How Arbitration Helps Settle Disagreements Over Real Estate Contracts
DOI:
https://doi.org/10.37591/njrel.v8i2.1925Keywords:
Arbitration, real estate contracts, dispute resolution, alternative dispute resolution (ADR), and contractual disputesAbstract
The real estate industry often has problems with contracts because of complicated deals, unclear clauses, and changing market conditions. Traditional litigation is successful, but it can also be timeconsuming, expensive, and combative, which can make it harder to reach a quick conclusion and hurt long-term business relationships. This study investigates the increasing significance of arbitration as an alternative dispute resolution method in real estate contract conflicts. It examines the legal framework regulating arbitration in property transactions, assesses its procedural benefits and drawbacks relative to court litigation, and scrutinizes the drafting and enforcement of arbitration clauses in real estate contracts. The paper illustrates how arbitration fosters confidentiality, expediency, and finality in conflict resolution through a comparative review of case law, statutory provisions, and empirical data. It also looks at how enforceable arbitral awards are and how institutional arbitration is different from ad hoc arbitration. The report ends by listing the best ways to include arbitration clauses in real estate contracts and giving suggestions for how to make arbitration work better in this field. The goal of this research is to give lawyers, investors, developers, and legislators a realistic understanding of how arbitration might be a useful way to settle disagreements over real estate deals.
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