MANAGING WORKFLOW FOR CLOSING A REAL PROPERTY ASSET TRANSACTION
A method for managing closing workflow of a real property asset transaction through use of a computing device is provided. Requests are dispatched to provide information concerning the parties involved in the transaction. Closing-related actions are automatically associated to the identified parties. The actions are automatically scheduled in accordance with a timeline of due dates. The actions and due dates are automatically communicated to the parties, and completion of each action is monitored via networked communication with the parties.
1 . A computer-implemented method for managing closing of a real property asset transaction, the method being implemented by a computing device having one or more processors and interfaced with a communications network, the method comprising:
identifying parties involved in completing the transaction, the parties including at least a buyer and a seller;
automatically scheduling one or more closing actions to be performed by the buyer and the seller respectively, the one or more closing actions being necessary to finalize the transaction;
generating a dynamic workflow including the scheduled one or more closing actions;
transmitting the dynamic workflow to one or more of the parties; and
updating the dynamic workflow upon completion of each closing action.
2 . The method of claim 1 , further comprising, after a predetermined duration of time from transmitting the dynamic workflow, prompting the parties for documentation relating to completion of the one or more closing actions.
3 . The method of claim 2 , further comprising:
receiving signed documentation from the parties; and
storing the signed documentation in a database;
wherein updating the dynamic workflow is performed in response to receiving the signed documentation.
4 . The method of claim 1 , wherein the parties include a third-party escrow agent, and wherein automatically scheduling the one or more closing actions includes scheduling preliminary escrow actions to be performed by the third-party escrow agent.
5 . The method of claim 4 , and further comprising, in response to a completion of all closing actions in the dynamic workflow, initiating final closing actions to be carried out by the parties.
6 . The method of claim 5 , wherein the final closing actions include (i) distributing final documents for signature to the parties via a network, (ii) monitoring the status of the final documents for signature, (iii) receiving the final documents in a signed format from the parties via a network, and (iv) automatically requesting recordation of the signed documents via a network communication to a government entity.
7 . The method of claim 1 , wherein automatically scheduling the one or more closing actions is based on a type of real estate transaction.
8 . The method of claim 1 , wherein automatically scheduling the one or more closing actions is based on a geographic location of the real property of the real property transaction.
9 . A system for managing workflow of a closing process associated with a real property transaction, the system comprising:
one or more processors; and
a memory resource storing instructions that, when executed by the one or more processors, cause the one or more processors to:
identify parties involved in completing the real property transaction, the parties including at least a buyer and a seller;
automatically schedule one or more closing actions to be performed by the buyer and the seller respectively, the one or more closing actions being necessary to finalize the real property transaction;
generate a dynamic workflow including the scheduled one or more closing actions;
transmit the dynamic workflow to one or more of the parties; and
update the dynamic workflow upon completion of each closing action.
10 . The system of claim 9 , wherein the instructions, when executed by the one or more processors, further cause the one or more processors to, after a predetermined duration of time from transmitting the dynamic workflow, prompting the parties for documentation relating to completion of the one or more closing actions.
11 . The system of claim 10 , wherein the instructions, when executed by the one or more processors, further cause the one or more processors to:
receive signed documentation from the parties; and
store the signed documentation in a database;
wherein updating the dynamic workflow is performed in response to receiving the signed documentation.
12 . The system of claim 9 , wherein the parties include a third-party escrow agent, and wherein automatically scheduling the one or more closing actions includes scheduling preliminary escrow actions to be performed by the third-party escrow agent.
13 . The system of claim 12 , wherein the instructions, when executed by the one or more processors, further cause the one or more processors to, in response to a completion of all closing actions in the dynamic workflow, initiating final closing actions to be carried out by the parties.
14 . The system of claim 13 , wherein the final closing actions include (i) distributing final documents for signature to the parties via a network, (ii) monitoring a status of the final documents for signature, (iii) receiving the final documents in a signed format from the parties via a network, and (iv) automatically requesting recordation of the signed documents via a network communication to a government entity.
15 . The system of claim 9 , wherein automatically scheduling the one or more closing actions is based on a type of real estate transaction.
16 . The system of claim 9 , wherein automatically scheduling the one or more closing actions is based on a geographic location of the real property of the real property transaction.
17 . A non-transitory computer-readable medium storing instructions that, when executed by one or more processors, cause the one or more processors to:
identify parties involved in completing a transaction, the parties including at least a buyer and a seller;
automatically schedule one or more closing actions to be performed by the buyer and the seller respectively, the one or more closing actions being necessary to finalize the transaction;
generate a dynamic workflow including the scheduled one or more closing actions;
transmit the dynamic workflow to one or more of the parties; and
update the dynamic workflow upon completion of each closing action.
18 . The non-transitory computer-readable medium of claim 17 , wherein the instructions, when executed by the one or more processors, further cause the one or more processors to, after a predetermined duration of time from transmitting the dynamic workflow, prompting the parties for documentation relating to completion of the one or more closing actions.
19 . The non-transitory computer-readable medium of claim 18 , wherein the instructions, when executed by the one or more processors, further cause the one or more processors to:
receive signed documentation from the parties; and
store the signed documentation in a database;
wherein updating the dynamic workflow is performed in response to receiving the signed documentation.
20 . The non-transitory computer-readable medium of claim 17 , wherein the parties include a third-party escrow agent, and wherein automatically scheduling the one or more closing actions includes scheduling preliminary escrow actions to be performed by the third-party escrow agent.