Hi! It’s Lou Brown. I’m back with another of my 101 cash flow accelerators to help you build an amazing real estate business. You know, I’ve been in this business for over 40 years. I have seen it all. Hopefully God. I have seen it all. And one of the great things is that I’ve learned over time that things can be resolved without going to court. So I actually put it into my agreement. I have a Standard Real Estate Purchase and Sale Agreement for the buying as well as the selling of property. And one of the things I’ve discovered is that we can meditate, and we can do arbitration before we actually have to go through a trial in superior court. And so what I suggest is you have a whole clause in your agreement and I’ve actually already got that in our agreement. And what it says, and they actually initial this paragraph as well so that it’s very, very clear that if there is any dispute of any kind over this agreement, then first, there’s going to be a negotiation between the parties.
And if that can’t be resolved, then it’s going to go to what’s called mediation. And there are mediators around the country that do this for a living. And it’s basically, you know, hearing both of you out and then putting one in one room, one in the other room, and then talking privately to each, and they kind of become an arbitrator or a mediator rather of disputes. And then try to come back together to an agreement that everybody signs off on and that avoids having to go through the pain and suffering and expense of a court trial in front of a judge. Many delays, many expenses can be avoided with that. Now the clause goes on to say, if we can’t get that resolved, then it’s going to go on to binding arbitration. Again, avoiding the expense and delay of going to superior court.
So hopefully this is helpful to you. A good contract is a great thing to have. It can take a lot of headaches out of your life and we’ve got that built into both my buying system. We’ve got a contract for buying and my selling system. We’ve got a contract for selling. Check it out. StreetSmartInvestor.com/tools And I will see you soon. Yeah, baby!
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