Real Estate Lease Review

The Real Estate division of a leading European law firm used Imprima AI tools to review and abstract over 60 commercial leases.

INDUSTRY

Legal Services

USE CASE

Real Estate Lease Abstraction

DATASET

60+ Real Estate Leases; 30+ Data Points per Document

IMPRIMA AI TOOLS

Smart Index & Smart Summaries

The Project

The Real Estate division of a leading European law firm partnered with Imprima to review ~60 commercial lease agreements and generate a client-ready report.

As part of the lease review, the client needed to find and extract over 1800 data points scattered across the lease dataset, including:

• Name of the tenants and landlord
• Lease expiry date
• Signature date
• Rent payment frequency
• Tenant trade name
• Property area and Service charges.

A burdensome manual chore of manually abstracting real estate leases was transformed into a fully automated and repeatable workflow.

Head of Legal for M&A - Leading European law firm

The law firm was tasked with identifying onerous provisions in 30+ relevant data points per document, grouping lease agreements within 16 different properties, all in a short amount of time.

The Challenges

The entire process, done manually, would typically take over 7 working days to complete:
Matching the leases with the underlying properties
Reading through the documents to manually pick out the information
Entering the data into an Excel/Word reporting template

The Solutions

Firstly, they used the Imprima Smart Index tool to quickly structure the dataset, matching the leases to the corresponding properties.
After successful lease categorisation, the lawyers used the Imprima Smart Summaries tool to rapidly identify the key issues within the leases and produce a report on the entire document set. The result: fast delivery of a reliable report with a complete overview on the content and potential risks within the client’s portfolio.
In this project, Imprima AI tools led to a 50% overall time saving and increased reporting accuracy:
4 hours time saving on structuring the dataset
24 hours time saving on reporting the key issues
identified all key issues within ~ 60 different documents
Imprima AI is a must-have technology for document review and lease abstraction:
Learns while you work – identify 1 issue and the AI finds the rest
Machine learning algorithm retains its learning for the next project, accelerating the next review even further.

Real Estate Lease Review

The Project

The Challenges

The Solutions

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