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Monetary Disputes Reviewed December 2004 |
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As a party to a real estate transaction, it is possible that you could find yourself
in a monetary dispute with either the other party(ies) to your
transaction or a real estate firm or agent involved with the
transaction. This section will review some possible options available
through the Arizona Association of REALTORS® (AAR). Buyer/Seller Disputes through AAR's Dispute Resolution System (DRS) Mediation If you utilized one of AAR's purchase contracts, you agreed to mediate certain disputes that could arise out of your transaction. Typical disputes that could arise may concern earnest money, property condition and others. In the unlikely event that you are involved with a dispute with the other party in your transaction, mediation would provide for an objective third party (mediator) to meet with you and the other party(ies) to help you reach a solution. There are some exceptions to mediation listed in the contract, but most disputes can be mediated successfully, which can save legal expense and aggravation. Learn more about DRS mediation and how to initiate it with one of AAR's mediation providers. Monetary Disputes with REALTORS® Arbitration facilities are provided by the REALTOR® association as a service to its members. Arbitration is not a disciplinary proceeding nor does it award damages. There are certain disputes that REALTORS® are obligated to arbitrate as a part of their membership duties. Be aware that not every situation may be arbitrated at a REALTOR® association. Many disputes with clients or customers may not fall under the association's jurisdiction and must be handled through the civil courts. Also, disputes involving clients or customers require that the client or customer sign an agreement to arbitrate and to be bound by the arbitration, which means further legal action would most likely be precluded. Whether the complainant is a client or a customer and whether the dispute is one that can be processed by the association are determined by the association's Grievance Committee. Click here for details about arbitration with a REALTOR®. |
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