The first step in buying any property is to make sure that you have a clear understanding of the title issues. In some states, title companies check the record and issue a title report that includes such things as the recorded owner and title liens, easements and encumbrances affecting the property. In other states, buyers hire attorneys to search the title record and produce a report. In the aftermath of the subprime lending crisis, it’s especially important to investigate the status of any liens secured against the property. A preliminary title report will give you the original amount of such items as mortgages and taxes owed. But, the preliminary report won’t necessarily tell you the amount the sellers currently owe. All liens secured against the property must be paid in full in order for the seller to pass clear title to a buyer. 10 Secrets to Successful Home Buying and Selling: Using Your Housing Psychology to Make Smarter Decisions

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