Real Estate Purchase Agreements: Arbitration
In practically every purchase agreement written by a Minnesota REALTOR you will find an addendum regarding the option for all parties to agree to binding arbitration to settle any disputes that may arise regarding the transaction. While many people understand what the spirit of arbitration is, few fully understand the process and specifically how it relates to the real estate transaction in Minnesota.
The Minnesota Association of REALTORS has put together a brochure that explains the arbitration process and can be found online here: http://www.mnrealtor.com/prostand/pdfs/CASArbBrochure.pdf. WARNING: the PDF is formatted to be printed double-sided and folded in half, so if may be a little hard to read in correct order without remaking the book.
