A real estate mediation is a non adversarial approach to reach a settlement without going to the court. Often, real estate contracts between the parties may require the parties to address their disputes through mediation prior to going to the court. Generally, a real estate mediation involves the following steps:
Introductory Session and Opening Statements
The disputing parties, often accompanied by their attorneys meet each other and the mediator. They make their opening statements about what issues they are facing and what outcome they expect. A brief joint discussion between the disputants may also happen. The mediator also explains the goals and rules of the mediation.
After each party gets the chance to know the other party’s viewpoint and stand in the introductory session, they are made to sit in separate rooms. Here, the parties can privately discuss with their attorneys and the mediator about what and how they are willing to settle the dispute.
At this stage, the mediator conveys and communicates among the disputants about what terms the other party is willing to agree to. The mediator also tells the parties about their strength and weaknesses, what the appropriate course of action is, and tries to make them reach a settlement.
Settlement and Agreement
If the real estate mediation is successful and the parties agree to settle without resorting to the court system, the terms agreed to at the mediation are recorded in a written contract which becomes binding.