What is Property Arbitration?
- Property Arbitration is a non-judicial process for resolving property disputes.
- The arbitrator is an independent third party often chosen for their expertise.
- The arbitrators role is similar to that of a judge.
- The arbitrator makes a makes a decision that is final and legally binding.
- Arbitration is favoured by many because it is private and confidential, the procedure can be less formal than court proceedings and the process can be tailored to suit parties’ particular needs.
- Arbitration is often speedier and cheaper than court.
- In order to use arbitration to resolve a property dispute, there must be agreement between the parties to do so.
- The agreement to resolve a property dispute by arbitration can either be put in place before any dispute has arisen or can made after a dispute has arisen.