steps for Own real estate closing

[Murali M.]

Dear BP members, I am looking for some guidance to do closing on three properties ourselves. I believe lot many members would have done the closing themselves to save on the closing.

So we are buying 3 rental properties for cash in south New Jersey for total of 180K from a local friend who we trust. These are 60K each.

We will be doing the title search ourselves in the clerks office and also we don't want to buy the title policy. We will get the bargain and sale with CAG deed. Our friend has had these properties for 7-8 years now.

We will also try to get blanket loan to take some cash out later for these properties, so at that time bank may require us to for the title policy.

I believe we have to draft the purchase agreement for each properties, draft the deed for each and get it signed from our friend, and then record the deed with the county clerks office, pay realty transfer fee.

we will also adjust the final amount for the the prop rated rent, city and county taxes, etc. I want to know if the above makes sense and anything else we need to do. Much appreciated.

Murali