PRNewswire — Tracts, the leading cloud platform for real property rights management, in collaboration with Enverus, the premier global energy data analytics company, today announced the release of TitleNotes to provide unprecedented insight and accessibility into the important details of real property and mineral rights transactions buried in county courthouses.
Today, Enverus users can access TitleNotes directly through the Enverus Courthouse product. TitleNotes eliminate thousands of words contained in source property documents to present only the necessary data required to understand the intent of real property transactions. Real property documents such as deeds, leases, and assignments are cut from 1,700 words to 40 words or less, enabling land professionals to assess leasehold and mineral rights in a fraction of the time. An additional value for Tracts clients, TitleNotes are formatted to link directly into the Tracts Platform, working as a bridge to connect the physical courthouse to a user's account and all of the due diligence capabilities the platform offers.
"We are excited to offer TitleNotes as a complement to our new Enverus Courthouse 3.0 platform; we have seen an increased demand for land data and TitleNotes extends our core document data set to deliver highly relevant insights," said Silas Martin, Land Products - General Manager, Enverus. "For our active energy clients, interpretations of title documents on demand will expedite and de-risk mineral and leasehold acquisition and diligence. Ultimately, our clients actually want an understanding of ownership and activity in their areas of interest. TitleNotes delivers this understanding."
When making an acquisition, title diligence confirms the accuracy of the claimed ownership position. Traditionally, constrained due diligence windows combined with limited tools force land departments to cut corners and apply the 80/20 rule, checking only the 20% of title they think holds 80% of the value. Combining Enverus data with Tracts confirms asset ownership in a fraction of the time and cost, removing the need to use proxies and reducing significant asset risk during acquisitions.
Energy companies need to know who owns their target acreage and stay current on their areas of interest. Instead of receiving raw data scanned straight from courthouse books, TitleNotes open the door to a new approach in acquiring, growing, and monitoring land assets by extracting only the data key to understanding the parties, areas, mineral types, and depths addressed in each courthouse document. This information is delivered directly to the user's inbox and optionally uploaded into their Tracts account.
"TitleNotes are the CliffsNotes of the courthouse." Tracts CEO, Ashley Gilmore says. "Pre-processing courthouse data creates various new opportunities beyond reducing the risk involved in the antiquated spreadsheet-centric approach. Users can access activity reports to monitor their own assets while also running title on new areas to add to their strategic positions. Enverus customers will now have a measurable advantage over anyone using a standard or digital courthouse."