“It Takes Two to Tango Agree to Arbitration”

Judging by the last few deals I’ve handled, there seems to be some Realtor confusion about how many parties are required to agree to Arbitration (at least in Minnesota, a popular alternative to litigation).

arbitrationThe correct answer:  two.

In other words, both Buyer and Seller have to agree for the Arbitration Addendum to be valid.

Which means that if one party waives, there’s no arbitration — and the other party doesn’t need to sign (Brokers’ legal departments still want them — or their agent — to fill in “waive,” though).

**”One to buy, two to sell” is practically a mantra drummed into new agents’ heads during training.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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