AI will ‘speed up and reduce the cost of real estate transactions’

A growing number of law firms are now embracing and relying on AI and that will eventually help reduce the cost of property transactions, it has been claimed. 

Orbital Witness says that its due diligence AI tools are now used by 4,000 UK real estate lawyers and property professionals,

The UK property AI business has just just launched a new insurance policy against its own AI output to encourage more firms to sign up to its products.

Ed Boulle, co-founder of Orbital Witness, said: “When adopting any new technology, law firms must be able to satisfy the regulator (and their own insurers) that new technology is safe to use and won’t create additional risks to their clients.

“The challenge facing more firms, however, is that they simply don’t have the necessary expertise in-house to deeply evaluate and continuously monitor Generative AI products. Insurance isn’t just about downside protection, it can also help with the burden of compliance.”

The London-based company has partnered with First Title Insurance, the UK arm of NYSE-listed First American, a global real estate insurer, to launch an insurance product in response to how law firms are adapting to the expectation of clients to use AI in many of their processes.

Kevin Dick, CEO at First Title, is among those that believes AI will help speed up property transactions, as well as costs.

He commented: “AI is increasingly being applied to speed up and reduce the cost of real estate transactions. Law firms and conveyancing businesses need greater confidence that the AI technology they adopt is safe to use, can be relied upon and is compliant.”

Agents opt for PropTech rather than extra staff to avoid ‘wage increases’

 

 

x

Email the story to a friend!



3 Comments

  1. Bless You

    If they just taught conveyancers ‘ how to pick up a phone and give a ****’
    at university . Our housing transaction issues would be fixed immediately.

    What happened? Industry is a shambles .

    Report
    1. Bless You

      Common issues:
      Contracts not going out for weeks
      People leaving
      Agreeing dates without checking up chain.
      Leaving enquiries to last minute.
      It’s not my problem attitude
      4 day week but Having Fridays off !
      Large harvest firms simply not replying to anyone.

      Report
      1. jan-byers

        You forgot working from home – sorry just pooped out to pick little johnny up from school

        Report
X

You must be logged in to report this comment!

Comments are closed.

Thank you for signing up to our newsletter, we have sent you an email asking you to confirm your subscription. Additionally if you would like to create a free EYE account which allows you to comment on news stories and manage your email subscriptions please enter a password below.