George Clements ~ Greenville, SC Real Estate
Paragraph 22 of the Contract For Sale is rather long so I thought I would break up the explanation into two parts. The first part looks something like this:
22. Mediation clause: Any dispute or claim arising out of or relating to this Contract, the breach of this
Contract or the services provided in relating to this Contract, shall be submitted to mediation in accordance with
the Rules and Procedures of the Dispute Resolution System of the NATIONAL ASSOCIATION OF REA LTORS®.
Disputes shall include representations made by the Purchaser(s), Seller(s) or any Real Estate Broker or other
person or entity in connection with the sale, purchase, financing, condition or other aspect of the Property
to which this Contract pertains, including without limitation, allegations of concealment, misrepresentation,
negligence and/or fraud. Any agreement signed by the parties pursuant to the mediation conference shall be
binding. This mediation clause shall survive for a period of 120 days after the date of the closing.
This part of #22 basically says that any dispute that comes up within 120 days of closing between the Purchaser, Seller, or Real Estate Broker has to be handled according to the NAR's ® Dispute Resolution System. Examples of disputes that could come up are things that were not disclosed or that were misrepresented during the transaction.
Here is a great link from www.realtor.org for all kinds of information on mediation: