When parties to a buy-sell agreement, neighbors, condo boards, investors or others are tackling a real estate dispute, they may seek advice from a real estate lawyer in Long Island, New York. A real estate lawyer in Long Island, New York can explain that there are many options to resolve such disputes, including:
Negotiation usually takes the form of lawyers proposing settlement offers back and forth. The parties may or may not be involved with this process. If the parties reach an agreement, it is usually formalized in a negotiation agreement.
Mediation is a collaborative approach to law. It involves the parties receiving help from a neutral third party who helps guide negotiations. Again, if a settlement is reached, a new contract is formed.
Arbitration is similar to litigation but allows the parties to make important decisions, including whom to appoint as the decision maker, how much discovery will be permitted and whether the decision will be binding.
Litigation is often the last course of action because it tends to be the most costly and time-consuming option. However, when dealing with unique products like real estate, litigation is sometimes the only practical solution to ensure that the client winds up with what he or she wants.