Osler has launched what it claims to be Canada’s first technology-driven service to streamline the estoppel certificate production process for multi-tenant real estate transactions.
Osler has launched what it claims to be Canada’s first technology-driven service to streamline the estoppel certificate production process for multi-tenant real estate transactions.
The service, known as Estoppel Express, reduces the turnaround time for the entire estoppel process. This allows real estate owners and managers to review documents more accurately and complete their multi-tenant transactions more efficiently.
Estoppel Express was developed by the firm’s Osler Works -- Transactional team. It utilizes the Kira contract analysis platform, as well as technology from Microsoft, DocuSign and Closing Folders, to deliver a cost- and time-efficient solution and provide additional legal oversight.
According to Osler, clients can save up to an estimated 40 per cent to 50 per cent of the cost of estoppel certificate production and mitigate delays to ensure their transactions are completed on time.
“The estoppel certificate process is a laborious and costly standard closing condition in financing or selling multi-tenant properties, and it places a huge administrative and financial toll on our clients,” said Yan Besner, a partner in Osler’s Real Estate Group. “Estoppel Express not only removes that burden but enables our clients to save time, cut costs and improve document review.”
