The real estate broker shall make a good faith effort to attempt to resolve the nonpayment of the commission through mediation. The mediator’s recommended resolution is not binding unless the parties so agree in writing. The parties shall jointly appoint an acceptable mediator and shall share equally in the cost of the mediation. Mediation shall commence when a written notice requesting mediation is delivered by one party to the other at the party’s last-known address, and, unless otherwise agreed, the mediation shall terminate if the entire dispute is not resolved within thirty days thereafter. This section does not impair the ability of a real estate broker to record a notice of lien if a resolution is not agreed upon by both parties.
C.R.S. § 38-22.5-105
Mediation period
Known as the Commercial Real Estate Brokers Commission Security Act
The act spans §§ 38-22.5-101 to 38-22.5-111 (11 sections).
Digitized from: Public.Law — Colorado Revised Statutes. Reproduced from public-domain Colorado statutes; confirm against the official source for the current text. Not legal advice.