Internet based release tracking system
US8655671B2 · kind B2 · utility
Assignee
Inventor
Key dates
| Filing date | Dec 4, 2002 |
| Grant date | Feb 18, 2014 |
| Priority date | — |
| Expiry date | May 21, 2031 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q50/167
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
An Internet based real estate transaction and release tracking system that insures deeds of trust, liens and other encumbrances are released in a timely manner after the lien holder has received payment for the underlying obligation. Based on information provided by an agent, such as an escrow agent or a settlement agent, the system creates a unique electronic record for each real estate transaction entered by the agent. The system receives update information, either automatically from other computers or via manual input from searchers, and uses this update information to track each real estate transaction. The system monitors the records and indicates when a lien holder has failed to release their lien after a statutory time period that begins after the passing of the settlement date. When the statutory time period has passed, the system generates a number of forms, including a demand letter. The demand letter is sent to the lien holder demanding them to release the lien. If the lien is not thereafter released, further legal documents can be generated and sent to a law firm for legal action to be taken against the delinquent lien holder.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.