RAM Offers Mediation & Arbitration ServicesJune 30, 2015, 1:34 PM HST · Updated June 30, 1:36 PM 0 Comments
By Alexandra Mitchell
Attention Maui property buyers, property owners, Maui realtors and real estate brokers. Did you know that the Realtors Association of Maui offers mediation and arbitration services? Instead of a litigation option, you can secure standard mediation and optional arbitration services to settle Maui real estate-related disputes.
Mediation is a process where two parties submit a dispute to a third party. Like therapy, sometimes you need a little help from an unrelated diplomatic entity. In mediation, the neutral third party will work with both sides to settle formal disputes. Through informal private and joint meetings, the third party will work towards understanding facts on both sides. Mediation is voluntary, and both parties need to agree on mediation terms. The end agreement will be binding and in writing. If efforts in mediation fail to reach an agreement that satisfies both parties, arbitration would be the next step.
Arbitration is a process used to resolve disputes when mediation has failed. Arbitrators act as the third party, and testimonies will be heard in a formal hearing. In the end, the final decision–also known as an award–will be binding and confirmed by the court.
If you believe that a Maui realtor has violated the “Code of Ethics” of the National Association of Realtors, you must first submit a formal ethics complaint. Please note that only licensed realtors and realtor associates are subject to the “Code of Ethics” of the National Association of Realtors. If you’re interested in mediation and arbitration services using a Deposit Receipt Offer and Acceptance purchase contract, requests must be filed within 180 days of a closing transaction.
For more information about mediation and arbitration services with the Realtors Association of Maui, go online.