TECHNOLOGY
LEGAL DOCS
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The Online Paperwork Evolution, Simplified at Last TERABYTES OF DATA HAVE REPLACED PILES OF LEGAL DOCUMENTS IN REAL ESTATE.
by Linda Liberatore
egal document preparation, legal research, and document review grow more sophisticated daily due to the rising abundance of data. In the last two years, the amount of legal data available has tripled, and with it, the volume of search and translation tools has risen as well. That growth includes the arrival of artificial intelligence in many legal documents, an emergence that leaves many investors scrambling to understand the high-speed evolution of legal documentation and the internet. The power of AI with legal documents is not in replacing the human to structure the deal but instead empowering a legal representative or a real estate investor (or both) to be armed with more information faster. For example, a program skilled in identifying and illuminating the possibility of conflicting content of phrases to be sure the intent and purpose is agreed upon by all parties, can prevent closing-table disputes or the failure of a creative financing agreement like a lease-option deal. L 3 SPECIFIC EXAMPLES 1. DUE DILIGENCE AI is making strides in the due diligence phrase to research compre- hensive and extensive contract analysis. This enables firms to review faster and
USES OF AI IN THE LEGAL FIELD INCLUDE DUE DILIGENCE, INTELLECTUAL PROPERTY, PREDICTIVE TECHNOLOGY "Artificial Intelligence" is the term used to describe how computers can perform tasks normally viewed as requiring human intelligence, such as recognizing speech and objects, making decisions based on data, and translating languages. AI mimics certain operations of the human mind. "Machine learning" is an application of AI in which computers use algorithms (rules) embodied in software to learn from data and adapt with experience.
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A "neural network" is a system of hardware or software patterned after the operations of neurons in the human brain.
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track deal points from previous deals. It allows for managing the compliance and regulatory issues. Working with Humans: Together, humans and AI fill gaps that neither alone can fill and reduce risk of conflicts and omissions along with the number of reviewers necessary for each document. This reduces pa- perwork by improving efficiency when customizing template-based legal doc- uments, something that most law firms and real estate investors do regularly. 2. PERFORMANCE DATA EXTRACTION & ANALYSIS Imagine the incredible impact of taking seas of documents that legal associates are
drowning in and extracting key data points and performance indicators. Working with Humans: Use AI software tools with the legal team to identify compliance issues and extract current tenant rents, mainte- nance costs, expiration dates. Use AI tools set to your specific parameters to uncover hidden costs, maximize revenues, and optimize overall portfolio
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Linda Liberatore is the founder and CEO of Secure Pay One and a Think Realty Coach. She may be reached at lindal@securepayone.com, and her coaching materials may be viewed online at ThinkRealty.com/Linda.
National Real Estate Insurance Group is the nation’s leading agency offering coverage options for real estate investors across the country. Our lineup of products includes: REIGuard™, LandlordGuard, PMGuard, TurnkeyGuard, LenderGuard, and CommercialGuard.
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