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What you need to know about Mediation when Selling or Purchasing a Downtown Condo

By Mike in Downtown San Diego Real Estate with 0 Comments

Benefits of Mediation

An often overlooked part of the process of selling or buying a Downtown Condo is how to resolve disputes. Maybe it is overlooked because no one wants to talk about a potential issue before it actually becomes a problem. However… If there is an issue, you will be glad to have both: a good Downtown San Diego Realtor AND a good understanding of how disputes are resolved.
In the Purchase Contract (offer documents), there is specific language that both the seller and buyer sign which allows for the process of Alternative Dispute Resolution. ADR (as it is often referred to) is a process utilized instead of court action, when sellers and buyers are not able to resolve their contractual differences. Mediation represents one of the specific types of ADR.

In the Mediation process, a third party “mediator” is selected to oversee the negotiation process of finding a solution to the disputable issues. Using an integrative and “unbiased” approach, the mediator will meet with each party and encourage a “voluntary” settlement that meets the needs of both sides.  Mediation is an informal process that requires few sets of rules or regulations.  Just the agreement of both sides to fairly participate.
The benefits of ADR are twofold, and represent the reason why Mediation is required by the RPA that both buyer and seller sign.   First, it is less costly and time efficient for the resolution of disputes. Secondly , it is proven to be a highly successful process and alternative to court action. Overall, the ADR procedure of Mediation can significantly assist both parties in resolving their disputes in a more expeditious and less expensive manner than lengthily court litigation. ')}