Data Room (Virtual Data Room / VDR)

A secure, access-controlled repository for the documents involved in a deal — financials, leases, title, diligence reports — shared among a deal team, counterparties, and their advisors.

A data room's value depends heavily on access control and audit logging: who can see which document, when it was viewed or downloaded, and whether permissions can be revoked mid-deal. A data room that isn't tied to the same live deal record the team is underwriting from creates a second source of truth that has to be kept in sync manually.