Patent ID: 7742991

Claim:
A method of using a computer system to facilitate a closing of a real estate transaction, comprising: using the computer system to perform at least the steps of: storing in a memory real estate transaction information in a virtual file for each of a plurality of real estate transactions; receiving a first user input that includes a search criterion; searching the virtual files for the search criterion; outputting information of one or more virtual files satisfying the search criterion; receiving a second user input that comprises an update to one of the one or more virtual files; updating information in the one virtual file based on the second user input; receiving first real estate transaction information for a first real estate transaction; wherein the first real estate transaction information comprises information identifying a first party to the transaction and information identifying a property of the first real estate transaction; storing the first real estate transaction information in a memory in a virtual file; preliminarily compiling a plurality of form electronic documents with at least some of the first real estate transaction information; outputting for review by the first party the plurality of preliminarily compiled form electronic documents; receiving an electronic signature indicating approval of at least one of the preliminarily compiled form electronic documents by the first party; maintaining one or more conditions required to close the first real estate transaction; maintaining a status of the one or more conditions; maintaining one or more financing terms associated with a loan to be obtained at the closing of the first real estate transaction; maintaining payment amounts to be made to one or more entities who are not a party to the first real estate transaction; receiving a digital image of at least one scanned ancillary document, and outputting electronic closing documents for the first real estate transaction that comprise: said digital image of at least one scanned ancillary document; said at least one preliminary compiled form electronic document with an electronic signature; and one or more documents sufficient to contractually bind the first party to the first real estate transaction.