Arbitration is one option you have if you’re struggling with a real estate dispute. With arbitration, you can choose to have binding or non-binding settlements. Arbitration helps resolve disputes quickly and cost-effectively, while also keeping your dispute confidential. Any dispute that goes to court will have public exposure, which you may not want.
When you select an arbitrator, choose one that has experience in real estate. With the arbitrator having a background in real estate, he or she can help you and the other party understand the laws and regulations that affect your case. He or she can also help guide you toward an amicable solution.
Arbitration can move quickly. While a court case could take months or years to be heard, arbitration usually takes around a half a year at longest. The length of time does depend on how willing you and the other party are to work together, however. Arbitration aims to keep negotiations moving, even if you disagree. With the third party there, sometimes disagreements can be smoothed over fast thanks to a neutral party’s opinion or support.
Arbitration is a flexible process that does not have court-set dates or times. That means you and the other party can set up meetings and deadlines that fit your schedule and plans. This can help you spread out negotiations so that you have more time and money to use toward them as well.
Your attorney can help you understand what you want to get out of arbitration and help you through the process. This is a good way to move forward with your dispute without airing it to the public through the court system.
Source: American Bar, “Benefits of Arbitration for Commercial Disputes,” Edna Sussman and John Wilkinson, accessed Feb. 03, 2017