Real estate is the world’s largest asset class valued at over $238 trillion. Yet recording and transacting real estate has been the same process for 150 years. The due diligence process is a significant bottleneck in real estate transactions, with 40 per cent of buyers and sellers experiencing delays due to the process and costing up to one per cent of overall transaction fees. The challenge of due diligence is compounded in the commercial real estate arena by complex, high value assets and portfolio deals. In the UK alone, due diligence for property transactions costs £4bn annually.
Launched in 2018, Orbital Witness aims to modernise and accelerate the legal due diligence process with a platform to access and organise property information from HM Land Registry and local authorities, facilitate quick document review and flag risks automatically to lawyers and underwriters.