Selling real estate of any kind is almost always a complex financial transaction. South Florida homeowners can attest to the many signatures required in order to complete the transfer and move into a new home. And owners of commercial property could probably outline even more potential issues that could pop up in a real estate sale. So, what are the options when a real estate dispute comes up that threatens to derail the entire transaction?
For some people, the immediate answer will be to move forward with litigation in court. There is no doubt that this is an option, but is it the best option in every situation? In some instances, another option could be available: arbitration.
Most of our readers have probably heard of arbitration coming into play in other areas of the law, such as in family law or business issues. However, this form of problem solving is beginning to get more popular in all areas of the law, and it can be particularly useful in a property dispute.
The main reason for why arbitration can be a great option for anyone involved in a real estate dispute is that in this type of financial transaction, both parties ultimately want the deal to succeed. However, both parties also want the deal to be fair. In an arbitration setting, both sides will sit down with a neutral third-party hearing out the issue. The third-party is oftentimes a seasoned and respected individual within that particular area of the law. Both parties can have legal representation present at the arbitration sessions. The goal is to reach a solution that both parties can agree to, and then move forward with the transaction.
Source: National Associations of Realtors, "Field Guide to Mediation & Conflict Resolution," Accessed on Nov. 13, 2014