When it comes to large purchases, we all follow the same tenets: we do our research to make sure we are getting the best deal and are making a good decision. Why should purchasing property be any different?
At the end of the day, it is not. Moreover, it matters not whether you are a buyer or seller. Dedicating a team to ensure due diligence is upheld through updated legal documentation and asset knowledge retainment, should be a number one priority in property management and investments. At Orbis, we support our clients in fulfilling their fiduciary responsibility throughout the duration of their ownership of a property through our multiple real estate due diligence services and solutions
What is due diligence?
Due diligence is a term commonly used in real estate when a person or organization is planning to buy or sell a property, regardless whether it’s a plot of land, an apartment building or a house. Being due diligent means that you have taken the steps necessary to help satisfy a legal requirement. Before entering into any kind of agreement or contract with another party, you are expected to have undergone the proper processes to ensure your due diligence.
Why does it matter?
If you were buying a property, wouldn’t you want to be sure that you are getting what you pay for? If you think you are buying 100 acres and the legal documents only represent 70 acres, you might be pretty upset. This is why due diligence is necessary.
If the legal documentation of a property has already been analyzed, then entering into the negotiation phases of buying or selling tend to go much smoother. The precautionary actions you have already taken can even make your property more appealing to outside parties as a visual representation of the legal boundaries as described in your current deeds.
What should be looked at?
While there are many due diligence processes in place through multiple partners, having the additional mapping perspective provides advanced clarification and opportunity for analyzation of the georeferenced boundaries your legal documents represent.
At Orbis, we understand the demand of maintaining your fiduciary responsibility. Using GIS technology, we partner with our clients to review the legal documents of the property in question. We then create a visual representation of what the legal documents claim as ownership.
As our clients undergo our due diligence analysis, we provide them access to a LIVE feed of our team’s results. The client and its additional partners are able to interact and work together to solve any areas in question. This value-added service supports clients not only in providing a visual representation of the legal boundaries, but also to ensure there no last-minute surprises during the closing process.
Data is a representation of value during transactions but should not just be forgotten after a transaction is complete. At Orbis, we take steps to help our clients maintain the data that was managed during a transaction through our Atlas Land Records service.
Atlas mirrors our LITAS service to provide secure, cloud-based storage, continuous maintenance and analysis of land records. This efficient solution also helps manage legal documents by providing confidential, yet easy access to up-to-date records in an always-available, highly searchable form.
Creating Value for the Future
Regardless of how much land you own or manage, we can help. Should you or your company be interested in taking advantage of Orbis’ real estate due diligence services, please do not hesitate to reach out in our Contact Us form.