Do you condone the use of arbitration provisions in real estate purchase agreements? Let us know your story in the comments section below.
No (66%, 23 Votes)
Yes (34%, 12 Votes)
Total Voters: 35
Congress has deemed arbitration to be unworthy of Wall Street — so what place does it have in real estate transactions?
first tuesday is among the first and most outspoken critics of arbitration as the preferred method of dispute resolution in real estate transaction agreements. We have been consistent and clear on this issue for over 30 years: arbitration is a deeply flawed form of alternative dispute resolution (ADR) that ought to be banished from all real estate purchase agreements.
In addition to its predominance in the real estate trade union “standard” forms, arbitration has wriggled its way into all variety of transaction agreements. The clause has found near universal acceptance and integration into nearly every form we are expected to sign in even the most mundane daily transactions. Indeed, one cannot see a new physician, open a bank account or purchase a vehicle without being expected to sign away their rights to litigate in a court of law.
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