BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M
Arbitration is an alternative dispute resolution method commonly used in New York City (NYC) real estate disputes as an alternative to traditional litigation. It involves submitting the dispute to a neutral third party, called an arbitrator, who will make a binding decision after considering the evidence and arguments presented by both parties. Here’s an overview of arbitration in NYC real estate disputes:
- Voluntary Nature:
Arbitration is generally a voluntary process. Both parties must agree to participate in arbitration either before a dispute arises (pre-dispute arbitration clause in a contract) or after a dispute arises (post-dispute agreement to arbitrate).
- Arbitration Agreement:
An arbitration agreement outlines the terms of the arbitration process, including the selection of arbitrators, rules of procedure, and the scope of issues to be arbitrated. This agreement is often included in contracts or can be entered into separately by the parties.
- Selection of Arbitrator:
Parties can mutually agree on a single arbitrator or a panel of arbitrators. The arbitrator(s) should have expertise in real estate law and dispute resolution.
- Confidentiality:
Arbitration proceedings are generally private and confidential, unlike court proceedings, which are public. This can be appealing for parties who want to keep sensitive information out of the public record.
- Procedure and Timeline:
The arbitration process typically involves a streamlined procedure and shorter timeline compared to court litigation. Parties can agree on rules and procedures or use established arbitration rules, such as those provided by the American Arbitration Association (AAA) or JAMS.
- Discovery:
Arbitration rules often provide for limited discovery, which means that the exchange of information and evidence may be less extensive than in court litigation.
- Decision:
The arbitrator(s) will review the evidence, hear arguments from both parties, and then issue a binding decision, known as an arbitration award. This award is legally enforceable and can be entered as a judgment in court.
- Finality and Limited Appeal:
Arbitration awards are generally final and have limited grounds for appeal. Courts are reluctant to overturn arbitration awards unless there is evidence of misconduct or serious error by the arbitrator.
- Cost Considerations:
Arbitration can be more cost-effective and efficient than court litigation, but the parties are still responsible for the arbitrator’s fees, administrative fees, and other costs associated with the process.
- Legally Binding:
An arbitration award is legally binding on both parties and can be enforced through the courts if necessary.
Arbitration can offer a faster and more flexible way to resolve real estate disputes in NYC compared to traditional litigation. However, it’s important to carefully review the terms of the arbitration agreement, understand the rules and procedures, and consult with legal professionals experienced in NYC real estate law before proceeding with arbitration.
Citations, References and Potentially Useful Resources for Further Information:
U.S. Constitution
New York State Constitution
Federal Securities Regulation
New York State Martin Act
New York Condominium Act
New York State Security Regulations
New York Business Corporation Law
New York Limited Liability Company Law
New York Uniform Partnership Act
Federal Internal Revenue Code
New York State Tax Laws, Rules & Regulations
New York City Tax Laws, Rules & Regulations
Winston Churchill Owners, Inc. v. Regents Real Estate Associates
Board of Managers of the Park Regis Condominium v. Park Regis Owners Corp.
Park Sutton Condominium v. 447 E. 57th St. LLC
28 E. 10th Street Corp. v. Veras
Riverside Syndicate, Inc. v. Munroe
Essex House Condominium v. Marks
The Parc Vendome Condominium v. Atkinson
54-56 Meserole Street Owners Corp. v. Rossi
The Beekman Regent Condominium v. Bottiglieri
Chelsea 19th LLC v. West 19th Street Realty LLC
ACRIS
New York Department of Finance
New York City Department of Buildings
New York City Bar Association
New York State Bar Association
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