Selling to an attorney?

[rnd1x]

What is the name of your state (only U.S. law)? IL

Thanks to everyone that responded to my last question.

I have a new buyer. The buyer is fresh out of law school, just passed the bar and works as an attorney for a small firm that that concentrates its practice in civil litigation and trials. This attorney's specialty is listed as insurance defense.

My real estate attorney and I have agreed on providing a full disclosure of every little annoyance above and beyond the norm. Basically, I am trying to be as transparent as possible.

When I brought up the subject of invoking an arbitration clause, my attorney was so biased against arbitration as a process in general that I never got a good understanding if it would be a wise choice for my situation (selling to an attorney who practices litigation).

Would resolution of any dispute regarding this contract through arbitration be of benefit to me (a non-lawyer) if I am facing an buyer/attorney who feels that I've done something wrong?

In my profession (architecture) contracts are usually based on arbitration. Realtors in this area are also bound to arbitration when monetary disputes occur between them over deals.

Any opinions would be appreciated.

[HomeGuru]

Originally Posted by rnd1x

What is the name of your state (only U.S. law)? IL

Thanks to everyone that responded to my last question.

I have a new buyer. The buyer is fresh out of law school, just passed the bar and works as an attorney for a small firm that that concentrates its practice in civil litigation and trials. This attorney's specialty is listed as insurance defense.

My real estate attorney and I have agreed on providing a full disclosure of every little annoyance above and beyond the norm. Basically, I am trying to be as transparent as possible.

When I brought up the subject of invoking an arbitration clause, my attorney was so biased against arbitration as a process in general that I never got a good understanding if it would be a wise choice for my situation (selling to an attorney who practices litigation).

Would resolution of any dispute regarding this contract through arbitration be of benefit to me (a non-lawyer) if I am facing an buyer/attorney who feels that I've done something wrong?


**A: yes and no depending upon the type and amount of the claims.


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In my profession (architecture) contracts are usually based on arbitration. Realtors in this area are also bound to arbitration when monetary disputes occur between them over deals.

Any opinions would be appreciated.

**A: in the past arbitration saved time and money but at this point, there are pros and cons. I have been on some arbitration cases that took the same or more amount of time and money as compared to if the same cases was litigated. It's a toss up basically.

[rnd1x]

Thank you for the reply.

My attorney was able to give me a clearer answer today and brought up same the point that you did - that arbitration is no longer guaranteed to be faster or less costly than litigation.

It was also pointed out that getting stuck with binding decision with no right to appeal is not a good position to be in.

Anyway, the final decision not to add the clause was based on not worrying the buyer that there may be some huge problem lurking in the deal.

Thanks again.

[HomeGuru]

Originally Posted by rnd1x

Thank you for the reply.

My attorney was able to give me a clearer answer today and brought up same the point that you did - that arbitration is no longer guaranteed to be faster or less costly than litigation.

It was also pointed out that getting stuck with binding decision with no right to appeal is not a good position to be in.

Anyway, the final decision not to add the clause was based on not worrying the buyer that there may be some huge problem lurking in the deal.

Thanks again.

**A: great and good luck to you.