Real estate litigation is one of the few areas of law where a judge may order a party to specifically perform the terms under the contract. However, litigation is also associated with a contentious battle in which the parties take up a lot of time and expend many resources in order to resolve the case. Real estate mediation gives parties the ability to reach an agreement on their own terms rather than having a judge make the decision for them. Here is a brief overview of what to expect at real estate mediation.
Many Documents Will Be Examined
Real estate purchases are some of the most document-intensive. Therefore, much of real estate mediation consists of examining the agreements that the parties already made, such as the purchase price, warranty information, title information, contingencies and modifications. The mediator can point out the strengths and weaknesses of the parties’ positions based on these documents that a jury would otherwise examine. As such, parties should have patience as they go through this process and attempt to supply a mediator with as much documented evidence prior to the mediation session as possible.
You Will Not Get Everything You Want
At the heart of mediation is the idea that the parties can reach a fair compromise. This usually means that neither party will walk away completely satisfied with the deal. The buyer may have to pay a little more money than first agreed, or the seller may have to make certain repairs. However, the end result should be something that both parties can live with.