What is Arbitration?

 

YOU DIDN’T TELL US…!  WE DIDN’T KNOW…! WHAT ARE YOU GOING TO DO ABOUT…?

Arbitration disclosure and agreement.1The seller disclosure document stated that they never had water in the basement, yet after the first modest spring rain you found several puddles around the laundry tub; the seller stated that there were never any sort of infestations, yet your neighbor relayed the fact that wildlife control experts were a common fixture around your new home because of the bats in the attic. Fortunately, disputes between home buyers and sellers regarding the disclosure of material facts  affecting the use or enjoyment of a subject property don’t happen often, but when they do, it is important to know your options.  First, the seller can be contacted to remedy the problem(s).  If that approach fails, as it often does,  then binding arbitration or a court of law can be used to adjudicate the matter. A brief explanation of both the latter alternatives can be viewed by clicking on the adjacent document.

From a buyer’s standpoint, it is important to note that the key word in  the above paragraph is disclosure, and further, that a seller’s obligation is to disclose all material facts about the home of which they have, or should have, knowledge. For example, if there is a diseased tree in the yard, and the seller has never researched its health and/or is not an aborist, then culpability may not be present. Since I am not an attorney, I cannot render legal advice related to these elements, but I do have referral resources to help you if the need arises.  To repeat an earlier statement, most transactions run smoothly, so feel free to assume that yours will too.

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