Over the past decade, especially after COVID-19, the use of technology and artificial intelligence in the real estate sector has increased, which introduced the public to a new term 'PropTech'. It is an intersection of property and technology in this developing environment. From buying & selling of property to virtual tours, the real estate industry is adapting to technology at an exceptional rate. Developers, agents, and promoters are all reaping significant benefits from these technological innovations in the real estate market. This thrive in the real estate industry is because of the strong legal infrastructure.
How technology is reshaping legal services
Real estate firms and entities lay the foundation of seamless, transparent and successful dealings in the sector. With around 1.5 lakhs registered projects and inclusion of tech in the property matters, the volume and complexity of work have been on the rise. With a limited bandwidth and continuously increasing work commitments, firms are finding it difficult to manage a seamless workflow. Either they are continuously battling with deadlines or keep missing opportunities because of the excessive workload.
In such situations, the traditional method of managing legal tasks is not serving as a very fruitful method. Real estate is not the only sector where AI and technology have gained a foothold. In the legal sector too, various AIs have been introduced to ensure seamless management of work and resource optimisation. Stakeholders have a dual take on these inclusions. While some support the use of artificial intelligence in the legal domain, others remain concerned about the potential displacement of legal professionals. But the people who have actually used AI know better that AI is there to help, not to replace.
Imagine being a real estate lawyer who spends 5-6 hours each day on manually drafting a contract and 3-4 hours on reviewing the document i.e a minimum average of 8 hours in a day to a single contract. Does that sound practical to you? It might be a few years back, not in the present times.
In the present times, AI can generate an initial draft in less than 10 minutes. With the initial draft in hand, a lawyer can then spend an hour or two customising it for a specific client. Lawyers who leverage AI to enhance their efficiency are able to close up to three times more deals in the same time it takes a lawyer, who does not use AI, to close just one deal.
To provide this competitive advantage to the real estate firms, LawSimpl has been designed. It is exclusively built for the Indian legal system, where structured drafting, reviewing, and research can be done.
As in the real estate industry, each sale or purchase involves a ‘contract’, LawSimpl ensures an efficient and legally backed draft of such contracts in minutes. Wondering how?
From hours to minutes, how to cut drafting time by 70%
LawSimpl has been designed to enhance the efficiency and effectiveness of the work for professionals. To provide legally fit and well-drafted contracts to its users, the database of the system has been upgraded with the central real estate legislations (including environment Acts and guidelines), state real estate laws, rules, and regulations, and checklists of the essentials of a contract. This database helps the user to have a legally backed draft instead of one with random provisions.
With its user-friendly interface, the website makes drafting effortless. Just enter a detailed custom prompt, and the AI will generate a comprehensive draft of any deed or legal document you need. The ‘Prompt Library’ on the dashboard offers categories across domains such as real estate, finance, commercial, etc. Simply select the domain you need, choose from the pre-built prompts, and the system will instantly generate the draft for you.
For instance, an example of a ‘prompt’ from the library:
Draft a rental agreement for a 2BHK apartment in Bangalore. 11-month duration, ₹20,000 rent, 2-month deposit. Include clauses for maintenance, police verification, and early termination.
The system-generated draft has ‘editable placeholders’ that can be edited on the dashboard itself. There is also an option of ‘follow-up question’ through which the user can clear the queries and ask the AI to justify the mentioned clauses. This ensures that users are aware of the legal provisions or regulations used to generate the draft.
If a user wishes to support a clause with the applicable legal provision, they can use the ‘Legal Support’ option, which provides the enforceability clause behind the section.
Like if the generated draft has a clause namely
Monthly maintenance charges up to 10% of the monthly rent, if applicable, shall be paid by the tenant to the association or as directed by the Landlord.
Then by using the ‘legal support’ option the refined clause will look like this
Monthly maintenance charges up to 10% of monthly rent, if applicable, shall be paid by the tenant to the association or as directed by the Landlord, in accordance with provisions similar to those under The Karnataka Rent Act, 1999, which stipulates that tenants are liable to pay maintenance charges at the rate of ten per cent of the rent (Section 8 of The Karnataka Rent Act, 1999).
The emphasis on these minute details is what makes LawSimpl different from other AI-tech platforms. With a complete focus on Indian legislation, LawSimpl proves to be a more reliable platform.
Conclusion
The inclusion of Artificial intelligence in the legal domain cannot be neglected. The sooner this fact is accepted the better it will be. Platforms like LawSimpl aim to reduce the work pressure of the firms and professionals by maintaining their credibility and quality work performance. By using it, professionals can streamline their workflow and focus more on strategic decision-making rather than being burdened by repetitive legal drafting and compliance tasks.