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Electronic real estate bartering systemRelated Patent Categories: Data Processing: Financial, Business Practice, Management, Or Cost/price Determination, Automated Electrical Financial Or Business Practice Or Management Arrangement, Finance (e.g., Banking, Investment Or Credit), Trading, Matching, Or BiddingElectronic real estate bartering system description/claimsThe Patent Description & Claims data below is from USPTO Patent Application 20060242054, Electronic real estate bartering system. Brief Patent Description - Full Patent Description - Patent Application Claims
BACKGROUND [0001] The present invention relates to a computer-based website for bartering, exchanging or selling, (hereinafter referred to as bartering), real estate items or securities including, but not limited to, real property, stock, cash (foreign or domestic currencies), web barter dollars (defined below), Himmelstein Options (defined below), CD's, bonds, notes, Option Put, Option Call, Commodities/Futures, Annuities, Muni Bond(s), Government Bonds, Funds, Strips (Zero Coupon Treasuries), Ginnie Mae(s), Fannie Mae(s), Freddie Mac(s), UIT (Unit Investment Trust), T-bills and any future created or defined security, commodity or commodity money wherein a barter order indicating the item to barter and the desired barter item are matched by the website. Barter transactions are made which combine a barterer's barter order with a matching order or combination of orders which the barterer selects or the barterer has automatically selected by the website. All barter transactions incorporate agreements. Agreements, termed Himmelstein Options, permit barterers to agree to a future range of dates: a date after the barter transaction may occur and a date before the barter transaction must occur or the rights of ownership may expire. Himmelstein options also include other conditions or parameters in the agreement as well. [0002] Automated computer systems matching buy and sell orders for trading stocks, futures and other properties are well known in the art. An example of such a system is disclosed in U.S. Pat. No. 3,573,747 to Adams, et al., which discloses a system for matching buy and sell orders for fungible properties between traders. After the initial match, one embodiment of this system allows traders to negotiate other terms of the transaction while all traders are continuously appraised of the negotiation status. The system disclosed in U.S. Pat. No. 4,412,287 to Braddock relates to trading stock and discloses a central computer that matches buy and sell orders from a plurality of user terminals. In U.S. Pat. No. 5,689,652 to Lupien, et al. a computer network with a plurality of trader terminals matches buy and sell orders incorporating a satisfaction density profile. The density profile provides a measure for maximizing the mutual satisfaction of all traders. [0003] Computer systems to match bids and offers are also well known in the art. The system disclosed in U.S. Pat. No. 4,903,201 to Wagner matches bids and offers for future commodity contracts and detects illegal trade practices. U.S. Pat. No. 5,727,165 to Ordish, et al., discloses a network system and further provides confirmation timing and notification messaging to the traders. In U.S. Pat. No. 5,924,082 to Silverman, et al., a negotiated matching system matches bids and offers based on a criteria that includes "ranking" data. The ranking data is comprised of credit and risk information to facilitate the best matches with respect to risk management. Another aspect of this same system permits traders to negotiate directly with each other prior to or after an initial match is made by the system. The system of U.S. Pat. No. 5,926,801 to Matsubara et al. also matches bids and offers, and in one embodiment, credit criteria is considered in the match. [0004] Another computer system disclosed in U.S. Pat. No. 5,873,071 to Ferstenberg, et al. includes an intermediary computer program and an electronic agent computer program which can operate over the Internet. The intermediary computer program mediates offers and counter-offers for financial commodities. Goals, expressed as either a set of computer rules or as an objective with constraints, are set by the participants and the electronic agent computer program generates counter-offers according to the goals in response to offers from the intermediary computer program. In one embodiment of the system, a calculated "fairness measure" is used to determine satisfaction of the participants goals. [0005] None of these patents address a bartering, exchanging or selling system whereby an individual trader constructs a barter order by establishing trading parameters that include an item to be bartered and a desired item to be received. Additionally, since each of the prior art systems are tailored to a particular market or type of security, they are extremely limited. These systems do not permit flexibility in trading one type of security for another type, or even one type of security for real property. SUMMARY [0006] The present invention is a barter system utilizing a computer system linked to a website to effectuate a tax deferred exchange for barter items including real estate property, real estate leases and all types of securities. A tax deferred exchange permits a property owner to trade one property for another without having to pay federal income tax on the transaction. Tax deferred exchanges are authorized by Section 1031 of the IRS code. This system meets the requirements of Section 1031 and other sections of the IRS code to ensure that an exchange is done properly so the tax on the transaction may be deferred. [0007] The system is accessed directly at a website called "eBarterRealestate.com." The system assists an individual with setting up a new account, including information regarding the property they want to exchange. The information could be downloaded from real estate websites or real estate offices if an individual had previously provided the pertinent information to a real estate agent. The system allows the individual to enter information about their property, (including videos, pictures, asking price), and display various other types of information such as real estate taxes, assessment, equalization value (if applicable), appraised value etc. This information would be posted for others to look at and evaluate. If there is a "boot" (i.e. excess funds) left over, the system can hold funds in escrow, return excess funds, donate the funds to a preselected charity or allow individuals to barter for other property or a portion of an existing property. [0008] The present invention permits bartering of items or securities including but not limited to real estate, stock, cash (foreign or domestic currencies), web barter dollars, Himmelstein Options, CD's, bonds, notes, Option Put, Option Call, Commodities/Futures, Annuities, Muni Bond(s), Government Bonds, Funds, Strips (Zero Coupon Treasuries), Ginnie Mae(s), Fannie Mae(s), Freddie Mac(s), UIT (Unit Investment Trust), T-bills and any future created or defined security, commodity or commodity money. A Himmelstein Option is an agreement to barter items or securities with specific conditions for a settlement date (i.e. rights to acquire) to occur after a specified date and before a specified date. These dates may be the same. The before date may be indefinite. Himmelstein's Options (i.e. the portion of the barter transaction that is to be acquired) may be sold for cash or bartered (i.e. assign their rights or transfer their rights for a different security). In other words, the Himmelstein Option agreement, once acquired may be assigned without the written consent of the issuer/creator. This means that acquirer may transfer his rights to acquire the security or other item which is the subject of a Himmelstein Option to someone else. [0009] The user, termed the barterer, creates a barter order that is posted and/or matched against a website database of other posted barter orders. To implement a barter, the barterer selects a posted barter order from a display of matching barter orders. Barter orders include minimum criteria such as an identification of items to be bartered, an identification of items desired, market value of the items to be bartered and value determined by the barterer. Criteria such as the Himmelstein Option having barter date ranges (i.e. date upon which the actual ownership of the barter items changes hands) and value ranges add to the flexibility of the system. The flexibility in timing utilizing the Himmelstein Option facilitates the ability to potentially defer adverse tax consequences and to defer the creation of taxable events. [0010] It an object of this invention to provide a flexible barter system which allows ownership acquisition deferral and the matching of multi-order barter transactions. Other objects and advantages will become apparent after reviewing a detailed description of a presently preferred embodiment of the invention. BRIEF DESCRIPTION OF THE DRAWINGS [0011] FIG. 1 is a diagram of a bartering system in accordance with the teachings of the present invention. [0012] FIG. 2 is a schematic diagram of the structure of an example barter database and barter order in accordance with the teachings of the present invention. [0013] FIG. 3 is a schematic diagram of a multi-order barter transaction in accordance with the teachings of the present invention. [0014] FIGS. 4A-4E are flowcharts of a typical barter ordering session and barter transaction in accordance with the teachings of the present invention. [0015] FIGS. 5A-5F are portions of screen displays illustrating the creation of a sample barter order in accordance with the teachings of the present invention. [0016] FIG. 6 is an example of a barter transaction screen in accordance with the teachings of the present invention. [0017] FIGS. 7A-7E are schematic illustrations of several different types of barter transactions which may be implemented according to the teachings of the present invention. [0018] FIG. 8 is a schematic diagram of the components of a barter posting module in accordance with the teachings of the present invention. [0019] FIGS. 9A and 9B are tables illustrating general and specific parameters for classes of barter items that are preferably utilized in a barter system made using a Himmelstein Option in accordance with the teachings of the present invention. Specifically, the "barter/settlement date, open/close" column in the tables is a condition or parameter included in the Himmelstein Option. [0020] FIG. 10 is a bartering system in accordance with an alternative embodiment of the present invention. [0021] FIGS. 11AA, 11AB, 11BA and 11BB are tables illustrating general and specific parameters for classes of barter items that are preferably utilized in a barter system in accordance with the alternative embodiment. Continue reading about Electronic real estate bartering system... Full patent description for Electronic real estate bartering system Brief Patent Description - Full Patent Description - Patent Application Claims Click on the above for other options relating to this Electronic real estate bartering system patent application. ###  How KEYWORD MONITOR works... a FREE service from FreshPatents1. Sign up (takes 30 seconds). 2. Fill in the keywords to be monitored. 3. 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