Real estate mediation and arbitration can make a bad situation easier to handle, especially if the other party is willing to negotiate and work with you despite a disagreement. For the most part, these types of dispute resolution are appropriate when there has been no criminal conduct. Mediation and arbitration are both often used for disputes to do with inspection issues, earnest money disputes, repair issues, claims of misrepresentation and other disputes.
You are called a principal when you're in a mediation or arbitration situation. You and the other party, both principals, have a right to bring your attorney to the hearing or sessions. In simple disputes, this isn't always done, but it can be a good idea to do so to protect your interests.
Keep in mind that mediation is normally nonbinding, but arbitration may be binding or nonbinding. If you choose a nonbinding method, you could spend hours in mediation or arbitration only to have the other party reject the outcome. While that can be in your favor if you don't agree with it, it's also possible that you could find you spent money and time only to obtain no resolution at all.
While you may not be sold on the idea of mediation or arbitration for your case, the reality is that either could help you in many ways. It's a good idea to look into those options and to discuss possibilities with your attorney. Our website has more information on arbitration and mediation, so you can learn more about these types of alternative dispute resolution and how they can help you.