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This document provides a disclosure statement regarding the option to resolve disputes related to the disclosure of material facts in residential real property transactions through binding arbitration, an alternative to court. It outlines the rights of buyers and sellers, the arbitration system\'s procedures, the applicable limits, and requirements for arbitration agreements, including the fees involved.
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What is residential real property arbitration?
Residential real property arbitration is a process where disputes related to residential real estate, such as landlord-tenant disputes, are resolved outside of court by an arbitrator who makes a binding decision.
Who is required to file residential real property arbitration?
Parties involved in a dispute concerning residential real property, typically tenants and landlords, are required to file for residential real property arbitration.
How to fill out residential real property arbitration?
To fill out residential real property arbitration, individuals must complete a specific arbitration form detailing the dispute, including parties involved, a description of the issue, and any supporting evidence before submitting it to the appropriate arbitration body.
What is the purpose of residential real property arbitration?
The purpose of residential real property arbitration is to provide a faster, more cost-effective, and less formal way to resolve disputes related to residential real estate compared to traditional court proceedings.
What information must be reported on residential real property arbitration?
Information that must be reported includes the names and addresses of the parties involved, a detailed description of the dispute, any relevant contracts or agreements, and supporting documentation.
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