Value added for arbitrate value.

I see some leases use mediation and arbitration to avoid going to courts to settle lease disputes.

If it's more, District Court, where it will take 3 years+ for your case to be heard, so mediation or arbitration are a smart move. 

My practical worry is - if this gets to mediation/arbitration - what I have heard is - only lawyers make money not buyer or seller. 

Are you asking like you want an arbitration plan spelled out in the lease?

Most contracts have provisions for arbitration prior to court.

I should mention the lease has an arbitration requirement (however you feel about that clause).I recognize many things I should have done otherwise, and I'll note them as learning lessons:- Have regular visits to check the condition of the home.- Develop more through reference checking.- Study the law and generally act fast especially with deposits. 

If the answer is no you need to cancel and pray you have arbitration in the contract to get your  EMD back. 

My guess is the contract has tiny print about arbitration.

If you review it for dispute resolution options, you might them limited to submitting the matter to binding arbitration.