Search Acumen has launched a report aimed at helping real estate lawyers to identify risk early on, progress transactions more efficiently and better manage the sharp rise in demand in the UK’s property market.
Search Acumen’s Data Snapshot builds on the accelerated progress made in digitising the industry over the past few months.
It is designed to preview and assess crucial property information at the very start of the due diligence process before a search has even been placed, enabling real estate lawyers to identify risk and equip their clients with essential information instantly.
The reports contain a composition of titles and over 45 sets of relevant and important property data, following new data layers being added to the ForeSite platform. Real estate lawyers can then share the report directly with their clients.
Andrew Lloyd, managing director at Search Acumen, said: “Amid the significant challenges posed by COVID-19 and the sharp rise in demand fuelled by government support, it is essential the property industry comes together to think differently about how we can support the market to continue functioning for commercial buyers in a safe, secure and responsible manner.
“Data Snapshot is an innovative example of seizing the potential of data and technology at our fingertips and has already been adopted by forward-thinking firms.
“Property lawyers depend on data to ensure their clients are fully informed and that’s why as soon as a useful digital property dataset is available, we work hard to make it readily accessible.
“It’s a timely revolution of property due diligence – helping real estate lawyers to progress transactions by providing them with real-time data and enabling them to better assess risks and advise their clients.
“This leap forwards in due diligence offers much more than just a short-term fix for property transactions. Better use of data and technology is crucial in tackling the surge in property demand.
“Firms adopting digital innovations are best placed to lead the market into a ‘new normal’ by providing better advice and service to clients in the long-term.”