  electronically communicates with a buyer custom profile  82  for a similar purpose. The brokerage system  22  electronically communicates with custom profiles  80 ,  82  in order to coordinate services for the parties  12 ,  13 .  
     [0047] The seller custom profile  80  includes property information associated with a real estate property, and perhaps a plurality of such properties that are concurrently listed, although an illustrative case of one property is described herein. The brokerage system  22  communicates with the property database  20  to make this information available to buyer  13 . The buyer  13  would access the property information via an electronic request to search or notify the buyer  84  of properties matching certain selected criteria to a search engine  86  which queries the property database  20 . Advantageously, the search engine  86  may return a listing of appropriate properties so that the buyer  13  may select those for which detailed property information is required rather than providing all of the property information without further selection. This specific request would identify a specific property for which the buyer  13  is particularly interested. This contact information may be tracked for purposes such as showing “foot traffic” for the seller  12 . Also, this contact information can be a trigger for sales verification  88  by the brokerage system  22  to insure commission payment when warranted. Thus, a transaction database  90  may receive information from, and be queried by the brokerage system  22  and provide limited information to the seller  12 . In addition, the transaction database  90  may provide a watch list for property/seller/buyer combinations to be monitored for a period of time by sales verification  88 .  
     [0048] Sales verification  88  is an important aspect of the real estate computer network  10  since payment for the services may largely arrive at the closing of a real estate transaction in the form of a fixed fee or percentage commission (e.g., one percent). If the buyer  13  and seller  12  choose to proceed outside (i.e., covert transaction) of the computer network  10 , such commission may be lost. However, an advantage of the real estate computer network  10  is that usage that triggers the right to a commission under an agreement with the seller  12  and/or the buyer  13  may be tracked. If the transaction is discontinued, the brokerage system  22  utilizes sales verification  88  to monitor a sales database  30 , such as an MLS system or public databases of recorded deeds for these parties and the associated property.  
     [0049] Having electronic communications with a sales database  30  provides an additional feature of allowing search for comparable sales by utilizing a comparables search  92  component accessible by the buyer  13  and the seller  12  to query the sales database  30 . This capability allows the parties  12 ,  13  to ascertain a market price or price range for a property.  
     [0050] Facilitating the negotiation and closing of a real estate transaction is further assisted by assistance from a scheduling database  94  and elements required to negotiate a purchase contract, such as an electronic purchase contract  96 , electronic disclosure document  98 , and electronic contract tracking  99 . A scheduling database  94  allows various parties to determine available time for required parties to attend showings or to complete contract contingencies, such as inspections or closings. Moreover, such a scheduling database  94  can remind parties of required or suggested appointments and avoid conflicting appointments. Such a scheduling database  94  may utilize existing commercial groupware.  
     [0051] Negotiations in particular may be enhanced by the electronic purchase contract  96  which contains immutable contract terms which should remain to avoid possible illegal or ill-advised contract terms or omissions. The electronic purchase contract  96  is an example of a real estate document that may be electronically communicated by the parties to facilitate the transaction. Confidence in such terms may be advanced by incorporating state realty board recommended contracts appropriate for the property location. The electronic purchase contract  96  further includes mutable contract terms that are modified, selected, or completed by the parties. Examples would include sales price, fixtures or chattel to be included or excluded from the sale, earnest money to be held in escrow, closing date, occupancy date, additional inspections, risk borne for defects, etc. Just as the custom profiles  80 ,  82  may advantageously guide the parties  12 ,  13  in correctly providing contact and property information, the electronic purchase contract  96  may include error checking and help resources. In addition, the electronic purchase contract  96  may utilize electronic contract tracking  99  to capture each change to the electronic purchase contract  96  to assist in negotiation and in any eventual interpretation of an executed contract should a dispute arise. Not only would versions of the electronic purchase contract  96  be tracked, but also which party proposed and accepted or rejected each version, along with the date. Advantageously, the tracking would include a pending status as to whether the receiving party has been notified and has reviewed the latest offer or counteroffer.  
     [0052] The disclosure document  98  is depicted separate from the electronic purchase contract  96  since the seller  12  may provide such a document before an offer is made, as may be preferable or legally required. Typically, the disclosure document  98  would thereafter be incorporated into the electronic purchase contract  96  or be an accompanying document.  
     [0053] It is contemplated that the real estate computer network may be utilized to achieve the substantial portion of or entire assistance required by the buyer  13  and seller  12  in the real estate transaction. However, in some embodiments, especially where required by state and local regulation, a real estate transaction facilitator  24 , or facilitating entity, may receive documentation from the real estate computer network  10  in order to complete the transaction. Such facilitators  24  may include, for instance, a lawyer, a mortgage provider, and/or a title provider.  
     [0054] The real estate computer network  10  may further include a range of associated services  100  shown electronically communicating with the buyer  13  and the seller  12 . For example, associated services  100  may include an electronic application to a mortgage provider, contact information such as hypertext markup language (HTML) links to services such as home inspection and movers, and information resources such as a mortgage calculator  224  so that the buyer  13  may focus a home search and negotiations to an affordable price range.  
     [0055] Referring to FIG. 4, a block diagram of a property record  102  for the property database  20  of FIG. 3 is provided. Thus, property information for a specific real estate property would be contained within the property record  102 . An illustrative listing of fields in the property record  102  include a property description  104  which includes information such as contained in a Multiple-Listing Service (e.g., number, type and dimension of rooms; address; directions to the property; fixtures and features; acreage). Taking advantage of the efficiencies inherent in an interactive communications interface, as will be described for FIG. 5, a seller  12  would be assisted in providing such property description  104  in a number of ways. In particular, graphical user interfaces such as often used for a computer  50  would allow familiar pull-down menus, radio buttons, pop-up help information, scrollable text boxes, etc.  
     [0056] Moreover, the real estate computer network  10  may perform data checking and prompt the seller  12  for more information or corrections. For example, a prompt may occur if the seller  12  entered the number of rooms in a house and the number was less than the number of bedrooms, bathrooms and other specific rooms entered. As another example, a prompt may occur if an important field was left blank. In addition, a field may require data of a certain type, such as a year within a certain range for the building date and a dollar figure for the price. Such receiving of disclosure information from a seller party  12  is thus an improvement over paper forms requiring a person to check for errors. Moreover, the disclosure information may have to be created and recreated a number of times, such as by a handwritten entry by a seller party  12 , followed by data entry into a listing means such as an MLS, and further followed by data entry into a purchase contract, and yet further followed by data entry into other documents for a mortgage application and a land title. Each such data entry may introduce errors and economic cost of labor and delay.  
     [0057] The property record  102  may contain property graphics field or pointer  106  so that the buyer  13  may view exterior or interior depictions of the property. Another field or other data structure included in the property record  102  may be contractual terms  108  supplied by the seller  12 . For example, the seller  12  may have non-negotiable or initial negotiating positions such as sale “as-is,” occupancy no sooner than a specific a date or a given interval, etc. The record may contain a scheduling database pointer  110  to the scheduling database  94 , or other such data structure so that the buyer  13  may initiate a showing, for instance. The property record  102  may contain a contract period field  112  utilized by the seller  12  and the brokerage system  22  in determining the period wherein the seller  12  is committed to the listing contract. The property record  102  may contain a usage tracking pointer  114  or other information storage such as a counter so that the seller  12  may monitor virtual “foot traffic” or hits for the listing. Also, the property record  102  may contain a sales verification pointer  116  or other means to designate the property as being on a watch list for subsequent sale outside of the listing contract.  
     [0058] Although a flat file is depicted as a property record  102  in FIG. 4, it would be readily apparent to those skilled in the art that a number of database and data structures may be used to store and access such fields  104 - 116 . Moreover, such data structures may be distributed throughout a number of data structures and storage media. Furthermore, the listing of fields  104 - 116  is an illustrative list whereas fewer fields or additional fields may be used. In addition, the various databases depicted in FIGS.  3 - 4  may specifically be combined or further decentralized.  
     [0059] The electronic communication between users such as the buyer  13  and the seller  12  described for FIG. 3 may advantageously be performed as depicted in FIG. 5 with an online real time interactive communication interface  120  such as by the browser window or browser  122  on a computer screen  124  displaying a portion of the real estate transaction application  66 . The illustrative depiction includes a series of selectable buttons  130 - 146  allowing the buyer  13  and seller  12  to readily access desired features. Specifically shown is a “HOME” button  130  to readily return to the top-level page; an “ABOUT US” button  132  to review material about the real estate computer network  10  or its controlling entities; a “BUYER” button  134  to go to features specific for a potential buyer  13 ; a “SELLER” button  136  to go to features specific for a seller  12 ; a “MY ACCOUNT” button  138  for those having a custom profile  80 ,  82  so that information specific to this party  12 ,  13  may be provided; a “LIST HOME” button  140  for potential listing sellers  12 ; a “CONTACT US” button  142  for inquiries to the real estate computer network  10 ; a “SEARCH HOME” button  144  for potential buyers  13  to utilize the search engine  86 ; and a “FAQ&#39;S” button  146  to provide information regarding services provided on the real estate computer network  10 . In addition, other buttons such as blank button  148  may be included that could be defined by the party  12 ,  13 .  
     [0060] The interface  120  is shown including a “LOGIN NAME” data entry box  150  and “PASSWORD” data entry box  152  to allow confidentiality and ready access to individualized content. Initiating the login is accomplished by selecting a “LOGIN” button  154 . For those unfamiliar with the services of the real estate computer network  10 , two buttons, “I AM A BUYER” button  156  and “I AM A SELLER” button  158  allow rapid access to important information for first-time users.  
     [0061] Logging into a custom profile  80 ,  82  may include going to an individualized screen  124 , such as is depicted in FIG. 5A. Advantageously, such an individualized screen  124  may have predictable locations and formats for information regardless of which property is associated with the login, whether the party is a buyer  13  or seller  12 , and on the phase of the transaction (e.g., searching, negotiating, closing). Thus, a scheduling box  160  provides an interactive display and data entry means for working with the scheduling database  94 . A systems notification box  170  allows for automatic alerts of approaching deadlines, exceeded deadlines, completion of tasks, etc. A messages and documents received box  180  may provide a graphical user interface  120  to electronic documents received from other parties or received from the user. Also, a quick links box  190  allows for retention of links to properties selected by a potential buyer  13 , for instance, or links to services appropriate for inspecting a house after negotiating a purchase contract, etc.  
     [0062] Referring to FIG. 5B, an online interactive communication interface  124  illustrates how confidential, concurrent electronic communication may be achieved in some instances to negotiate an electronic purchase contract  96 , or similar inter-party communication. Buyer party window  191  would show information appropriate for a multi-party communication between a buyer  13 , a buyer&#39;s agent, and a seller party  12 . Buyer party window  191  thus would show the buyer  13  and the buyer&#39;s agent messages between themselves and also a message to the seller party  12 . However, only the message C from the buyer agent to the seller would be visible to the seller party  12 . Similarly, seller party window  192  shows a message B from the seller with any other messages hidden from the buyer  13  and buyer&#39;s agent. Moreover, multiple parties may be interacting with interface  124  on behalf of the seller  12  and communicating confidentially to the seller  12  without the awareness of the buyer  13 .  
     [0063] Also depicted in FIG. 5B is an electronic purchase contract  96  having mutable contract terms  194 , specifically a fill-in closing date field and a radio button selection for mortgage application wherein “VA” is selected. The electronic purchase contract  96  also has immutable contract terms  195  displayed. Another feature of electronic purchase contract  96  is the annotation “[ABC: DD/MMYY]” after “VA” denoting the initials of the party adding the “VA” selection and the date made. Such comments would advantageously be displaced and stored for retaining the full chronology of versions of the electronic purchase contract  96 .  
     [0064] Referring to FIG. 5C, another example of a real estate transaction document is depicted. A disclosure document  98  is generated by the real property computer network  10  from both immutable terms, such as instructions  196  to assist the seller in providing disclosure information, and mutable terms, such as water supply data fields  197 , wherein the seller is provided radio buttons to select between public, private, well, and cistern and has selected private. The immutable terms  196  may advantageously be derived from state realty board approved disclosure forms. The mutable terms  197  may be bounded by suggested or required fields also from the approved disclosure forms, wherein the seller party  13  provides disclosure information. The online interactive communication interface  124  facilitates the electronic communication of disclosure information from the seller party  12  and may similarly electronically communicate, such as by electronic transmission, to the buyer party  13  as shown in FIG. 5B.  
     [0065] Generation of the electronic real estate documents (e.g., electronic purchase contract  96  and electronic disclosure document  98 ) shown in FIGS. 3, 5B, and  5 C may be accomplished by storing a word processing template on a computer in the real estate computer network  10 . Information supplied by the buyer party  13  or the seller party  12  may be merged with the word processing template and stored as a document or the mutable terms may be stored separately as a record in a database. The latter may have advantages in reduced storage requirements. Annotations as to revision history and status of review may be similarly merged into the stored document or stored separately as records.  
     [0066] It would be apparent to those skilled in the art that a broad range of graphical user interfaces and other electronic communication approaches may be practiced. For example, formats suitable for small portable devices may be provided. Screens customized for a buyer  13  and for a seller  12  may be provided. Also, additional functionality may be obtained by having such functions integrated with other email and scheduling software.  
     [0067] Although a number of software design approaches would be appropriate for providing the electronic communication features described above, one such software object hierarchy is depicted in FIG. 6 for a main routine  200 . Such segregation of software objects allows for developing portions of a real estate computer network at various stages, to decentralize processing of such objects, and other advantages. Specifically shown is a list sale property routine  202 , search property database routine  204 , negotiate sale routine  206 , closing actions routine  208 , post-transaction monitoring  210 , a seller custom profile routine  212 , and a buyer custom profile routine  214 , all of which are described in more detail below.  
     [0068] Main routine  200  is shown having illustrations of associated services  216  beginning with a search comparable sales object  218  which allows an interactive search engine for the buyer  13  or the seller  12  to find comparable sales to the selected property to assist in determining a market price. This is typically a service requiring a real estate agent or a real estate appraiser and is generally not available to the public. Consequently, this feature may be deemed an enhanced service for which an additional fee is secured, such as through a credit card charge.  
     [0069] Another associated service  216  shown is an “ask the agent” object  220 , which may be deemed an enhanced service warranting additional fees, whereby a prospective listing seller  12  or potential buyer  13  can have specific questions answered regarding the real estate transaction process, especially if foregoing the expense of having an agent. Some questions may be too specific to handle with a FAQ&#39;s or other predetermined means.  
     [0070] Yet another associated service  100  shown is a document delivery object  222  whereby real estate documents and forms, for instance, may be retrieved. Also, shown is an online electronic mortgage calculator object  224  and an online electronic mortgage application object  226 , the latter may be links to mortgage providers or actual online applications.  
     [0071] The list sale property routine  202  referenced in the main routine  200  of FIG. 6 is shown in FIG. 7 as a flowchart sequence of operations performed by the seller  12  and the real estate computer network  10 . First, the routine  202  receives property information from the seller  12  that is entered into a property record  102  (block  230 ). Thereafter, the listing contract is displayed (block  232 ) to ensure that the seller  12  agrees to paying a commission for services, for instance. If the seller  12  does not accept the listing contract (block  234 ), then routine  202  is done (block  236 ) and the seller  12  is returned without adding the property record  102  to the property database  20 .  
     [0072] If the seller  12  does accept in block  234 , then disclosure information may be entered, if desired or required (block  238 ). Then a determination is made whether the seller  12  chooses to schedule showings for the property (block  240 ), and if so, the schedule is entered for showings (block  242 ).  
     [0073] The interactive scheduling may be accomplished by many techniques known to those skilled in the art. For example, a text or graphical calendar may be presented for times available and/or not available to the other party. The party desiring an appointment may be allowed to add the appointment by sending a message such as an e-mail message that, if accepted by the other party, would automatically be added to both parties&#39; schedules. After scheduling is accomplished or omitted, then the property record  102  is added to the property database  20  to be accessible by a buyer  13  (block  244 ). The property information may be electronically communicated to other listing services such as a Multiple-Listing Service (MLS) (block  246 ). Routine  202  then provides various contracts and forms to the seller  12  as appropriate and required (block  248 ). For example, physical copies of the listing contract may be sent by mail. Also, marketing information may be sent to the seller  13 , such as signage and guidelines for making a home presentable for a showing (block  250 ). The latter may also be deemed an enhanced service that is provided in return for a fixed payment.  
     [0074] Typically, a listing contract is for a fixed period of time, thus in block  252  a determination is made as to whether 30 days or less remains until the contract period of the listing contract expires. If not, then routine  202  continues to wait by repeating block  252 . If within the thirty day period in block  252 , then a notice is sent to the seller  12  to renew (block  254 ). Then routine  202  waits for the contract period to expire, unless action is taken outside of this routine to renew the contract or a purchase contract  96  is entered into by a buyer  13  and the seller  12  (block  256 ). Otherwise, if the contract period is deemed to have expired in block  256 , then the property record  102  is removed from the property database  20  and the seller  12  is notified (block  258 ). The listing is then added to a watch list for sales verification  88  (block  260 ). Thereafter, routine  202  is done and returns (block  262 ).  
     [0075] It will be appreciated that a number of monitoring routines are discussed as part of a single routine or different routines and on various computers; however, the electronic communication inherent in the real estate computer network  10  allows for flexibility in configuring such monitoring. For example, a database query may be initiated through the brokerage system  22  for statistics over the past quarter with such queries including information contained in a number of databases. As another example, expiration and renewal of listing contracts may be different routines initiated by different computers, such as by  18  and  22 , respectively.  
     [0076] The search property database routine  204  referenced in the main routine  200  of FIG. 6 is shown in FIG. 8 as a flowchart sequence of operations performed by the buyer  13  and the real estate computer network  10 . Routine  204  begins by the buyer  13  entering property requirements (block  280 ), such as price range, location, number of bedrooms, etc. Then, a search is performed of the property database  20  using the requirements, or criteria, provided, and any property records  102  matching the criteria are then displayed as a list (block  282 ). The buyer  13  may be given an option at this point or at other points to automatically repeat the search later as new properties are listed (block  284 ). If so selected, then an automatic search using the provided criteria is scheduled to be repeated (block  286 ). After notification has been set or omitted, then a determination is made as to whether the buyer  13  has selected to receive detailed data on a specific property or properties (block  288 ). If the buyer  13  does not select a property, then routine  204  is done and returns (block  290 ). If a listing is selected, then the selection is recorded (block  292 ) and the detailed data from the property record  102  is provided to the buyer (block  294 ). This two-level organization of property information is advantageous in situations that would otherwise provide too large of a result. Also, the specific inquiry is then used in block  288  to record the selection for purposes such as counting “foot traffic” or perhaps for marketing purposes or for allowing the seller  12  to contact the buyer  13 . In addition, the selection may be added to the quick list box  190  of FIG. 5A.  
     [0077] Then an opportunity is made for the buyer  13  to request contacting the seller  12  (block  296 ). If no contact is requested, then routine  204  returns to some other state, such as back to the listing of block  282  or completely out of routine  204  as shown. If the buyer  13  requests seller  12  contact (block  296 ), then a determination is made as to whether the buyer  13  has a buyer custom profile  82  (block  298 ). If not, then the buyer  13  is given the opportunity to create a buyer custom profile  82  (block  300 ). Once complete, the buyer  13  may be returned back to block  298  or to some other point, such as back to block  296  as shown.  
     [0078] If in block  298  the buyer  13  has a custom profile  82 , then the contact information is provided (block  302 ). This may be in various forms, such as access to the scheduling information of the seller  12 , message entry form or some other means. Preferably such contact will be through electronic communication through the real estate computer network  10  so that status of such inquiries may be monitored, not only for sales verification purposes but also to give status to parties as to whether the message has been received. In addition, confidentiality may be maintained.  
     [0079] Thereafter, in block  304  an opportunity may be included for scheduling a showing. If scheduling a showing is selected in block  304 , then the buyer  13  is allowed to interact with the seller schedule to find an appropriate time, and advantageously to add the proposed showing time to the schedule (block  306 ). After scheduling a showing is performed in block  306  or omitted in block  304 , then the seller  12  is notified respectively in blocks  308 ,  310 . Such notification may be tailored as suggested by having two steps for the fact that one includes interacting with the scheduling information. Thereafter, routine  204  is done and returns (block  312 ).  
     [0080] The negotiate sale routine  206  referenced in the main routine  200  of FIG. 6 is shown in FIG. 9 as a flowchart sequence of operations performed by the seller  12 , the buyer  13  and the real estate computer network  10 . This routine  206  shows several important aspects of the invention, providing electronic communication of various types of information, tracking a large number of actions, and overall facilitating the transaction through a critical phase that is often frustrating for buyers  13  and sellers  12 , especially without use of agents. Although other iterative sequences of operations may be employed within the scope of the invention, the negotiate sale routine  206  shown does include the capability to iterate offers and counteroffers. Thus in block  330 , a determination is made as to whether a pending seller counter offer exists, since this embodiment contemplates that a buyer  13  would initiate the first offer and this block  330  allows a convenient point for the routine  206  to iterate. It would be apparent that a first offer may originate from the seller  12 , although this is less common in practice.  
     [0081] If in block  330  there is no pending seller counter offer, then a determination is made as to whether the buyer  13  chooses to make an offer (block  332 ). If not, then routine  206  is done and returns (block  334 ). Otherwise, then the buyer  13  is afforded an opportunity to modify the electronic purchase contract  96  (block  336 ) and the version of the electronic purchase contract  96  is recorded (block  338 ). Thus, the version forwarded may contain annotations denoting who made entries or changes and on what date, for instance.  
     [0082] Then, a determination is made as to whether earnest money was included in the offer that should be placed in an escrow account or other otherwise retained (block  340 ). If so, the escrow deposit is arranged, such as by automatically making a credit card charge (block  342 ). Afterward, or if escrow was not required in block  340 , then the seller  12  is notified of the offer (block  344 ).  
     [0083] Sometime thereafter, the seller  12  accesses the offer (block  346 ) via the real estate computer network  10 . The seller  12  is afforded an opportunity to accept the offer (block  348 ). If the seller  12  declines the offer as is often the case, then a determination is made as to whether the seller  12  chooses to counter offer (block  350 ). The offer may be so unacceptable that the seller  12  chooses not to counter offer in block  350 , and thus the transaction is added to the watch list (block  352 ), the buyer  13  is notified (block  354 ), and any escrow money, if any, is returned (block  356 ), and routine  206  is done and returns (block  358 ).  
     [0084] Returning to block  348 , if the seller  12  accepts the offer, then the buyer is notified (block  359 ) and routine  206  is done and processing proceeds with closing actions routine  208 .  
     [0085] If the seller  12  chooses to counter offer in block  350 , then the seller  12  is allowed to modify the electronic purchase contract  96  (block  360 ), the version is recorded (block  362 ) and the buyer  13  is notified (block  364 ). Thereafter, routine  206  returns to the beginning (block  330 ) to await action by the buyer  13 .  
     [0086] Thus, back at block  330 , the determination of a pending seller counter offer is yes, and routine  206  proceeds to block  366  to allow the buyer  13  to accept the counter offer. If the buyer  13  does accept in block  366 , then a determination is made as to whether additional earnest money is required (block  368 ). If so, the escrow deposit is arranged (block  370 ). After the escrow is handled in blocks  368 ,  370 , then the seller  12  is notified of the acceptance (block  372 ) and processing proceeds to the closing actions routine  208 , described below.  
     [0087] Returning to block  366  when the buyer  13  does not accept the counter offer, then a determination is made as to whether the buyer  13  chooses to counter offer (block  374 ). If so, then the processing proceeds to block  336  to allow the buyer  13  to modify the purchase contract, as previously described. The process may thus iterate for as many counter offers are necessary. If, however, in block  374  the buyer  13  chooses not to counter offer, then the transaction is added to the watch list (block  376 ), the seller  12  is notified (block  378 ), any escrow deposit, if any, is returned (block  380 ), and routine  206  is done and returns (block  382 ).  
     [0088] The closing actions routine  208  referenced in the main routine  200  of FIG. 6 is shown in FIG. 10 as a flowchart sequence of operations performed by the seller  12 , the buyer  13  and the real estate computer network  10 , typically following the negotiate sale routine  206  previously discussed.  
     [0089] First the seller  12  selects a commission payment method (block  400 ), such as a credit card payment effected through the real estate computer network  10 . Then the buyer  13  is notified to provide financing information within a certain time frame, generally specified in the negotiated electronic purchase contract (block  402 ).  
     [0090] Routine  208  then schedules other contractual contingencies for completion, including sending any documents, physical and/or electronic copies, to the parties. By or at this point, a physical copy of the purchase contract  96  may be made and signed by both parties, especially to satisfy any statutory requirements. A closing date should be specified, at least a tentative date (block  404 ).  
     [0091] Thereafter, routine  208  monitors the various dates and inputs from the parties as to completions of required tasks. An example of such monitoring begins in block  406  where a determination is made as to whether new information has been entered by a party to the transaction. If so, the relevant database or databases are updated and any required changes made to the schedule (block  408 ). Afterward, or if no changes were entered in block  406 , then a determination is made in block  410  whether a deadline is approaching. The system would have at least a default notification period of an approaching deadline if not otherwise provided. In particular, establishing a closing date would be a scheduled event that would be flagged for a system exception if passed before completion. If a scheduled event is within the notification period, then the parties are notified (block  412 ). After checking for approaching deadlines (blocks  410 ,  412 ), then a determination is made as to whether any deadlines have been passed (block  414 ).  
     [0092] If not in block  414 , then a determination is made as to whether this is closing day for the transaction (block  416 ). If not, processing returns to block  406  to continue monitoring the schedule and for new information. If this is closing day, then the property is taken from the active properties listed in the property database  20  (block  418 ), any escrow deposit is refunded to the buyer  13  (block  420 ), the fixed fee or percentage commission is executed for payment, with post-transaction monitoring scheduled to confirm payment of the commission (block  422 ), and routine  208  is done and returns (block  424 ).  
     [0093] If in block  414  a deadline had passed, then the parties are notified (block  426 ) and a determination made as to whether this deadline is flagged by the real estate computer network  10  as a deadline warranting a system exception, such as failing to set a closing date (block  428 ). If so, an exception report is generated to the brokerage system  22  (block  430 ). After blocks  428 ,  430 , a determination is made as to whether the missed deadline will be waived or otherwise rescheduled by the nonbreaching party (block  432 ). It would be apparent that some deadlines would be nonmandatory and would be treated as an automatic waiver. If so waived or rescheduled in block  432 , then processing returns to block  406  to handle the new information and to continue monitoring the schedule.  
     [0094] If, however, in block  432  the nonbreaching party does not waive or reschedule after the missed deadline, then the electronic purchase contract  96  is canceled (block  434 ), the transaction is added to the watch list for sales verification  88  (block  436 ), and all parties are notified (block  438 ), and routine is done and returns (block  424 ).  
     [0095] The post-transaction monitoring routine  210  referenced in the main routine  200  of FIG. 6 is shown in FIG. 11 as a flowchart sequence of operations performed by the real estate computer network  10 . Routine  210  watches for transactions completed without paying a commission, first by noting transactions begun within the real estate computer network  10  but consummated outside of the network  10  and second by noting failures to pay the commission within a reasonable time after closing.  
     [0096] Beginning in block  450 , routine  210  retrieves incomplete transactions, including information as to the prospective buyer  13  and seller  12  and the particular property, from the transaction database, elsewhere also referred to as a watch list. A determination is made as to whether the watch period has expired (block  452 ), meaning the extent of the contract period for the listing contract has expired. If the watch period has expired, then the incomplete transaction is deleted from the watch list (block  454 ). If the watch period has not expired in block  452 , then routine  210  looks for a matching transaction in the sales database  30  (block  456 ). If a match is found (block  458 ), then an exception report is generated (block  460 ). If no match (block  458 ) or after the exception report (block  460 ), or after a watch listed item is deleted (block  454 ), then a determination is made as to whether another incomplete transaction remains in the transaction database  90  to check (block  462 ). If so processing returns to block  450  to repeat.  
     [0097] If no other incomplete transactions exist in the watch list (block  462 ), then a payment pending schedule is retrieved from the transaction database  90  (block  464 ). If a deadline is exceeded (block  466 ), then an exception report is generated (block  468 ). If not exceeded in block  466  or after the exception report in block  468 , then a determination is made as whether another payment pending item remains (block  470 ). If so, processing returns to block  464 , and if not, routine  210  waits for an appropriate period of time (block  472 ) before performed again by returning to block  450 . For example, the routine  210  may run once per day.  
     [0098] The seller custom routine  212  referenced in the main routine  200  of FIG. 6 is shown in FIG. 12 as a flowchart sequence of seller selectable operations performed by the real estate computer network  10 . Routine  212  begins by determining whether the seller  12  has entered a valid login user name and password (block  490 ), and if not, is given an opportunity to become a member in block  492  and routine  212  returns to some previous state (block  494 ) which may include repeating at block  490 .  
     [0099] If in block  490  a valid login user name and password were entered, then the seller  12  may select a number of features. For example, in block  496 , a determination is made as to whether the seller  12  chooses to modify or delete a home listing, and if so the home listing is modified or deleted in block  498 . The routine  212  would then proceed to some previous state.  
     [0100] If not modifying or deleting a home listing in block  496 , then a determination is made as to whether the seller chooses to modify the scheduling information, also referred to as the calendar (block  500 ). If so, the calendar is modified (block  502 ) and routine  212  returns to some previous state.  
     [0101] If not modifying the calendar in block  500 , then a determination is made as to whether the seller  12  chooses to display the calendar (block  504 ), and if so, the calendar is displayed (block  506 ) and routine  212  returns to some previous state.  
     [0102] If not displaying the calendar in block  504 , then a determination is made as to whether the seller  12  chooses to review the listing contract (block  508 ), and if so, the listing contract is displayed (block  510 ), and routine  212  returns to some previous state.  
     [0103] If not reviewing the listing contract in block  508 , then a determination is made as to whether the seller  12  has selected some other service (block  512 ), and if so, the other service is performed (block  514 ). If not some other service in block  512  or after block  514 , routine  212  returns to some previous state, such as waiting for the seller  12  to make a selection.  
     [0104] The buyer custom routine  214  referenced in the main routine  200  of FIG. 6 is shown in FIG. 13 as a flowchart sequence of buyer selectable operations performed by the real estate computer network  10 . Routine  214  begins by determining whether the buyer  13  has entered a valid login user name and password (block  530 ), and if not, is given an opportunity to become a member in block  532  and routine  214  returns to some previous state (block  534 ) which may include repeating at block  530 .  
     [0105] If in block  530  a valid login user name and password were entered, then the buyer  13  may select a number of features. For example, in block  536 , a determination is made as to whether the buyer  13  chooses to modify contact information, and if so the contact information is modified in block  538 . The routine  214  would then proceed to some previous state.  
     [0106] If not modifying contact information in block  536 , then a determination is made as to whether the buyer  13  chooses to view a contact from a seller  12  (block  540 ), and if so, the messages are displayed (block  542 ) and routine  214  returns to some previous state.  
     [0107] If not displaying seller contacts in block  540 , then a determination is made as to whether the buyer  13  chooses to retrieve a document electronically communicated to him or otherwise available on the real estate computer network  10  (block  544 ), and if so, the document is retrieved (block  546 ) and routine  214  returns to some previous state.  
     [0108] If not retrieving a document in block  544 , then a determination is made as to whether the buyer  13  has selected some other service (block  548 ), and if so, the other service is performed (block  550 ). If not some other service in block  548  or after block  550 , routine  214  returns to some previous state, such as waiting for the buyer  13  to make a selection.  
     [0109] Various modifications may be made to the illustrated embodiments without departing from the spirit and scope of the invention. Therefore, the invention lies in the claims hereinafter appended.