Dundas & Wilson and SJ Berwin will be the first law firms to pilot PropertyIdeal, a new software designed to speed up the due diligence process for commercial property transactions
PropertyIdeal is the latest addition to the portfolio of applications under the Property Information Systems Common Exchange Standard (Pisces), which aims to reduce paper documents by enabling data to be transferred between different software systems. Dundas is a key supporter of Pisces and assisted in developing the new PropertyIdeal application. The Scottish firm will now take part in the pilot, as will SJ Berwin and its client British Land. PropertyIdeal allows users to choose between a set of standard replies to industry-approved precontract enquiries. It allows the seller to reply to enquiries more quickly, while issues or areas of concern for the buyer are highlighted earlier in the process. Chris Lees, chief executive officer of Calvis, the IT consultancy behind PropertyIdeal, said: "In terms of the transaction process we are talking about saving days and possibly weeks. Thankfully, the industry is moving away from a paper-based system that was prone to error."