Buying a house is arguably one of the most significant investments that you'll make in your lifetime. So before signing the contract, you want to make sure that everything is done right. Assuming that you've already selected which property you're going to purchase, your next step should be to hire a real estate attorney. Doing so will guarantee that the finalization process goes smoothly. Here are a few reasons why.

Your contract should include a survival clause

When looking for a house, you'll probably hear all sorts of promises from sellers as each one of them will try to distinguish themselves from the others. For example, a seller might promise to patch up the leaks on their roof or clean the house before handing you the keys. Often referred to as covenants, such pledges are part of the purchase agreement but are not legal mandates in the acquisition contract. This means that if you finalize the house's acquisition without making sure that the seller has delivered on those promises, you won't be able to claim anything legally. This is because the contract will have already been consummated. The only exception is when a survival clause was inserted in the contract.

Reviewing the home contract before looking for financing

If you're considering getting a house, then you're probably also looking for ways to finance the acquisition. It's essential that you have your attorney conduct a thorough inspection of the home contract before you start browsing for lenders. Remember that the real estate attorney is on your side and their job is to make sure that your interests are well served. As they analyze the specifics of the acquisition contract, the lawyer might spot issues in the terms. The bottom line is that you should wait for your lawyer's green light before applying for home loans.

A title insurance policy will give you legal protection

When applying for a home loan, your lending institution will investigate whether the seller owns the property for which they are providing financing. It won't disburse the funds to your bank account until the investigation is complete and successful. However, you can't assume that you'll be legally protected if something goes wrong in the future simply because of the results of your lender's investigation. To have the guarantee that the seller is currently your future house's owner, you'll need to get a title insurance policy from the seller and the lender. You can subscribe to these two policies at a discounted price known as the simultaneous issue rate. Having a title insurance from the lender will cover you against any title defect that might come to light, creating a valid claim that causes you to lose your house's title. Your real estate attorney will recommend that you buy such a policy before transferring the funds to the home seller for three reasons:

• The longer you wait, the higher the cost of this insurance
• The policy will provide you and your heirs with legal protection as long as you still possess the title of your house
• You can generate amazing insurance premiums savings each year

It's probably best if you can have your attorney purchase these two types of insurance for you. 

As you might see, finalizing the acquisition of a house involves reviewing many details that might end up costing big or frustrating you in the long run. This is precisely why you need to have a real estate attorney by your sides to walk you through the entire process. Only specialized legal knowledge will guarantee that you won't have any bad surprise after signing the contract and being handed the keys of your new home.