Final answer:
The mediation fees in a real estate contract dispute are typically agreed to be split between the parties involved, as per the terms set out in the Contract to Buy and Sell. While exact terms may vary, shared responsibility is common as it promotes cooperation. The concept of Escrow, though not directly related to mediation fees, is often involved in real estate transactions for handling various payments.
Step-by-step explanation:
The question pertains to a section often found in a Contract to Buy and Sell real estate, concerning dispute resolution through mediation. In many standard contracts, the parties involved in the dispute typically agree to share the cost of mediation fees. This is based on the notion that sharing the cost encourages cooperation and resolution. The terms of a specific contract can vary, so it's essential to review the actual agreement for the definitive answer. It is less common for the contract to stipulate that only one party, or the losing party, will bear the entire cost of mediation fees, or for the broker to be responsible for these costs.
Separately, the concept of Escrow is mentioned, although it does not directly pertain to the mediation fee responsibility. In a typical escrow process, a neutral third party holds funds or assets until the completion of certain conditions or the occurrence of a specific event, such as the finalization of a real estate transaction. Escrow can also be used to handle ongoing financial obligations like home insurance and property taxes as part of a homeowner's monthly payment.