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The theme of fixing the home buying and selling process, though rather onerous, never gets old. A discerning idealist explains how an entire market could solve a problem simply by using their software. “The process is broken – we should start over” is a slightly less optimistic opinion.
All of these approaches are commendable, but never come to fruition.
We have to give up on the conclusion that humans still trade property, but that Tony Blair was wrong when he sang, “Things only get better.” Yes, we know he doesn’t actually sing, but why should facts get in the way of a great story?
But what if the due diligence involved in the process didn’t need to be actually performed by a human?
ChatGPT – Solve Any Problem
The two main culprits behind the pain of buying a home are the process itself and the lawyers. Searches and mortgage offers will be back in a few weeks, so traditional scapegoats can now be put on the back burner.
But with about 1.5 million transactions last year and an estimated 1.1 million this year, it’s hard to accept that the process is actually being broken. Frustrating, difficult, and uncertain, these numbers prove that it’s not really broken. Sure, some rationalization is possible, but be aware that an emptor is a decent concept and lenders need someone to help them assess the risks involved.
This means that the finger of reproach will inevitably be pointed at the lawyer depressingly. I am often asked why it takes him 22 weeks to make a transaction. We never intentionally throw anyone under a bus, but there will be delays if we suspect a human being is involved.
Obviously, we need to keep humans out of the process. This is a tricky sale, especially from a real estate law firm owner.
But this is precisely the topic of discussion that has arisen online since the release of ChatGPT, the cheeky (and sometimes threatening and abusive) robot. Faced with software that seemed to be able to interpret and summarize vast amounts of data in seconds, the lawyer’s initial skepticism subtly turned to “actually the contract it made wasn’t that bad.” rice field.
Anyone who has played with ChatGPT has seen it produce amazing results. You can casually ignore the facts and write your job application just like the most talented candidates. Deliver press releases full of clichés that put the most experienced PR executives to shame. Finally, you can generate a plagiarized analysis of Bernard Shaw’s work that even the most tech-savvy student would have a hard time matching.
It’s a small step towards imagining what happens when you share many property documents on ChatGPT. You can summarize all the issues found in searches, leases, and management packs and know what questions to ask. Then send those questions to another robot, who knows where to find the answers. A rough calculation suggests that this takes about a minute.
So is that great news?
The lawyer’s role is to interpret the documents to identify risks on behalf of the client, refer to learned experience, and base their advice. This is very similar to what this new generation of artificial intelligence (AI) software is pretty good at. However, this type of AI is based on large-scale language models that interpret how words follow and use statistical analysis to predict outcomes. While they appear intelligent, they are a bit problematic when it comes to the law, as they are based on probabilities rather than actual facts.
Despite the most hysterical reactions to how ChatGPT will change our lives, ChatGPT won’t replace humans anytime soon when it comes to communication. However, it has the ability to reduce the amount of manual work and processing required, give smarter advice on which inquiries to raise, and highlight issues more quickly and consistently.
When Microsoft introduced Excel, accountants feared it would take their jobs. Clearly this has not happened and the same will not happen with transfer attorneys. But if its use keeps lawyers from making inquiries about the conservatory of her third-floor apartment, that’s a good thing.
Peter Ambrose is the founder of The Partnership of Conveyance Specialists.