Why Real Estate Arbitration is Better than Going to Court
Tuesday, August, 21, 2012
Solving realty issues when it comes to real estate, whether commercial or residential, is often easier with real estate arbitration than it is with court. It generally works out more quickly, can be more fair for your specific situation, and is every bit as legally binding as is a court decision.
Real Estate Arbitration Can Get it Done Faster
Let's face it: most American judicial jurisdictions, from municipal, to county, to state, to federal circuits, are jam-packed with cases already. Solving a real estate dispute via the court system can literally take years. This kind of hold-up can seriously bottleneck your business or personal life--even cause it to collapse.
Arbitration can begin as soon as you and any other parties in dispute agree on an arbitration attorney or panel to handle your case. And speaking of...
Arbitration Can Be More Fair
Going to court for real estate matters can be nerve wracking at best, and disastrous at worst. There is no guarantee that the judge will understand (or care) anything about the issues specific to your case (and this doesn't just apply to real estate). There's also no guarantee that he or she will not be prejudiced against your lawyer for a personal or professional reason. Finally, judges are not incorruptible--something that may not always work to your advantage!
Arbitration give you a chance to bring in knowledgeable experts and impartial third parties. You can decide with any disputing parties exactly who you want to hear your case.
One common arrangement is to create a panel of one person chosen by you, one person chosen by the party-in-conflict, and one mutually-agreed-upon neutral third party.
An arbitration attorney can help you pick your representative--or serve as a representative themselves.
A Legal Arbitration Decision is a Binding One
You won't have to worry about spending money on a panel and/or arbitration lawyers, only to see your results go down the drain. Unlike mediation (which is designed for a slightly different purpose), arbitration is legally binding--unless all parties agree beforehand that it will not be.
This is one reason why you might want to think about having a panel during any cases of real estate arbitration. It can help to have your own arbitration attorney, plus a person on the panel representing your best interests. This will help ensure that, even if you don't get everything you want, you also don't end up with the short end of the stick.