Legal steps to selling a house
Whether working with a real estate agent or selling your house privately, the legal requirements of selling property in your state or territory apply to you in the same way. Here we breakdown...
Arbitration refers to a method of resolving disputes between parties without going to court. It's an alternative dispute resolution (ADR) process where the involved parties agree to submit their disagreements to an impartial third party, known as an arbitrator.
Arbitration refers to a method of resolving disputes between parties without going to court. It's an alternative dispute resolution (ADR) process where the involved parties agree to submit their disagreements to an impartial third party, known as an arbitrator. The arbitrator reviews the evidence and arguments presented by both sides and makes a binding decision to resolve the dispute.
Arbitration and mediation are distinct methods of alternative dispute resolution (ADR). In arbitration, an arbitrator or panel makes a final and binding decision after a formal process resembling a simplified court proceeding.
On the other hand, mediation involves a neutral mediator facilitating communication between parties to reach a voluntary mutual agreement. The mediator does not make a final decision, and the outcome is not legally binding unless the parties choose to formalise it in a separate agreement.
An example of arbitration in a property dispute could involve conflicts between a landlord and tenant. If disagreements arise regarding issues such as lease terms, maintenance responsibilities, or security deposit disputes, both parties may choose to engage in arbitration rather than going to court.
They would agree to present their cases to a neutral arbitrator who would then make a binding decision on the matters in dispute. This can provide a more efficient and cost-effective resolution compared to a formal court proceeding, offering a quicker way to address conflicts and reach a final decision that both parties are obligated to accept.
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