What is arbitration in MN real estate?

Arbitration is a private, alternative dispute resolution process that does not involve the court system. It is typically less complex, less expensive, and faster than a lawsuit. After hearing both the claimant and respondent, one or more arbitrators makes a final and binding determination. Residential real property arbitration encompasses all disputes related to disclosure of material facts affecting the use or enjoyment of the property purchased, with the exception of title issues. Parties and agents agree to arbitration by signing the Minnesota REALTORS® Disclosure Statement: Arbitration Disclosure and Residential Real Property Arbitration Agreement; (Sample agreement below) all parties and agents must sign the Agreement at the time of the purchase agreement in order to form a binding arbitration agreement. If the agreement is binding, then National Center for Dispute Settlement (NCDS) must be utilized for the arbitration. However, the decision to sign the Agreement is voluntary; agreeing to arbitration is not required in order to have a valid purchase agreement. Continue reading Guide to RRP-Arbitration.pdf  Uploaded - 07-23-2018 

This pamphlet is provided solely for the purpose of helping potential parties to arbitration better understand the process endorsed by Minnesota REALTORS® and administered by National Center for Dispute Settlement (“NCDS”). If questions arise, contact legal counsel.

A Guide to Residential Real Property Arbitration

Homebuyer/Homeseller Dispute Resolution

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