Sellers’ debate: Arbitrate or mediate?

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BERNICE: We just received an offer on our home. In the offer, the buyers had checked both the binding arbitration provision and the mediation provision. It also said that if we agreed to these provisions, we would be giving up our right to sue. What should we do? Our agent said she couldn't advise us on this. --Randy P. DEAR RANDY: First, your agent was correct. Unless the agent is a licensed attorney, the agent could lose his or her license for giving you legal advice. Having said that, many Realtor associations have this language in the boilerplate of their contracts. When I was selling in California, the state-approved contracts allowed the buyers and sellers to agree to mediation and/or arbitration. During mediation a professionally trained mediator helps the parties arrive at their own resolution to the problem. Based upon the research from the dispute resolution department of the Pepperdine Law School, people are more likely to perform when they reach an agreeme...