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One of the great benefits is that it helps parties when either clients or brokers or agents get into disputes about a certain transaction. An ombudsman will be appointed in such a way that they can help achieve a quick resolution of any kind of a dispute.
Some changes were enacted by the new committee for the National Association of Realtors in 2015.
- Mandatory processes to ensure timely payment of arbitration awards
- Streamlines grievance committee review or ethics complaints and arbitration requests
- Steps to prevent costly and unnecessary continuances
- Expedited administrative processing and time frames for arbitration
- Enhancements to the National Association of Realtors model citation policy and ombudsman policy
- Simplification of disclosure requirements in print and online advertising
- Enhancements to encourage informal dispute resolution settlement
- Strengthen procedures to penalties for non-compliance to discipline
- New effective dates of policies adopted by the NAR Board of Directors to assure timely implementation of new initiatives
If you have any questions, thoughts or concerns about arbitration or disputes, please feel free to reach out to me.
