As per the Mediation Clause in the Contract to Buy/Sell Real Estate

When entering into a contract to buy or sell real estate, it is important to include a mediation clause. This clause outlines the process for resolving any disputes that may arise during the transaction.

As per the mediation clause in the contract, the parties involved in the transaction agree to participate in mediation to resolve any disputes that cannot be resolved through traditional negotiation. Mediation is a private and confidential process that involves a neutral third party mediator who facilitates communication between the parties to reach a mutually acceptable resolution.

The mediation clause typically outlines the procedures for initiating mediation, the selection of a mediator, the location of the mediation, and the cost of the mediator. The clause may also specify the timeframe for conducting the mediation and the expectations for each party`s participation.

Including a mediation clause in a real estate contract is beneficial for several reasons. It can help to prevent costly and time-consuming litigation, maintain relationships between the parties, and ensure that the transaction closes as scheduled. Mediation is often faster and cheaper than going to court, and it allows the parties to have more control over the outcome of the dispute.

To ensure that the mediation clause in the real estate contract is enforceable, it is essential to work with an experienced real estate attorney. They can assist in drafting the clause and ensuring that it complies with state laws and regulations.

In conclusion, including a mediation clause in a contract to buy or sell real estate can provide peace of mind and help to ensure a smooth transaction. By agreeing to mediation, the parties can work together to find a mutually acceptable resolution to any disputes that may arise. Investing in the services of an experienced real estate attorney can help to ensure that the mediation clause is properly drafted and enforceable.