Arbitration and mediation is used as a method to solve disputes without incurring expensive legal fees and wasting time at court appearances. If you have issues relating to repair, inspection, money disputes, and claims regarding a real estate matter, an effective way to resolve your issues is to try mediation and arbitration before going to court. If your dispute involves a complex real estate matter such as legality issues or property rights, Lyle Charles recommends utilizing an attorney and following the legal process of litigation.
In most cases, private mediation and arbitration will commence after a few months of the dispute arising. Often mediation meetings take a few hours and can end with an agreement that will end the dispute. However, arbitration, on the other hand, can be lengthy and can involve an arbitrator or a panel who will unearth facts and understand the case before making a decision.
Costs are divided equally in mediation which will include an hourly charge for the mediator. Arbitration is also charged by the hour or a daily fee basis but is a lot less costly than litigation. It is also important to note that any party can request their attorney to be present at either one of the proceedings. If however, parties believe that they can resolve the issue, they will then represent themselves, which will further reduce the cost.
Mediation is not binding on either party unless an agreement is signed. Arbitration, on the other hand, can be either binding or non-binding, which is agreed upon before proceedings begin.