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I just want to clear up some misconceptions since I've worked at a title company before. The title closer typically does NOT work in the office. They are not responsible for setting up the closing (and actually, the title company isn't responsible for setting up the closing at all in New York - that would be the buyer's attorney and seller's attorney's job). They don't get a salary. Most of them do NOT get paid by the title company at all and if they are it's usually about $50. The title closer is a freelance person who represents the title company at the closing. They are responsible for making sure existing mortgages get paid off, making sure documents are notarized, and everything is on the up and up. That's why you tip them. It doesn't have to be a huge amount of money. Give them $50 if that's what you can afford. If you're buying a million dollar home, have been sitting at the closing discussing the nanny and whatever else, and you don't give them anything then yeah, you're probably getting dirty looks.
I just want to clear up some misconceptions since I've worked at a title company before. The title closer typically does NOT work in the office. They are not responsible for setting up the closing (and actually, the title company isn't responsible for setting up the closing at all in New York - that would be the buyer's attorney and seller's attorney's job). They don't get a salary. Most of them do NOT get paid by the title company at all and if they are it's usually about $50. The title closer is a freelance person who represents the title company at the closing. They are responsible for making sure existing mortgages get paid off, making sure documents are notarized, and everything is on the up and up. That's why you tip them. It doesn't have to be a huge amount of money. Give them $50 if that's what you can afford. If you're buying a million dollar home, have been sitting at the closing discussing the nanny and whatever else, and you don't give them anything then yeah, you're probably getting dirty looks.
Then what do you represent them for NOTHING for (or $50 "if" you get paid)? What do you even bother to do it for? What kind of a stupid freelance position is that? Why represent a title company if they won't pay you?
Also, why is it only around here that the title closer expects something from the consumer and nowhere else in the country?
We had gone through several purchases and sales in the last 30 years. Always there was a tip from the buyer to the title closer. Fair? I don't know. I never asked them what they earned. However, when the last one came in wearing gold bracelets, I felt cheated. As a buyer or seller, you tend to "freak out" thinking the closer will put your paperwork at the bottom of the pile or "misplace" it. My feeling is we should complain to the Attorney General or District Attorney's office because this is a scam.
To those of you that are under a misconception , most title closers are independent. The reasons that they dont get paid from the title company is that they represent them and do not work for them.Its a win win situation for the title company to collect their fees and not have to pay the closer.The closer must travel, pay their own gas and tolls as well as all Fedex fees which could amount to as much as $100 to $150 getting your documents and payoffs over night to the proper parties.
From the sellers side they must pay a fee to the title closer to payoff mortgages and liens for them
From the buyers side he must make sure the proper documents are notarized correctly as to insure proper recording without any delays for the new buyer, as well as any liens or judgements against your new property. Call it a "tip" or a "fee" they deserve something for there time and work to insure your closing goes well. If there is something wrong with any documents at the closing they do have the right to stop it , although it is rare. So they do deserve to be compensated for their time and work.But thats a matter of ones own opinion. I'm just telling you this title closers opinion
Last edited by hjgold58; 01-02-2014 at 10:45 AM..
Reason: spelling
To those of you that are under a misconception , most title closers are independent. The reasons that they dont get paid from the title company is that they represent them and do not work for them.Its a win win situation for the title company to collect their fees and not have to pay the closer.The closer must travel, pay their own gas and tolls as well as all Fedex fees which could amount to as much as $100 to $150 getting your documents and payoffs over night to the proper parties. From the sellers side they must pay a fee to the title closer to payoff mortgages and liens for them From the buyers side he must make sure the proper documents are notarized correctly as to insure proper recording without any delays for the new buyer, as well as any liens or judgements against your new property. Call it a "tip" or a "fee" they deserve something for there time and work to insure your closing goes well. If there is something wrong with any documents at the closing they do have the right to stop it , although it is rare. So they do deserve to be compensated for their time and work.But thats a matter of ones own opinion. I'm just telling you this title closers opinion
First of all tell me why NOWHERE ELSE IN THE COUNTRY BUT LONG ISLAND DO TITLE CLOSERS EXPECT ANYTHING FROM BUYERS? Especially money off the books like here.
So now it's that title closers aren't employed by the title company and do this pseudo-profession all on their own, doing work, spending money on gas and FedEx fees, just hoping for a "tip?" If they don't work for title companies, how do they know when there's a closing? Just show up like elves and fairies? Yeah sure.
Oh now I see a very short little sentence saying it's the seller's responsibility to pay them (bolded).
I also like the veiled threat (underlined) of "pay up or else the title closer might screw up." However, Mr. Title Closer, you know if you screw up the transaction doesn't go through AT ALL and you do not get anything from your official employer, do you, be it the title company or the seller, never mind screwing the buyer out of a tip?
Bottom line is title closers somehow got used to double dipping on LI. Probably back in the day when this got started the tip was $5. The buyers owe them nothing or it would be listed as an OFFICIAL EXPENSE on the buyer's closing papers. Stop trying to swindle people and double dip already. We hear all kinds of stories.
The real estate attorneys have spoiled you because they want you at their beck and call. Ask them for the tips out of their own pockets from their profits, not the buyer's pocket. Case closed.
First of all tell me why NOWHERE ELSE IN THE COUNTRY BUT LONG ISLAND DO TITLE CLOSERS EXPECT ANYTHING FROM BUYERS? Especially money off the books like here.
So now it's that title closers aren't employed by the title company and do this pseudo-profession all on their own, doing work, spending money on gas and FedEx fees, just hoping for a "tip?" If they don't work for title companies, how do they know when there's a closing? Just show up like elves and fairies? Yeah sure.
Oh now I see a very short little sentence saying it's the seller's responsibility to pay them (bolded).
I also like the veiled threat (underlined) of "pay up or else the title closer might screw up." However, Mr. Title Closer, you know if you screw up the transaction doesn't go through AT ALL and you do not get anything from your official employer, do you, be it the title company or the seller, never mind screwing the buyer out of a tip?
Bottom line is title closers somehow got used to double dipping on LI. Probably back in the day when this got started the tip was $5. The buyers owe them nothing or it would be listed as an OFFICIAL EXPENSE on the buyer's closing papers. Stop trying to swindle people and double dip already. We hear all kinds of stories.
The real estate attorneys have spoiled you because they want you at their beck and call. Ask them for the tips out of their own pockets from their profits, not the buyer's pocket. Case closed.
This is so true. If anybody should be "tipping" these closers, it should be the lawyers. Title closer tipping is such a joke.
This is so true. If anybody should be "tipping" these closers, it should be the lawyers. Title closer tipping is such a joke.
It's always the RE attorney who tries to get the money for the title closer tip out of the buyer. Then if the buyer does not budge, the RE attorney gives the title closer something. What does that tell you? The RE attorney is the one who benefits from the tip because it has to do with his business relationship with the title closer. Otherwise do you think the attorney would give a crap to harass the buyer into shelling out even more money to someone else? I wouldn't be surprised if the RE attorney also deducts title closer tips off his income taxes as miscellaneous business expenses too regardless of who actually pays the tip. Technically we can pay someone up to something like $600 in a year to do work for us and not give them a 1099. So I could see a RE attorney doing that with double dipping title closers on these "tips" they get through RE attorneys.
At closings I was just instructed to cut the check to the closer with whatever amount was listed. Never knew it was optional or that I had a say in the amount. I had believed it was just another mandatory cost.
At closings I was just instructed to cut the check to the closer with whatever amount was listed. Never knew it was optional or that I had a say in the amount. I had believed it was just another mandatory cost.
Are you sure you are not mixing that up with the check you had to cut to the title COMPANY? That is a legitimate check. One for a title closer is NOT and is not listed on your paperwork, which lists ALL the legitimate checks that are necessary to write.
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