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REPC 15: Mediation or Litigation (Episode 49) S4 E4
Manage episode 307817823 series 2936153
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You can watch this episode on YouTube.com: https://youtu.be/SFXf-nblDCo
The real estate purchase contract (REPC) provides for the ability to mediate dispute or to litigate dispute. Which one should you choose?
1:10 - What's mediation? A non-biased third party evaluates the dispute, and helps resolve the issue. Litigation happens in front of a judge, and the loser pays all fees. If you mediate, it happens in front of a mediator, and the parties split the fees. Mediation tends to be less expensive and faster.
1:56 - When you present an offer, you have the chance to determine how disputes are resolved.
2:28 - "May be subject to mediation" means you can go to mediation, or you can go straight to court.
2:55 - "Shall be subject to mediation" means you have to go to mediation first, unless it's particularly egregious.
3:22 - There are good arguments for both sides.
4:02 - It's really about what YOU want to do. Be aware and be prepared. Everyone goes into a contract happy. Think of this more in the vein of how you act when you get into a tangle with people. If an agent has a dispute with their client, they ALWAYS do mediation first. Buyers and sellers have the option to go to mediation first or go to litigation.
5:15 - What'd we learn today?
7:02 - Bloopers.
15. MEDIATION. Any dispute relating to the REPC arising prior to or after Closing: SHALL / MAY AT THE OPTION OF THE PARTIES first be submitted to mediation. Mediation is a process in which the parties meet with an impartial person who helps to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. The parties to the dispute must agree before any settlement is binding. The parties will jointly appoint an acceptable mediator and share equally in the cost of such mediation. If mediation fails, the other procedures and remedies available under the REPC shall apply. Nothing in this Section 15 prohibits any party from seeking emergency legal or equitable relief, pending mediation. The provisions of this Section 15 shall survive Closing.
* No mediators were harmed were harmed in the filming on this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
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