There are literally dozens of reasons why you might end up dealing with a real-estate dispute, from arguing with tenants of your building to not approving of repairs a seller made to a property you wish to purchase. In most cases, contracts stipulate what you can and cannot do when there is a dispute.
In most cases, contracts make it necessary to go through arbitration if a dispute arises. Arbitration is a process that is similar to going to trial, but a judge or arbitrator hears your stories before ruling one way or the other. It's less formal, less expensive and takes less time.
What is arbitration?
Arbitration is a type of alternative dispute resolution. It is also called an arbitration hearing. Both parties have to agree in advance that they'll do whatever the arbitrator decides. Both parties are heard by the arbitrator and present the arbitrator with evidence for their cases. Once the arbitrator has time to review the evidence, they'll make a binding decision.
Is an arbitration ruling enforceable in court?
Yes. Unlike mediation, arbitration is binding. This is because both parties have to agree to the arbitrator's decision before the case is heard. If you do not believe that you will agree with the arbitrator or want to make sure you have a chance to appeal, then you may wish to go to trial in a traditional manner, instead. Your attorney can tell you more about your options if you are in the middle of a real-estate dispute. The path you choose to a resolution may determine the outcome of your case.