Lease Abstraction Automation

Lease abstraction is a process that involves the extraction of financial, business, or legal data that is critical to property portfolio management and creation a concise, simple-to-read summary to enable the understanding of important aspects of the lease in an easy manner.

In the real estate world, capturing critical elements of a lease such as key provisions, terms, landlord and tenant rights, obligations, duties, liabilities, risks, sublet options, co-tenancy clauses etc. is important - the summary helps landlords, tenants, property managers, lawyers, investors etc. quickly assess important aspects of the lease and take decisions or actions. It could be further used for underwriting, M&A etc.

AI reads and understands leases like a pro lease abstractor and warrants 100% error-free results. A lease abstract eliminates all the distractors and offers a high-level overview of the lease demands and expectations, thereby saving significant time and effort.

Lease abstractions can take anywhere from 4 to 12 hours per lease. The process involves a significant amount of time to go over scanned documents. Complex leases have details that need attention and review such as - terms and conditions of Common Area Maintenance (CAM) charges, assignments, amendments, escalations, co-tenancies, etc. The Botminds solution saves lease abstractors from reading large volumes of long, tedious lease documents. In most cases, there are multiple, related documents per lease and abstracting across documents in a set is huge challenge, leading to errors when done manually.

Botminds Lease Abstraction Automation solution is an automated lease processing solution that helps the accountant team accurately extract data from any document in any layout without manual setup. The solution can obtain 1000+ key data points such as rights, obligations, duties, liabilities, and risks from your lease documents and summarize them in minutes, irrespective of variations in document formats, layouts, and language. Botminds uses AI and Machine Learning to extract and validate data from documents to reduce manual errors and save operation teams countless hours every month and let them concentrate on more crucial tasks. Pro abstractors need to spend minimal time to review the extracted summary (human-in-the-loop validation). Unlike other automation solutions that work only for fixed layouts and templates, Botminds works with documents in any layout with 99% accuracy.

The Botminds Lease Abstraction automation solution generates highly accurate lease abstraction summaries based on pre-trained models which can extract 1000+ relevant data points. The models can be further customized to specific context.

The Botminds solution creates a document set which is hugely beneficial for users - it groups and organizes multiple documents (such as addendums, revisions, amendments etc.) related to a lease into a single set and one lease ID to enable easy navigation and abstraction.