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.

lease review header

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.

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