Real Estate Arbitration Hearings Are Often Based On
Introduction
Real estate arbitration hearings are a common way to resolve disputes in the real estate industry. These hearings are often based on a variety of factors, including contract disputes, breach of contract, and other legal issues.
Contract Disputes
One of the most common reasons for real estate arbitration hearings is contract disputes. These disputes can arise when one party believes that the other party has breached the terms of the contract. For example, a buyer may believe that a seller failed to provide certain disclosures, while a seller may believe that a buyer failed to make a timely payment.
Breach of Contract
Another common reason for real estate arbitration hearings is breach of contract. This occurs when one party fails to fulfill their obligations under the contract. For example, a seller may fail to deliver the property to the buyer, or a buyer may fail to make a payment on time.
Legal Issues
Real estate arbitration hearings can also be based on a variety of legal issues. For example, a dispute may arise over the interpretation of a contract, or there may be a disagreement over the validity of a contract. In some cases, the parties may be arguing over who has the right to use a particular piece of property.
Arbitration Process
The arbitration process typically involves a hearing in which the parties present their arguments and evidence to a neutral third party, known as the arbitrator. The arbitrator then makes a decision based on the evidence presented and issues an award.
Advantages of Arbitration
There are several advantages to resolving real estate disputes through arbitration. One of the main advantages is that it is often faster and less expensive than going to court. Additionally, the parties have more control over the process and can select an arbitrator who is knowledgeable about the real estate industry.
Disadvantages of Arbitration
However, there are also some disadvantages to arbitration. One of the main disadvantages is that the arbitrator's decision is final and cannot be appealed. Additionally, there may be limited discovery and fewer procedural protections than in a court proceeding.
Conclusion
Real estate arbitration hearings are often based on contract disputes, breach of contract, and other legal issues. While there are advantages to resolving disputes through arbitration, there are also some disadvantages. Ultimately, the decision of whether to pursue arbitration or go to court will depend on the specific circumstances of each case.