What is the Relationship between AI and Conveyancing? and What Do Our (Real) Conveyancing Team Think About It?
There is no escaping the rise of Chat GPT and similar systems, the role that accessible, knowledge-rich AI platforms are starting to take in our daily lives. But what is the true cost of this change to our technological landscape? Will AI platforms indeed come for our jobs, and take over the conveyancing industry (perhaps on the way to total global domination)? Well, not so fast! We decided to go direct to the source, and find out exactly what ChatGPT knows about conveyancing, asking the platform to provide short responses to our conveyancing queries. We wanted to weigh these responses up against the “real deal”, so we put the responses to our experienced, (and human) property law and conveyancing team. Read on to find out exactly what the scope of ChatGPT’s knowledge is, and what our team think of what it has to say!
So, What does ChatGPT think Conveyancing IS?
“Conveyancing is the legal process of transferring ownership of a property from one person or entity to another. It involves a range of tasks, such as property searches, document preparation and review, liaising with other parties, and facilitating the transfer of funds. The aim is to ensure a smooth and legally valid transfer of property ownership.”
Our (Human) Property Lawyer: Janus Santos
Janus is our newest Graduate Lawyer at LodgeX Legal, but comes with a strong background in both banking and conveyancing – Here’s what he thinks of ChatGPT’s definition of conveyancing:
“Conveyancing definitely involves property searches, document preparation and review, liaising with other parties and facilitating the transfer of funds. However, it is important to note that stamp duty assessment, calculation of property rates and bills that are payable by each party, Verification of Identity and understanding contractual terms are also key elements in a successful conveyance. Conveyancing, as a broader term, can also involve mortgages, caveats, leases, family law matters and estates.”
What does ChatGPT think are some of the challenges facing conveyancers currently?
“Some of the challenges currently facing conveyancers include increased competition, rising client expectations, changes in legislation and regulations, increasing pressure to reduce costs and increase efficiency, and the need to stay up-to-date with advances in technology. Additionally, the COVID-19 pandemic has created additional challenges, such as remote working and social distancing requirements. These challenges require conveyancers to be adaptable and innovative in finding new ways to deliver their services while maintaining high standards of professionalism and compliance.”
Our (Human) Conveyancing Assistant: Jezebel Karalis
Jezebel has been with LodgeX Legal as one of our leading conveyancing assistants for more than 3 years now, so what does she think of ChatGPT’s answer? She thinks it has both strengths and weaknesses:
“In terms of the issues ChatGPT raised surrounding COVID-19, options have been made available to conveyancers which negate the necessity of face-to-face meetings with clients, so this one feels a touch redundant or outdated. However, ChatGPT has successfully identified some of the most prevalent issues faced by conveyancers! The rapid transition from paper to electronic conveyancing has introduced a myriad of legislative changes which can, at times, be difficult to keep up with. Additionally, as there is such a high demand for conveyancers, the level of competition has also certainly increased.
What does ChatGPT think are some of the technologies that conveyancers can use to work more efficiently?
“Conveyancers can utilise a range of technologies to work more efficiently, such as cloud-based practice management systems, e-signature platforms, document automation tools, online property search services, and communication and collaboration tools such as video conferencing software. These technologies can help streamline workflows, reduce manual data entry, improve accuracy and compliance, and provide a better client experience. By adopting the right technologies, conveyancers can stay competitive, increase productivity, and provide more value to their clients.”
Our (Human) Property Lawyer: Skye Hansen
Skye is an experienced Property Lawyer, as well as being the Operations Manager here at LodgeX Legal – so she is always right across the newest and most efficient ways that our team can process your property transactions. She’s impressed by ChatGPT’s response to this one:
“No surprises here that Chat GPT recognises the benefits of integrating technology platforms with the business of conveyancing. As is mentioned, there is much to gain for conveyancers and property professionals’ operations by using these systems to streamline their work practices. In addition to this, anything that can reduce the risk of data entry error, particularly in the business of conveyancing is valuable. These increased efficiencies and time-saving systems provide the conveyancer more time to work on the most important part of the business, the client relationship. With a number of technology options available in the market it really is about finding the one that is the right fit for you and your business.”
Will computers and AI replace conveyancers?
“While technology has had a significant impact on the conveyancing industry, it is unlikely that computers and AI will completely replace conveyancers. Conveyancing involves a lot of legal knowledge and expertise, as well as interpersonal communication with clients and other professionals. While computers and AI can assist with certain tasks, such as document management and process automation, they cannot replace the judgment and human touch of a qualified conveyancer. Technology is likely to continue playing an important role in the industry, and it is important for conveyancers to embrace and utilize it to remain competitive and provide the best possible service to their clients.”
Our (Human) Marketing Manager, Kirsten Wilson
Kirsten is both an experienced marketer and a self-professed “legal tech nerd” – While managing the communications channels (like the LodgeX website and social accounts) and client experience at LodgeX, she is also currently finishing up with her legal training, including a major research project in AI & administrative law, so certainly knows a thing or two about the industry!
ChatGPT is pretty much on the money here! It’s good to know that the platform can recognise its own limitations, particularly when it comes to the role of the relationship between conveyancing professionals and their clients. No platform can replace the reassurance that you can personally provide a client, no matter how intelligent it may be! Definitely best to let AI handle the process and document generation work, and leave the rest to the professionals.
So, How did ChatGPT’s opinions stack up?
And what does this mean for conveyancing?
Looks like it’s pretty safe to say that ChatGPT knows a thing or two about conveyancing – but as both our team and ChatGPT itself recognised – there are certainly aspects that an AI or system will never be able to replace. It’s vital that conveyancers and property professionals keep themselves up to date on what’s going on in the industry, and adapt as new technologies, legislative provisions and external industry factors emerge. More than anything though, AI or any other similar technology will never replace the personal, human relationship that you have with your clients.
If you’re looking for a way to bulk up your property transactions with automated technology, without sacrificing or risking your client relationships, check out LodgeX Lapp – it’s our superpowered platform for streamlined conveyancing process, without taking you out of the driver’s seat.