As the saying goes, good fences make good neighbors. But what happens when you need a little more? 

What Is Arbitration?

Arbitration is a process by which two parties agree to meet with a neutral third party, called an arbitrator, to discuss a dispute. It is similar in many ways to litigation in that it is an adversarial process with the goal of creating a binding solution. However, there area few key differences.

How Much is Arbitration?

Contrary to some published opinions, arbitration costs may not necessarily be less than litigation. Arbitration usually takes longer, more witnesses need to be compensated, and fees normally covered by the government are paid by the parties. Arbitrators are paid on an hourly basis, ranging from $150 per hour to $750, plus expenses, based on the experience and location of the arbitrator. Their rates are often published on their website, which many people find helpful.

According to one survey, when comparing litigation to arbitration cost, arbitration was about 25 percent more expensive, with an average of $100,000 per case, as opposed to $80,000 for litigated cases. On average, arbitration cases lasted two months longer; when paying so many hourly fees, one can easily see why arbitration can be more expensive.

If you have a real estate dispute that needs resolution, and are considering arbitration, contact a local real estate attorney to decide if this course of action is right for you. A lawyer can best decide whether negotiation, arbitration, mediation, or litigation will be the best course for you. Seek advice sooner rather than later in order to secure your best outcome.

Related Resources:

  • Find a Real Estate Attorney Near You (FindLaw Lawyer’s Directory)
  • Neighbors and Trees: 5 Common Disputes (FindLaw Law and Daily Life)
  • Top 5 Frequently Asked Questions About Mediation (FindLaw Law and Daily Life)

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