Arbitration agreement

What is the name of your state? Michigan

We signed a

"Voluntary arbitration agreement: Any claim of seller or buyer arising out of this agreement relating to the disposition of the earnest money deposit or the physical condition of the property covered by this agreement shall be arbitrated in accordance with the rules, then in effect, adopted by the american arbitration association. This is a separated voluntary agreement and does not affect the validity of this purchase agreement."

How does this effect me when we (the buyers) want to contnue with the sale and the sellers have backed out?

[HomeGuru]

Originally Posted by Donata

What is the name of your state? Michigan

We signed a

"Voluntary arbitration agreement: Any claim of seller or buyer arising out of this agreement relating to the disposition of the earnest money deposit or the physical condition of the property covered by this agreement shall be arbitrated in accordance with the rules, then in effect, adopted by the american arbitration association. This is a separated voluntary agreement and does not affect the validity of this purchase agreement."

How does this effect me when we (the buyers) want to contnue with the sale and the sellers have backed out?

**A: basically what it means is that you can't sue the Seller but must file for arbitration to resolve the problem.

Michigan

What are the chances of the purchase agreement being upheld (sellers forced to sell) in arbitration VS court?

any advise for successful arbitration?

[HomeGuru]

Originally Posted by Donata

Michigan

What are the chances of the purchase agreement being upheld (sellers forced to sell) in arbitration VS court?

**A: there will be no court since you agreed to arbitrate. And to answer your question, we would need to review the contract in its entirety. And that is something that we can't do over the internet.
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any advise for successful arbitration?

**A: check out the American Arbitration Assocaition website and search other websites.

What is the name of your state? Michigan

The Voluntary arbitration clause in my purchase agreement reads

"VOLUNTARY ARBITRATION AGREEMENT: Any claim of seller or buyer arising out of this agreement relating to the disposition of the earnest money deposit or the physical condition of the property covered by this agreement shall be arbitrated in acordance with the rules, then in effect, adopted by the American Arbitration Association. This is a separate voluntary agreement between the Seller and Buyer and the failure to agree to arbitrate does not affect the validity of this purchase agreement. The arbitration award is enforceable by judgment rendered in any circuit court. This agreement shall survive closing."

The seller has backed out of the offer after he made and signed a counter offer which we the buyer also signed. Both buyers and sellers signed the arbitration clause.

My lawyer interprets this to mean if there is a claim of the buyer or seller as to how the REALATOR handles the earnest money we arbitrate. He has written a notice to the sellers that we intend to sue if they do not conceed to the sale as written.

How do you interpret this?

If we go to court and the judge deems this arbitration clause relates to the buyer and seller, NOT realtor, do we automatically loose, or go to arbitration then?

[HomeGuru]

Originally Posted by Donata

What is the name of your state? Michigan

The Voluntary arbitration clause in my purchase agreement reads

"VOLUNTARY ARBITRATION AGREEMENT: Any claim of seller or buyer arising out of this agreement relating to the disposition of the earnest money deposit or the physical condition of the property covered by this agreement shall be arbitrated in acordance with the rules, then in effect, adopted by the American Arbitration Association. This is a separate voluntary agreement between the Seller and Buyer and the failure to agree to arbitrate does not affect the validity of this purchase agreement. The arbitration award is enforceable by judgment rendered in any circuit court. This agreement shall survive closing."

The seller has backed out of the offer after he made and signed a counter offer which we the buyer also signed. Both buyers and sellers signed the arbitration clause.

My lawyer interprets this to mean if there is a claim of the buyer or seller as to how the REALATOR handles the earnest money we arbitrate. He has written a notice to the sellers that we intend to sue if they do not conceed to the sale as written.

**A: I concur. The arbitration clause only spells out arbitration for the earnest money or seller property condition disclosure. In the event of breach of contract by the Seller as in your case, you are entitled to litigate.
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How do you interpret this?

**A: see above.
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If we go to court and the judge deems this arbitration clause relates to the buyer and seller, NOT realtor, do we automatically loose, or go to arbitration then?

**A: there is no automatic loss. You will be able to either arbitrate or litigate.