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Can ChatGPT Take the Place of Real Estate Lawyers?
While we marvel at the myriad applications of ChatGPT, it's important to note that this newly introduced tool has nuances which can create problems if misunderstood — especially when attempting to produce legal documents or legal advice in real estate transactions.
There is no doubt that this is an exciting time in Proptech. Technology is increasingly changing and impacting the real estate industry, especially generative AI like ChatGPT. It has been widely reported that real estate professionals are using generative AI to assist them in obtaining certain information to help with their tasks. However, as useful as this new technology is, it is critical to understand what it is really doing. Generative AI can be problematic because the results are only as good as the information content and information basis that the AI are learning from.
If you ask generative AI to give you a nondisturbance agreement or a real estate purchase and sale agreement, it will provide you with a very simple sample of the legal language of one potential variation of the applicable document. However, the question is: what did it actually provide, and can you rely on it?
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