Real estate disputes are a common occurrence, but these disputes can often be resolved through alternative dispute resolution methods, such as arbitration or mediation. Here are the benefits of the common alternative dispute resolution methods in real estate cases.
Mediation is a voluntary process in which a neutral third party, the mediator, helps the parties reach a settlement. The mediator does not make a decision for the parties but does assist them in negotiating an agreement.
Mediation is often less expensive and faster than going to court. Additionally, mediation is confidential, which means that the parties cannot bring up information discussed during mediation later in court. One disadvantage of mediation is that it cannot be used in every case.
Arbitration is a common process for resolving estate disputes that involves the parties presenting their case to an arbitrator, who then makes a decision. The arbitrator is often a lawyer or retired judge. This method is often less expensive and faster than going to court, and the parties usually have more control over the outcome than they would in court. However, arbitration is not confidential, meaning that the parties can bring up the arbitration proceedings in court later.
Independent negotiation is a process in which the parties negotiate directly with each other. This method can be less expensive and faster than going to court, and the parties have more control over the outcome. However, this method does not provide any structure or guidance for the negotiation process.
Neutral evaluation is a process in which an evaluator, who is typically a lawyer or retired judge, reviews the evidence and makes a recommendation to the parties. The evaluator is not chosen by either party and does not have any bias toward either party. Besides being less expensive and faster than going to court, this method allows the parties to have someone else review the evidence and make a recommendation. However, the evaluator’s recommendation is not binding on the parties.
Each of these methods has its own benefits and drawbacks, so it is important to weigh them carefully before deciding which one is best for your case. If you are considering using alternative dispute resolution to resolve your real estate dispute, do your research to find out which one will work best for you.