Earnest Money Arbitration Instructions Cincinnati Area Board of Realtors® Cincinnati Bar Association

 

The Cincinnati Area Board of Realtors® and Cincinnati Bar Association have joined together to provide a public service for buyers and sellers of real estate who find themselves in a dispute over who is entitled to receive the earnest money that has been deposited with a broker in regard to a Contract to Purchase that does not close.  The volunteers who donate their time to facilitate this service are members of the CABR/CBA Realtor®/Lawyer Committee and the CABR Arbitration Committee.  They are trained in arbitration procedures and are experienced in interpreting the contractual obligations of parties in real estate transactions.

 

Arbitration hearings are scheduled once completed forms, signed by all parties to the contract, supporting documentation and the earnest money deposit are received at the CABR office.  No litigation or other dispute resolution may be pending at the time of filing. 

 

If you would like to request a packet for Earnest Money Arbitration, send an e-mail to chenninger@cabr.org.  If, after reading over the material, you decide that you would like to file a request for an Earnest Money Arbitration hearing, you will need follow simple three (3) steps:

 

1)  Have the Earnest Money Arbitration Consent Form completed and signed by the Owner(s), Purchaser(s), Listing Broker and Agent and Selling Broker and Agent.

 

2)   The Owner(s) and Purchaser(s) must complete an Addendum stating why they feel they are entitled to the earnest money.  Supporting documentation must be included.  The Contract to Purchase must be provided.

 

3)  The Broker holding the earnest money must make the Earnest Money Check payable to the Cincinnati Area Board of RealtorsÒ.  Then, the check is to be attached to the consent form, addendums, Contract to Purchase and supporting documentation and forwarded to the Board office at PO Box 37889, Cincinnati, OH  45222.

 

Once all completed forms, documentation and the earnest money check are received by the Board office, your request will be processed.  It may take several weeks to secure a hearing date due to the schedules of the panel volunteers.

 

        Typically, the decision is made the day of the hearing and the parties are notified of the outcome within a few days.  At the same time notification of the award is mailed, the prevailing party is also mailed a check for the amount disputed.

 

             The program is offered free of charge to REALTOR® Members, their clients and their customers.

 

 

If you have any questions, please feel free to contact Cindy Henninger at

(513) 842-3012.