Real Estate Lawyer Markham: Arbitration vs. Mediation vs. Litigation

Whether you are selling or buying property, there are always laid legalities. These legalities are to support both the buyer and the seller. At times, however, even perfectly drafted contracts become nightmares since compliance issues and performance breakdowns are almost unavoidable. Different contracts stipulate how such issues will be solved such as through arbitration, mediation or litigation before opting for a sustainable solution. However, the difference between these three terms is not always clear to everybody. Here is a brief overview that any real estate lawyer Markham will give for each method. 

 

Mediation 

 

Mediation is the most friendly dispute settlement method. The disagreeing parties hire a third party who is mainly a retired judge or a real estate lawyer Markham. The mediator pays attention to both sides of the argument, reviews the case and later analyzes the weaknesses and strengths of each side. They then address each side individually and pointing out the strengths and weaknesses to bring a settlement between the disagreeing parties. Mediation is the best method in a case where their interpretation is the main problem and those involved are willing to compromise. 

 

Arbitration 

 

Arbitration is a process through which issues are resolved through a hearing similar to a court process. Unlike in mediation, the arbitrator is in charge of the whole process. The disagreeing parties present their cases to the arbitrator who makes the final decision as to the prevailing party in the process. Arbitration, however, may be non-binding or binding. In non-binding arbitration, the parties have the right to appeal the arbitration decision and seek a court trial to litigate once more. On the other hand, in binding arbitration, both parties agree to be contented with the arbitrator’s decision. 

 

Litigation 

 

Litigation is the most commonly preferred method of solving real estate disputes. It involves the use of state or federal court to resolve a case according to the rules of the jurisdiction. A jury or a judge could rule the case. The judgments made in litigation may be appealed and taken to courts of higher jurisdiction. 

 

Real estate transactions and contracts are some of the most critical transactions you will ever make. However, it is possible for your real estate processes to run into snags and require you to work with a real estate lawyer Markham. Consider any of the processes above to help bring back your real estate transactions to track. 

 

Whether you are selling or buying property, there are always laid legalities. These legalities are to support both the buyer and the seller. At times, however, even perfectly drafted contracts become nightmares since compliance issues and performance breakdowns are almost unavoidable. Different contracts stipulate how such issues will be solved such as through arbitration, mediation or litigation before opting for a sustainable solution. However, the difference between these three terms is not always clear to everybody. Here is a brief overview that any real estate lawyer Markham will give for each method. 

 

Mediation 

 

Mediation is the most friendly dispute settlement method. The disagreeing parties hire a third party who is mainly a retired judge or a real estate lawyer Markham. The mediator pays attention to both sides of the argument, reviews the case and later analyzes the weaknesses and strengths of each side. They then address each side individually and pointing out the strengths and weaknesses to bring a settlement between the disagreeing parties. Mediation is the best method in a case where their interpretation is the main problem and those involved are willing to compromise. 

 

Arbitration 

 

Arbitration is a process through which issues are resolved through a hearing similar to a court process. Unlike in mediation, the arbitrator is in charge of the whole process. The disagreeing parties present their cases to the arbitrator who makes the final decision as to the prevailing party in the process. Arbitration, however, may be non-binding or binding. In non-binding arbitration, the parties have the right to appeal the arbitration decision and seek a court trial to litigate once more. On the other hand, in binding arbitration, both parties agree to be contented with the arbitrator’s decision. 

 

Litigation 

 

Litigation is the most commonly preferred method of solving real estate disputes. It involves the use of state or federal court to resolve a case according to the rules of the jurisdiction. A jury or a judge could rule the case. The judgments made in litigation may be appealed and taken to courts of higher jurisdiction. 

 

Real estate transactions and contracts are some of the most critical transactions you will ever make. However, it is possible for your real estate processes to run into snags and require you to work with a real estate lawyer Markham. Consider any of the processes above to help bring back your real estate transactions to track.