Arbitrage Definition In Real Estate In Kings
Category:
State:
Multi-State
County:
Kings
Control #:
US-00416-1
Format:
Word;
Rich Text
Instant download
Description
The Arbitration Agreement outlines the process of resolving disputes arising from the purchase of a manufactured home in Kings through binding arbitration, emphasizing the arbitration definition in real estate. It confirms that all claims relating to the sale, purchase, or financing of the home will go through arbitration administered by the American Arbitration Association (AAA), highlighting the commitment of both parties to avoid court proceedings. Users must provide written notice to initiate arbitration, detailing the claim and remedy sought. For claims under Twenty Thousand Dollars, the arbitration is conducted by a single arbitrator, while claims above this amount are handled by a panel of three arbitrators. The agreement effectively waives the right to a jury trial and specifies that all associated fees will be shared between parties according to the AAA’s fee schedule. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate transactions, as it streamlines dispute resolution and ensures compliance with state and federal arbitration laws.
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