Conditional fee ownership home financing system and business method
US7395233B2 · kind B2 · utility
Assignee
Inventor
Key dates
| Filing date | Mar 16, 2004 |
| Grant date | Jul 1, 2008 |
| Priority date | — |
| Expiry date | Oct 31, 2026 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/03
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A method and system for financing the purchase of real property or refinancing real property utilizing a conditional fee simple deed. Under this method a conditional fee purchaser and a conditional remainder purchaser enter into a conditional fee agreement, delineating the rights and responsibilities of each party with regards to the purchase or refinance of a residential property. The agreement includes a determination date, at which time, the conditional remainder purchaser will either receive the entire fee simple interest in the property or will receive a lump sum payment from the conditional fee purchaser for the conditional remainder purchaser's interest in the real property. The conditional fee agreement includes a list of conditions under which the property will pass directly to the conditional remainder purchaser prior to the determination date.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.