Chicago Real Estate Mediation

Illinois Mediators for Real Estate Contract and Property Disputes

Residential and commercial real estate transactions involve the exchange of highly valuable assets between buyers and sellers. When either side fails to fulfill their contractual obligations, this understandably leads to contentious disputes as both sides seek to protect their financial and property interests. However, litigated real estate disputes can be costly and time-consuming, often significantly delaying the completion of a transaction or preventing buyers and sellers from pursuing new opportunities.

The Chicago Bar Association Mediation Service offers an alternative to real estate litigation that is often more efficient and cost-effective. All of our mediators have undergone specialized mediation training and have at least 10 years of legal experience, and for a fee of $400 per hour, we help buyers and sellers find common ground to reach acceptable resolutions in complicated cases.

The Advantages of Real Estate Mediation

When both parties in a real estate dispute are open to mediation, it offers many potential advantages in comparison to traditional courtroom litigation. First of all, it tends to take less time and be less expensive. Court scheduling and procedures can extend the length of a case unnecessarily, and judges may require significant time to hear from each party and review their claims and evidence before reaching a decision. Throughout this time, the parties can accumulate expensive attorney fees and court costs. Mediation, on the other hand, can often be completed in a matter of hours, with the only substantial costs being the fees for the mediator and each party's legal counsel.

Mediation also allows the parties to maintain greater control over the proceedings, as well as a greater sense of privacy. Unlike a judge in a litigated case, a mediator does not have final authority over the terms of the resolution. Rather, the mediator acts as a neutral third party who facilitates discussions between the parties and helps them identify terms upon which they agree. This means that the parties have the final say regarding all terms of a mediated agreement. The fact that mediation happens behind closed doors also allows buyers and sellers to protect their public reputations.

Mediation for Real Estate Disputes in Illinois

Many different kinds of residential and commercial real estate disputes can be resolved through mediation. We offer our mediation services in cases involving:

• Disclosure disputes - Often, after a transaction is complete, problems with the property that were not adequately disclosed by the seller will come to the surface. Mediation helps buyers and sellers determine an appropriate remedy for resulting damages and financial losses.
• Liens and encumbrances - Lenders, contractors who have not received payment for renovations or additions to a property, and other people with claims to a property can impede its successful sale. Mediation can help sellers resolve mortgage liens, tax liens, mechanic's liens, and other issues so that they can freely enter into a purchase contract with a buyer.
• Breach of contract - Any failure on the part of either the seller or the buyer to follow through on the terms of the purchase contract can be grounds for a remedy for the other party. Mediation helps to resolve issues including the failure to turn over possession of the property or secure financing by the closing date agreed upon.
• Escrow disputes - Real estate contract disputes are often accompanied by disputes over funds held in escrow, including earnest money deposited in anticipation of the purchase. Mediation can help buyers and sellers resolve their competing claims to these funds.
• Ownership and boundary disputes - Disputes between co-owners of a property, neighbors with unclear property boundaries, and parties with competing ownership claims to a property can also often be resolved through mediation.
• Landlord-tenant disputes - Owners of rental properties often must handle disputes with tenants over rent payments, lease terms, and eviction procedures. A mediator can help landlords and tenants resolve these issues fairly and efficiently.

Find a Chicago Real Estate Dispute Mediator

If you are a buyer, seller, owner, tenant, contractor, or any other party involved in a real estate dispute, you can find a mediator to help with your case from our list of qualified professionals. From there, you can contact us at 312-554-2040 to proceed with securing our services and setting up a mediation appointment. We offer our services to people throughout Chicago and the surrounding areas.