Mediation is much less expensive than Arbitration. If price is the motivating factor, then go with mediation.
There are various agencies and associations which offer both mediation and arbitration. Often, in a particular field it will be one person who is recommended for either role.
The result:
Mediation: you get to see the result before you agree to it.
Arbitration: you have to agree to the result before you see it.
Nervous about the result? Then, go with mediation. You remain “in control”.
Selecting Arbitration? Then, select one Arbitrator. It saves time and money!
Assuming that you have already chosen your preferred Candidate for either of these two options, you should reasonably expect the same result. And, if you have confidence in the result, then arbitration should be your better choice. The solution is immediately at hand and the dispute is finished, once and for all.
For failed real estate transactions, consider a Broker of Record, Manager, experienced professional, real estate lawyer or commercial litigation lawyer as a Mediator.
For Arbitrations, select one of these same people but insist that they also have some knowledge about the arbitration process. Many real estate agents will have served as panelists at one of the real estate boards. Hopefully, if they had participated in 10 or more, then, they would have a good background concerning procedures.
Lawyers generally would have had some background in arbitration procedures, but it would be wise to check. Solicitors handling conveyancing may not, while Barristers handling litigation certainly would. Here, of course, the problem would be finding someone who was quite familiar with real estate law and practice. A criminal lawyer, immigration lawyer, pension lawyer or tax lawyer might not.
Brian Madigan LL.B., Broker