Method and system for effecting payment to a municipality and receiving a certificate of payment

Abstract

A real estate closing payment system and method for transferring funds of a closing party to a municipality, where the funds are associated with fees due with respect to a particular real estate property, is provided. The system includes a registration module configured to register the closing party and a funding source of which the funds will be transferred from, a calculation module configured to calculate an amount of the funds due to the municipality, a transfer module configured to transfer the funds from the funding source of the closing party to the municipality, and a certification module configured to generate a certificate of payment and deliver the certificate of payment to the closing party, municipality, and/or an appropriate recording institution.

1 . A payment system for transferring funds to at least one designated party for a particular transaction, comprising:
 a registration module configured to receive information corresponding to at least one user and at least one funding source;   a calculation module configured to calculate an amount of funds to transfer from at least one of the funding sources;   a transfer module configured to transfer the amount of funds from at least one of the funding sources to at least one designated party; and   a certification module configured to generate a certificate of payment and deliver the certificate of payment to the user.   
     
     
         2 . The payment system of  claim 1 , wherein the certification module is further configured to deliver the certificate of payment to at least one designated party. 
     
     
         3 . The payment system of  claim 1 , wherein the certification module is further configured to deliver the certificate of payment to a party designated by the user. 
     
     
         4 . The payment system of  claim 1 , wherein the certification module is further configured to deliver the certificate of payment to at least one recording institution. 
     
     
         5 . The payment system of  claim 4 , wherein the recording institution is an office associated with a county clerk. 
     
     
         6 . The payment system of  claim 1 , wherein the calculation module calculates the amount of funds to transfer from the funding source by analyzing the particular transaction and determining the amount of funds to transfer. 
     
     
         7 . The payment system of  claim 1 , wherein at least one designated party is a municipality. 
     
     
         8 . The payment system of  claim 7 , wherein the funds are transferred due to a transfer of an interest in real estate property from a first party to a second party. 
     
     
         9 . The payment system of  claim 8 , wherein the transfer of funds is delayed for a predetermined period of time. 
     
     
         10 . The payment system of  claim 1 , wherein the certificate of payment includes images of documents relating to a particular real estate property. 
     
     
         11 . The payment system of  claim 1 , wherein the certificate of payment includes parcel identification information corresponding to a particular real estate property. 
     
     
         12 - 16 . (canceled) 
     
     
         17 . A payment method, comprising:
 enabling a user to access a payment system, comprising;
 a system administrator configured to oversee a transfer of funds through the payment system; 
 identifying a funding source where the funds are to be transferred from; and 
 identifying a designated party associated with a funding destination where the funds are to be transferred to; 
   receiving information identifying a payment destination;   receiving information corresponding to a closing transaction;   determining an amount of funds to transfer from the funding source to the funding destination;   transferring funds from the funding source to the funding destination;   generating a certificate of payment; and   delivering the certificate of payment.   
     
     
         18 . The method according to  claim 17 , wherein the step of receiving information identifying the payment destination includes the user selecting the payment destination from a list of payment destinations stored in a database. 
     
     
         19 . The method according to  claim 17 , wherein the designated party is a municipality and the funds transferred are related to fees due to the municipality. 
     
     
         20 . The method according to  claim 17 , wherein the step of receiving information corresponding to the closing transaction further comprises receiving information identifying at least one delivery destination for the certificate of payment. 
     
     
         21 . The method according to  claim 17 , wherein the step of determining the amount of funds to transfer comprises receiving information indicating the amount of funds to transfer. 
     
     
         22 . The method according to  claim 17 , wherein the step of determining the amount of funds to transfer comprises notifying the designated party of a transaction and receiving information from the designated party indicating the amount of funds to transfer. 
     
     
         23 . The method according to  claim 17 , wherein the step of determining the amount of funds to transfer comprises calculating, by the payment system, the amount of funds to transfer. 
     
     
         24 . The method according to  claim 17 , wherein the certificate of payment includes images of documents relating to the closing transaction. 
     
     
         25 . The method according to  claim 17 , wherein the certificate of payment includes an address of a real estate property that an interest in which is being transferred. 
     
     
         26 - 35 . (canceled)