Litigation is expensive, stressful and time-consuming. In many cases, the disputes that lead to litigation may be resolved through alternative dispute resolution methods, such as mediation or arbitration.
Arbitration. In real estate arbitration, the parties submit their dispute to an agreed-upon neutral third-party. The arbitrator considers the presentation of evidence and makes a decision. The parties may decide in advance whether they want the arbitration decision to be binding or non-binding. With a binding arbitration, the decision of the arbitrator is the final decision, and may be enforced by a subsequent court order. With a non-binding arbitration, the parties may continue to pursue litigation of the matter regardless of the arbitration decision.
Mediation. In real estate mediation, a neutral third-party mediator facilitates a discussion between the parties in an attempt to reach a consensus and, ultimately, a mutually agreed upon resolution. In many situations, the specific contract requires mediation. Mediation is less formal than arbitration and the mediator does not make a decision—he or she simply assists the parties in communicating, understanding each others positions, and hopefully reaching an agreement. Mediation is not binding.
Contact Marc Simon Law—your Las Vegas real estate attorney—today to discuss your real estate law needs!