Legal Tech: Helping Sustainability In The Property Industry

With increasing workloads due to the recent property boom, property lawyers are enjoying the benefits of an increasingly digital approach to conveyancing transactions.

The use of legal tech is increasing productivity, reducing running costs, and helping to meet the changing demands of clients. Interactive online portals, AI technology, and other innovative tools are also helping law firms significantly reduce the time it takes to exchange contracts on property sales.

Other areas of the real estate industry are also benefiting from technology, where its growing use is improving property management systems and giving developers the digital tools they need to comply and keep up with global sustainability targets.

Digital Tools Optimize Compliance With Sustainability Standards

Homebuyers are increasingly looking for properties designed to minimize environmental impact with a range of features, from sustainable building materials to energy-efficient heating systems. 

As well as meeting the evolving demands of clients, eco-friendly developers also need to comply with sustainability requirements such as those set by the Green Star standard in Australia or the globally recognized LEED (Leadership in Energy and Environmental Design) rating system

With rapidly evolving sustainability regulations, it can be challenging to build green projects that conform to requirements. However, technology can make it easier to optimize adherence to changing guidelines. 

Digital tools offered by LEED include a rating system selector to manage the details of a project, a reference guide to research rating systems, and a credit library that list all the points that count towards certification of a building project. 

Online guides and portals provided by the different standards authorities can be used to keep up-to-date with requirements, while simulation software and AI can help developers stay ahead of the curve by predicting future issues and finding innovative solutions.

AI Reduces Labor-Intensive Tasks And Conveyancing Delays

AI is also helping law firms to manage their time better. Due to the considerable legal paperwork associated with a property sale, sellers and buyers often experience long delays before final completion. By minimizing the time spent on labor-intensive administration, AI accelerates the conveyancing process for clients and reduces the heavy workload of lawyers.

AI software can be used for time-consuming tasks such as scanning large documents, drafting basic contracts, and undertaking accurate property searches. As AI evolves, it can also be used for more sophisticated tasks such as validating ID, completing due diligence, and ensuring regulatory compliance.

The use of technology reduces human error and leaves lawyers free to deal with specialized work that requires human analysis and interpersonal skills.

Online Portals Keep Clients Connected And Informed

New digital processes and systems are also changing the way conveyancing firms interact with their clients. While the use of automation in dealing with property contracts continues to grow, clients also want to stay in regular contact with their lawyers and have easy access to information concerning their transactions.

Digital customer-focused portals can be used to keep homebuyers up to date with the progress of their purchase and allow them to complete forms online. Lawyers in the UK have found that over two-thirds of e-signature documents are returned through digital portals within a 12-hour period, which can significantly speed up the overall conveyancing process.

The Future Of The Property Industry Using Digital Technology

The increasing use of new digital technology across the property industry ensures that the evolving demands of clients are met to their satisfaction. They have easy access to online portals for up-to-date information that is delivered quicker because of AI.  And while developers build green homes to suit their preferences, complying with sustainable standards is also made easier with digital tools.

Lavanya Rathnam

Lavanya Rathnam is an experienced technology, finance, and compliance writer. She combines her keen understanding of regulatory frameworks and industry best practices with exemplary writing skills to communicate complex concepts of Governance, Risk, and Compliance (GRC) in clear and accessible language. Lavanya specializes in creating informative and engaging content that educates and empowers readers to make informed decisions. She also works with different companies in the Web 3.0, blockchain, fintech, and EV industries to assess their products’ compliance with evolving regulations and standards.

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