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Real Estate Arbitration

 Real Estate Arbitration
  • cleader_icon 2018-02-11 10:25:37

 

Real Estate Arbitration

The types of disputes requiring arbitration include things like breach of contract, misrepresentation and/or fraud.

In the standard purchase agreement from the California Association of Realtors, there is a paragraph that allows a buyer to include an arbitration agreement as part of the offer. The agreement basically states that if the buyer and seller have a disagreement that will likely amount to more than a small-claims-court-sized settlement, then both parties agree to binding arbitration. The types of disputes requiring arbitration include things like breach of contract, misrepresentation and/or fraud.

The Real Estate Arbitration Process

The typical arbitration starts with selecting an arbitrator. Both sides must agree to the arbitrator, each side gets a choice on the arbitrator selection process. Since most people don’t go into arbitration too often, they contact a private arbitration service to find a qualified person. Arbitrators are usually attorneys or retired judges, but sometimes a real estate expert can fill the role. Once the arbitrator is selected, the buyer and seller submit formal written statements before the hearing, outlining their positions on the dispute. After the arbitrator considers all the evidence and testimony, they announce their decision (usually several days after the hearing ends). The REal Estate Arbitration process can take months, but it is a much shorter timeframe than litigated in the courts which could take years.

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