2023 was the year of Artificial intelligence.
- Microsoft Invests $10 Billion in Chatgpt Maker OpenAI
- ChatGPT Creator OpenAI Debuts New GPT-4 AI system
- New ChatGPT Emerges With ‘Claude’
- Nvidia Touches $1 Trillion Mark After Beating Rivals to AI
- Job Cuts From AI Are Just Beginning, the Latest Challenger Report Suggests
- Inflection AI Raises $1.3 Billion From Reid Hoffman, Bill Gates and Nvidia
- Sarah Silverman, Authors Hit OpenAI, Meta With Copyright Suits
- Stability AI is Losing Executives, Engineers and Its Edge
- AI Startup Hugging Face Valued at $4.5 Billion After Raising Funding From Google, Nvidia
- Amazon to Invest Up to $4 Billion in AI Startup Anthropic
- Meta Brings Chatbots, Image Editing to Social Media Apps
- Baidu Says Its AI as Good as ChatGPT in Big Claim for China
- Biden Signs Sweeping Executive Order Regulating Artificial Intelligence
- Elon Musk Debuts ‘Rebellious’ Grok AI Bot to Challenge ChatGPT
- Sam Altman Returns as OpenAI CEO in Chaotic Win for Microsoft
- Google Opens Access to Gemini, Racing to Catch Up to OpenAI
- Europe Puts Stake in the Ground With First Pact to Regulate AI
- Microsoft’s OpenAI Investment risks Scrutiny from US, UK Regulators
Admit it. You skimmed through this list. Or, you stopped reading after the first two points.
You have many questions. What is OpenAI? What is GPT-4? Who is “Claude”? “Nvidia” . . . like the state of Nevada?
The list goes on and on. Sigh.
In a world advancing towards Artificial intelligence we must learn to keep up with these ever-evolving technologies from which we, as a collective, greatly benefit from.
As the saying goes, there’s no such thing as a free lunch. In other words, everything you want in life has a price connected to it.
As human beings, what we desire is to integrate Artificial intelligence into our lives; however, the price we must pay are the accompanied risks. Artificial intelligence may be a foreign concept to some and precautions are required.
Digressing from all this Artificial intelligence talk, we must ask ourselves, how does this impact the practice of real estate law?
Artificial Intelligence and Real Estate Law
Let’s start with an optimistic point of view.
In the world of real estate law, Artificial intelligence is being use to improve legal processes and research. Let’s delve deeper into these intersections.
For example, Natural Language Processing (NLP) algorithms is a tool in real estate law used to highlight and extract key information from leases, contracts, and legal documents. This tool is especially useful
when dealing with large volumes of legal documents to efficiently and effectively processing real estate transactions.
To add on, when it comes to the creation of real estate contracts, Artificial Intelligence programs can help generate these contracts via the desired template(s).
When it comes to risk analysis and property analysis, Artificial Intelligence tools has the power to predict legal outcomes and identify patterns and trends in real estate transactions.
Artificial Intelligence can also be used regulate and maintain real estate law practices at firms. This ensures compliance with real estate law and keeps individuals in the practice of real estate law up to date with the most recent changes in the overall practice. Think of this as a shared space, where a creation of this type intelligence aids real estate law practice for individuals who choose to utilize these tools in their day to day practice.
So What?
This type of technology is now becoming an extension of many legal practices and is rapidly evolving. The decision is ours, which is to evolve with Artificial Intelligence and to keep yourself informed on how Artificial Intelligence can improve practices in real estate law. Now, of course with the adoption and adaptation of Artificial Intelligence there is the human responsibility of maintaining legal regulations and law practices—this will be explored in forthcoming articles. In the meantime, I encourage you to “ChatGPT” any topic.
See our next article for the the dark side of technology and how Artificial intelligence fuels real estate law fraud.
References
Christian, Gideon. “Predictive Coding: Adopting and Adapting Artificial Intelligence in Civil Litigation.”
Canadian Bar Review, vol. 97, no. 3, 2019, pp. 486-525.
McKamey, Mark. “Legal Technology: Artificial Intelligence and The Future of Law Practice.” Appeal,
vol. 22, no. 45, 2017, pp. 45-58.
Reier Forradellas, Ricardo Francisco, and Luis Miguel Garay Gallastegui. “Digital Transformation and Artificial Intelligence Applied to Business: Legal Regulations, Economic Impact and Perspective.” Laws, vol. 10, no. 3, 2021, pp. 1-22.
“What Can We Expect For AI in 2024?” Bloomberg News, 31 Dec. 2023, https://www.linkedin.com/ pulse/what-can-we-expect-ai-2024-bloomberg-news-x74gc/. Accessed 15 January 2024.