Buying a Tampa home will be the most significant purchase you will make in your life. It is a purchase that also involves the law of real property, which raises special issues of practice and problems that are not present in other transactions. A Tampa real estate attorney is trained to deal with problems in real estate transactions and has the most experience.
In the typical Tampa home purchase, the seller enters into a contract with a real estate agent, in writing. When the real estate agent finds a buyer, negotiations are conducted through the real estate agent, who acts as an intermediary. Once an informal agreement is reached, both buyer and seller enter into a formal written contract for the sale. The buyer then obtains a commitment for financing the purchase of the property. Title is searched to satisfy both the lender and the buyer. The property is then transferred from the seller to the buyer, and the seller receives the purchase price bargained for in the contract for sale. This seems simple, but without a lawyer, the consequences may be more problematic than buying a used car that turns out to be a lemon.
A real estate attorney can help you avoid common problems with a Tampa home purchase or Tampa home sale. An example is a seller potentially signing an agreement with a real estate agent, and that agreement does not deal with a number of legal problems. This happens quite often in contracts to market houses, as realtors often use standard forms that they expect will cover any and all situations which may arise.
In the absence of an agreement to the contrary, the seller will possibly become liable to pay brokerage commission fees even if a sale does not occur. If the agreement allows the seller the right to negotiate on his or her own behalf, you may be able to avoid this problem. It is the job of a real estate attorney to explain all of this to you, and negotiate rights of the realtor on your behalf.
The most important reason to be represented by a real estate attorney is conflicting interests of the parties. Throughout the process, the interests of both buyer and seller can be at odds with each other. The real estate agent generally serves the seller, and the lender is obtained by the buyer. Both sides want to see the deal go through, but neither can provide legal counsel. The respective real estate attorneys for the buyer and seller will serve only the best interests of their own client. Seeking the advice of a real estate attorney is a good idea from the time you decide to sell or to buy a home, until the actual closing.