Real-estate transactions are usually relatively straightforward. However, there are times when transactions don’t go as planned. Whether you’re a landlord, tenant, buyer or seller, having to work through a contentious transaction is the last thing you want.
The good news for anyone looking to buy, sell or rent a property is that it’s possible to get through arguments and disputes without heading to court. In most cases, mediation or arbitration will help you resolve your problems without requiring a trial or lengthy court process.
Why consider mediation for real-estate transaction concerns?
Mediation is beneficial because it gives you a chance to sit down with the other party and to talk through the dispute. This works best if you’re both willing to work together, of course, because if you can’t be in the same room, little will be achieved.
With mediation, a third-party mediator listens and guides you to an agreeable solution. The mediator cannot hold either party to the solution you come up with, but in most cases, both parties agree and move forward with the resolution they decided on.
When is arbitration a better choice?
Arbitration is a better choice for some when there is difficulty communicating. With arbitration, an arbitrator, who may be a judge, listens to both sides’ arguments. Then, he or she makes a decision. It’s a less-formal version of a trial, but it is still legally binding at the end of the case.
These are two ways you can resolve real-estate disputes without going to court. They can save you time and money in the long run.