If a monetary dispute arises from a real estate transaction, seek a resolution through your local Association of REALTORS®. REALTORS® are judged by their peers as opposed to other individuals who may be far less familiar with the practices and customs of the real estate industry.
Mediation as a Service of Member Boards
Although no party to an arbitrable matter can be required to submit to mediation (unless Realtors® [principals] are required by their Board to mediate otherwise arbitrable disputes pursuant to Article 17) and mediation cannot and is not intended to be a substitute for the arbitration procedures described elsewhere in the COE Manual, mediation can be a useful tool in resolving the conflicts that arise involving Board Members and their clients and customers. Mediation must be available in instances where arbitration would be provided under Part Ten, Section 44 of the COE Manual and a Board can require Realtors® (principals) to mediate otherwise arbitrable disputes pursuant to Article 17. Mediation can resolve disputes, promote amicable resolutions, and reduce the number of cases requiring the more formal and complex arbitration procedures of the Board, thus reducing the time and effort required of Board Members serving on the Professional Standards Committee. (Revised 11/11)
If you are filing an Arbitration Request, please read the following pertinent information before proceeding:
Request for Arbitration must be filed within one hundred eighty (180) days from the closing date of the transaction or within one hundred and eighty (180) days after the facts constituting the arbitrable matter became known.
Arbitration disputes can only be filed by a Broker Principal (a non-principal cannot file for arbitration).
Form A-1(Members)or Form A-2(Non-Members) Request and Agreement to Arbitrate must be signed and completed by the Broker and returned to the Association office along with all supporting documentation and a company check in the amount of $250.
After an Arbitration Request is filed, Mediation is offered to both parties. Should both parties agree to mediate and the mediation is successful, the $250 Arbitration filing fee is refunded.