Dentons real estate finance team reworks the closing process with Litera Transact
Dentons has laid out in a case study for Litera some of the details around its real estate finance group turning to Litera Transact (Doxly) to streamline their transaction management processes.
The group works with one of the United States’ largest, bank-based financial services companies on secured and unsecured lending, as well as financing and leasing. As part of the standard workflow, the team spent a significant amount of time manually updating diligence and closing checklists and circulating updates to deal participants (firm lawyers, client, opposing counsel, lenders, etc.) through email, conference calls, and in-person meetings. After a deal closed, it could take from five hours to several weeks to bind and deliver the closing book to the client depending on the volume of their workload.
The firm re-evaluated traditional methodologies, and asked, “How can we spend less time managing checklists, coordinating signatures and compiling closing books?”
The real estate finance team turned to Litera Transact and Atlanta-based managing associate Chuqin Xing Anderson says: “Litera Transact (Doxly) helps us cut the administrative tasks of sending emails and updating checklists, which in turn helps our clients save money. As a result, we can focus on more sophisticated work. I also think this makes our clients more attractive to their borrowers.”