Arbitration is a process in which parties to a dispute hire a neutral person (the arbitrator) to listen to each side present evidence and then render a decision. Mediation is a process in which parties to a dispute hire a neutral person (the mediator) to facilitate discussion and negotiation between the parties with the goal of helping the parties reach a settlement of their dispute. An arbitrator usually has the authority to render a binding decision on the parties. The mediator cannot impose a result on the parties; that is, they must voluntarily agree to make the results of the mediation binding.
The real estate market has become increasingly competitive, regulated, and complicated in recent years. Along with these developments, the industry has seen a substantial increase in the number of real estate-related lawsuits. As a result, today’s real estate professional may confront challenging questions and concerns while undertaking both a transaction.
Regardless of whether the transaction is proceeding smoothly, or whether potential lawsuits have been threatened or filed, arbitration and mediation are two alternatives to litigation every real estate professional and property owner should know about.
If you’re considering mediation or arbitration and have questions about your specific situation, call Skinner Law Group today at (480) 422-3440 to schedule your real estate consultation.