Start With AI, Not From Scratch

When an attorney starts a contract from a blank Word document, your legal fees immediately begin climbing. Instead, AI gives you a starting point — a structured foundation that you can refine with your broker or attorney’s review.

By prompting ChatGPT or Klarity to generate draft language for your contract clauses, you’ll receive well-organized, legally sound language you can customize for your specific situation. Then, bring that draft to your broker or corporate attorney for review before finalizing.

This approach can save thousands of dollars and countless hours while keeping your paperwork efficient and professional.

Using AI for Contractual & Financial Terms

Beyond drafting contracts, AI can help with financial modeling and custom payment structures. You can use it to:

• Draft promissory notes or seller-financing terms

• Generate amortization schedules with both principal and interest

• Model variable interest rates tied to indexes like the Wall Street Journal Prime Rate

Tools like ChatGPT even use Python integration to perform the math behind amortization tables. That means you can generate payment schedules for any loan length or rate structure — perfect for agents, investors, or brokers who work with creative financing or private lending scenarios.

Instead of relying solely on a lender or Excel spreadsheet, AI provides instant calculations and draft language you can use to discuss options with your clients — empowering you to add value and deepen trust.

Recommended AI Tools for Real Estate Contracts

Here are three of the most effective AI contract tools for real estate agents to explore:

• ChatGPT – Ideal for writing, revising, and summarizing contract clauses and financial terms.

• Klarity – An AI legal assistant that reviews documents for compliance and readability.

• Spellbook – An AI add-in for Microsoft Word, designed for attorneys and brokers to draft legal language inside documents.

All three are powered by Large Language Models (LLMs) — the same technology many law firms now use to accelerate contract creation and review.

When you begin with these tools, you aren’t replacing your legal resources — you’re enhancing them with technology that works around the clock.

AI Contract Review Prompts

We’ve created a free AI Contract Review Prompt Sheet to help you get started. It walks you through the right way to structure your prompts so AI can:

✅ Draft sample contract clauses
✅ Review existing agreements for accuracy or clarity
✅ Summarize large contracts into digestible summaries

For example, upload your Residential Purchase Agreement (RPA) or Purchase & Sale Agreement into ChatGPT. Then ask it to “summarize the key dates, financial terms, and contingencies in bullet form.” Within seconds, you’ll have a summary document that helps you review or explain the terms to your clients quickly and confidently.

This type of AI application doesn’t just save time — it enhances professionalism and minimizes oversight.