Real estate transactions have always been burdened by the inevitable red tape of legal wrangling, and while this can be a barrier to progress and a headache for agents, help from experts can significantly reduce the complexity.

If you’re in the dark about what legal ops support has to offer in this context, don’t go anywhere, as we’re about to break down the main benefits that matter.

Due Diligence

Due diligence is both a preliminary step and the stage where potential pitfalls are identified and addressed in a fledgling real estate deal. Legal Operations (legal ops) teams bring an essential mix of expertise and technology to this phase, ensuring that nothing slips through the cracks. Here's how they add value:

Risk Identification

Legal ops professionals systematically review property documents, zoning laws, and compliance requirements to highlight risks before they become costly issues. Given that an NBER study found that 1.34% of an average business’ wage outlay will go towards compliance, and that non-compliance can cost over $15 million compared with the $5.5 million needed to adhere to relevant regulations, it’s easy to justify the expense of legal ops.

Technological Leverage

Legal ops teams utilize specific tools like ContractZen for secure contract management and DocuSign for digital signatures, alongside AI platforms such as Kira Systems to automate the extraction and analysis of data from legal documents. 

This integration of technology not only accelerates the due diligence process but also maintains meticulous accuracy, and keeps you in the loop on important clauses you might otherwise overlook.

Expert Coordination

They serve as a central hub for communication between various stakeholders including lawyers, accountants, and environmental consultants. This coordination ensures that all necessary reviews are comprehensive and timely.

So with the assistance of legal support professionals for legal operations in real estate transactions, you’re getting specialty services that keep you up to speed with the ever-shifting lay of the land from a legislative perspective.

Contract Management

As hinted at earlier, the intricacies of contract management in real estate transactions can be formidable. 

Here's where legal ops excel:

•  Template Standardization: Legal ops teams develop standardized contract templates that ensure consistency across all transactions. This not only minimizes errors but also speeds up the drafting process.
•  Automated Workflow Systems: By implementing systems like Ironclad or Onit, legal ops manage workflow automation, which tracks changes, approvals, and signatures in real-time. This ensures that every participant is on the same page throughout the transaction process.
•  Continuous Compliance Monitoring: With laws and regulations perpetually evolving, legal ops utilize compliance monitoring tools to stay ahead. Solutions like ComplyAdvantage and Thomson Reuters Compliance help monitor regulatory changes relevant to each transaction - such as for combating money laundering.

Estate Planning

Estate planning in the context of real estate transactions involves layers of legal and financial considerations. Legal ops support can simplify this, providing clarity and precision. 

Here’s how they make a profound impact:

•  Advanced Document Handling: Legal ops utilize systems like Everlaw or Logikcull to manage estate documents efficiently. This includes secure storage, easy retrieval, and meticulous organization of critical documents such as wills, trusts, and property agreements.
•  Strategic Advisory Services: Leveraging their expertise in law and finance, legal ops professionals offer strategic advice to align estate planning with clients' long-term objectives. This might include structuring ownership transfers or setting up trusts in ways that minimize tax liabilities.
•  Collaborative Tools for Stakeholder Engagement: To ensure all parties are informed and decisions are transparent, tools like Clio Manage and HighQ facilitate collaboration among lawyers, financial advisors, and family members involved in the estate planning process.

Wrapping Up

If you came to this article without a clue about the benefits of legal ops support for estate transactions, hopefully you’re now enlightened on the part played in due diligence, contract management and estate planning. Now it’s your opportunity to take this info and use it to find appropriately qualified experts to help with your own transactions.