Patent ID: 8898087

Claim:
A system for facilitating a closing of a real estate transaction, the system comprising: a processor; and a memory operatively coupled to the processor, the memory having storage adapted to store real estate transaction information, and the memory having computer-executable instructions which, when executed by the processor, cause the processor to: store, in the memory, real estate transaction information in a virtual file for each of a plurality of real estate transactions; receive, from a computer, a first user input that includes a search criterion; search the virtual files for the search criterion; output, to a computer, information of one or more virtual files satisfying the search criterion; receive, from a computer, a second user input that comprises an update to one of the one or more virtual files; update information in the one virtual file based on the second user input; receive, from a computer, first real estate transaction information for a first real estate transaction; wherein the first real estate transaction information comprises information identifying a first party to the transaction and information identifying a property of the first real estate transaction; store the first real estate transaction information in a memory in a virtual file; preliminarily compile a plurality of form electronic documents with at least some of the first real estate transaction information; output, to a computer, the plurality of preliminarily compiled electronic documents, wherein the output of the plurality of preliminarily compiled electronic documents causes a display of at least a portion of the plurality of preliminarily compiled electronic documents on a display screen for review by the first party; receive, from a computer, an electronic signature indicating approval of at least one of the preliminarily compiled form electronic documents by the first party; maintain one or more conditions required to close the first real estate transaction; maintain a status of the one or more conditions; maintain one or more financing terms associated with a loan to be obtained at the closing of the first real estate transaction; maintain payment amounts to be made to one or more entities who are not a party to the first real estate transaction; and receive, from a computer, a digital image of at least one scanned ancillary document, and output, to a computer, the 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, wherein the output of the electronic closing documents for the first real estate transaction causes a display of at least a portion of the electronic closing documents on a display screen.