Posted by Bill K. (AZ) on May 04, 1999 at 22:11:07:
Clint,
One great piece of advice on arbitration comes from Bill Bronchick’s “Nuts and Bolts of Creative Real Estate Transactions” course.
“…I hate arbitration/mediation…If the seller intends to keep my earnest money against my will, I want to have the right to march into court and sue…don’t give up that right.”
So, whether you’re talking money or anything else, I wouldn’t agree to “binding” arbitration. You may agree to arbitration as a first resort, but I wouldn’t make it binding. Always leave the door open to pursue your full set of legal options/rights.
I hope this helps.
Bill K. (AZ)
Arbitration - Posted by Clint Votruba
Posted by Clint Votruba on May 04, 1999 at 21:24:29:
My builder wants me to agree to binding arbitration
through the local home builders association.
Already that bothers me but their rules look as if they
want to appoint neutral arbitrators.
Any alternatives or position I shouls take?
Should I absolutely refuse arbitration through the
local home builders association?
Re: Arbitration - Posted by Tim (snj)
Posted by Tim (snj) on May 04, 1999 at 22:55:24:
Let me see if I have this straight - Your builder (a member of the local home builders assoc.???) wants you to agree to be bound by a board that is appointed by the local home builders assoc?
I’ve been involved with many construction contractor’s associations and from the contractors veiwpoint, it’s great. As a consumer…
Tim