Alternative dispute resolution (ADR)
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Anonymous
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I am just curious if any of you have ever added (or consider adding) this contingency in the offer, and how it impacted the outcome of the offer.
I mean, what could go wrong that you'd have to go thru arbitration/mediator? Can anyone share your experiences? This is for purchasing for SFH or condo. |
REALTOR4U
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| If you are buying in MD, there is a mediation clause in the contract that buyer and seller agree to accept as part of the contract. This is simply to avoid excessive legal fees although either party may still retain legal representation. Arbitration is generally binding and I would not recommend adding such a clause without consulting an attorney beforehand. |
Anonymous
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OP here.
Thank you for replying to my randome question. I see, the Arbitration is "binding". Make sense, that this is attorney consult item. Again, thank you! |
Anonymous
| Glad I could help. There is some non-binding arbitration as well but really not sure the benefit of it. You can call Village Settlements in Gaithersburg at the Kentlands at 301-590-9300 and talk with one of their attorneys at no cost about your concerns. Mediation is non-binding and is simply a means avoiding unnecessary legal expenses. Your Realtor should be able to consult you as well. |