When handling a real estate dispute, you may find it tempting to turn to litigation right away. But this is not necessarily your best option. While litigation has its place in the resolution of disputes, it is not the only card on the table.
So what are your other options, then? And which one will do you the most favors in your current dispute?
Role of a mediator
FINRA discusses alternative methods to litigation. Two of the most popular ones are arbitration and mediation. Both offer less expensive options that also take up less time. Mediation allows you the most freedom. A mediator does not have the ability to pass down a legally binding decision like arbitrators or judges. Instead, they help facilitate discussion. They step in if arguments get out of hand and ensure all parties say their share.
A mediator may also put their advice and opinions forward. This is often valuable, as they act from the standing of a neutral third party. But in the end, the final decision on how to handle the dispute is up to you and the other involved parties.
Role of an arbitrator
If your dispute involves higher assets or a more vitriolic disagreement, mediation may not hold enough weight. In this case, consider arbitration. It functions closer to litigation. An arbitrator listens to everyone present their side of a case. Then, they make a legally binding decision on how to handle the matter that all parties must abide by. You still get to skip the court date and related hassle, but it provides more structure for bigger arguments.
What works best differs from situation to situation. If you want more insight, you can speak to a legal professional about yours.