Arbitrage Definition In Real Estate In Queens
Category:
State:
Multi-State
County:
Queens
Control #:
US-00416-1
Format:
Word;
Rich Text
Instant download
Description
The Arbitration Agreement outlines the procedures for resolving disputes related to the sale, purchase, and occupancy of a manufactured home in Queens, emphasizing the arbitration definition in real estate. It mandates binding arbitration administered by the American Arbitration Association for all claims arising from the associated contract and offers clear guidelines on initiating arbitration, including the submission of a Notice detailing the claim. The form stipulates that a single arbitrator will handle claims under Twenty Thousand Dollars, while a panel of three arbitrators will address larger claims. Key instructions include payment of arbitration fees based on the AAA schedule and the requirement for a written decision from the arbitrator. This Agreement highlights the importance of opting for arbitration over court proceedings, waiving rights to a jury trial. It is essential for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a structured method to resolve disputes efficiently within the realm of real estate transactions.
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