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The race to streamline due diligence on property deals

Posted on 30 May 2019. Source: Estates Gazette

The race to streamline due diligence on property deals

In the past few months, Mishcon de Reya has been involved in the completion of the UK’s first digital transfer of residential property using blockchain technology and smart contracts, with the aim of increasing transparency, speed and trust in property transactions.

It is clear that real estate transactions are slow.

Our ultimate vision is that technological advances will make it commonplace for real estate to be traded in a day.

As part of our drive to make that happen, our legal tech incubator, MDR LAB, is interested in PropTech start-ups that will dramatically change the pace of real estate transactions.

Other elements of the process also need to be transformed for this vision to be realised – one of the key areas will be due diligence.

There is a huge amount of work needed to digitise and analyse all the data required to sign off on due diligence and there are many people trying to solve this problem.

The Land Registry is undertaking a huge digitisation project, Digital Street, and Geovation has provided much-needed support to launch and grow start-ups that want to use location or property data.

Read the full article published by Estates Gazette here.

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