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The title closer "tip" was listed on my last two closing statements (in 2002 and in 2013). In both cases it was $100 and was listed as "title closer gratuity".
We already had people like you try on this thread.
Explain post #102 and the many other posts from people stating that they bought a house and were not asked for a tip for the title closer. How was the title closer compensated in those cases? If this is so legit, why weren't they put on the spot for a tip or fee?
Also, if the title closer fee or tip is legit, why isn't it listed on the official list of costs that buyers all get at a closing with everything else that is legit?
The tip might have been included as part of the overall title charges and titled another term. Just because it wasn't asked for personally doesn't mean they didn't pay it.
Also your point about the title closer fee being legit based on it being listed on the "official list of closing costs" (I am assuming you are referring to the HUD-1 Settlement Statement) is weak. In NY the buyers attorney fee is not listed on the HUD so according to your logic is this not a "legit fee". Whether a few is listed on the HUD is often at the discretion or convenience of the settlement agent preparing the form. A fee appearing or not appearing on the form is not strong evidence of the legitimacy of a fee.
The tip might have been included as part of the overall title charges and titled another term. Just because it wasn't asked for personally doesn't mean they didn't pay it.
Also your point about the title closer fee being legit based on it being listed on the "official list of closing costs" (I am assuming you are referring to the HUD-1 Settlement Statement) is weak. In NY the buyers attorney fee is not listed on the HUD so according to your logic is this not a "legit fee". Whether a few is listed on the HUD is often at the discretion or convenience of the settlement agent preparing the form. A fee appearing or not appearing on the form is not strong evidence of the legitimacy of a fee.
Everybody knows they have to pay THEIR OWN real estate attorney. It doesn't need to be listed! What planet are you from?
The bottom line is, does the closing still go on if one of the fees in the HUD-1 Settlement Statement is not paid by the buyer? NO!
Does the title closing go on if the buyer does not pay the title closer a tip? YES!
PS: If a title closer tip is "snuck into" the HUD-1 under another term isn't that fraud?
Everybody knows they have to pay THEIR OWN real estate attorney. It doesn't need to be listed! What planet are you from?
The bottom line is, does the closing still go on if one of the fees in the HUD-1 Settlement Statement is not paid by the buyer? NO!
Does the title closing go on if the buyer does not pay the title closer a tip? YES!
PS: If a title closer tip is "snuck into" the HUD-1 under another term isn't that fraud?
Well in NYC everyone knows they have to pay a title closer tip, that is according to me. Since you claim to be an authority on what "everyone knows" and you even bold the most important parts of your sentence, I suppose when you said "everyone knows" it really is true....
And the line about the closing not going on if a fee on the settlement statement is not paid, that is wrong. It depends on the fee. My point is you are making absolute statements where absolutes do not exist. If you do not like the idea of the title closer fee, fine - good for you. But to overdramatize something that has been acknowledged for decades as some kind of fraud being perpetrated sounds ridiculous. The NY legislature passed laws on regulating title companies recently and Cuomo is going to sign the bill in a few days. There are going to be regulations on title fees in general and title closers will likely have to be licensed going forward, but I have heard nothing about their closing fees being curbed in any way. If title closer fees were such a fraud then why would that not be a huge centerpoint of this title industry overhaul? Wouldn't they want to get rid of title closers in general or make them salaried employees as you suggest?
These title closers work hard for what they do. A lot of them have been doing it for decades and are primary earners for their families. Not liking the system I can understand but why penalize the person working in that system? Why should you pay your attorney at closing then if he does a bad job and is corrupt? Why pay your loan officer if he lied about the fees? What did the title closer do to you other than help make your closing a smooth, fast and problem free one? If your point all of a sudden now is that certain fees have to be paid because otherwise you wouldn't be able to close and a title closer fee you can shortchange the person and still manage to close - what does have to do with right and wrong now? Now you are saying it should be a certain way because you can get away with it?
As per the bolded, the title closer IS paid by the title company to do his job ... who do you think gave him all his paperwork about your house? The title company he works for! Do you really think they would show up for a "tip" that they buyer may or MAY NOT pay? Really? Would you be a title closer for that and travel around to closings only on the possibility of getting a tip? Add to that the fact that this is the ONLY AREA IN THE ENTIRE COUNTRY where this title closer tip nonsense goes on. Buy a house anywhere else and this will not happen. Go ahead and post a query in CD's Real Estate forum and ask about tips for title closers that cost $150 and I guarantee you that in the rest of the USA nobody has ever been asked for ONE THIN DIME for a tip for a title closer. So do you think those title closers in the rest of the country just work for FREE? The tip is just extra gravy around here. You should have told the attorney to pay it himself if he wanted the title closer to have a tip.
This absolute statement alone clearly shows to anyone with a modicum of experience in the real estate industry that you have absolutely no clue what you are talking about. You are basically calling as fact, reasons you just made up off the top of your head. For example, I know for a fact that most title closers do not get one dime from the title company and absolutely rely on the closer gratuity given at closing for their entire compensation. Does it happen often they walk away with no tip? No. Because most people understand or do not have an issue with it. But it does happen. Of course if it happened often who would do it? Just like do you think waiters are never short changed or not given a tip from time to time? If so why in the world would they do it according to your logic? Same reasons.
And again in most part of the United States there aren't title closers because there isn't a table closing to begin with - the documents are sent back and forth through the mail. So to make these blanket generalizations and leaps of so called logic of yours when you compare other parts of the US as a rationale to why and how things may be done in NY is nonsensical. It's not that you are paying a tip here and in the rest of the US they aren't. In the rest of the US half of the parties you see at the closing will never appear because you yourself will not appear!
To steal a page from you there are no title closers in the rest of the US
Ok, another tip question. Remodeled my kitchen. I have an excellent general contractor. He brought in two other contractors with him to help him on the remodel. The helpers did an Amazing detailed precision job! Both with many years of experience.
I want to tip both of them. How much should I give them each? They were both at my house for 7 FULL days. 8am until 4-5pm each day.
This is not a question of "should I tip". It's a question on how much?
The title closer gets paid a salary to do their job. . Tip is optional. $150-200 is absurd.
I am in the business and didn't tip my title person when I closed.
Well in NYC everyone knows they have to pay a title closer tip, that is according to me. Since you claim to be an authority on what "everyone knows" and you even bold the most important parts of your sentence, I suppose when you said "everyone knows" it really is true....
And the line about the closing not going on if a fee on the settlement statement is not paid, that is wrong. It depends on the fee. My point is you are making absolute statements where absolutes do not exist. If you do not like the idea of the title closer fee, fine - good for you. But to overdramatize something that has been acknowledged for decades as some kind of fraud being perpetrated sounds ridiculous. The NY legislature passed laws on regulating title companies recently and Cuomo is going to sign the bill in a few days. There are going to be regulations on title fees in general and title closers will likely have to be licensed going forward, but I have heard nothing about their closing fees being curbed in any way. If title closer fees were such a fraud then why would that not be a huge centerpoint of this title industry overhaul? Wouldn't they want to get rid of title closers in general or make them salaried employees as you suggest?
These title closers work hard for what they do. A lot of them have been doing it for decades and are primary earners for their families. Not liking the system I can understand but why penalize the person working in that system? Why should you pay your attorney at closing then if he does a bad job and is corrupt? Why pay your loan officer if he lied about the fees? What did the title closer do to you other than help make your closing a smooth, fast and problem free one? If your point all of a sudden now is that certain fees have to be paid because otherwise you wouldn't be able to close and a title closer fee you can shortchange the person and still manage to close - what does have to do with right and wrong now? Now you are saying it should be a certain way because you can get away with it?
It's not a "closing fee" that is directly paid to a title closer it is a tip ... you just made that up to look legitimate. The fees are paid to the title company. The closer gets paid by his/her employer, the title company, out of the fees. The "tip" was a bit of trickery passed onto the buyer by real estate attorneys who want their favorite title closers at their beck and call but are too cheap to pay the tips themselves.
The NY legislature probably got so many complaints about the bogus "tips" they had to do something. Good for you, now you are going to be regulated. No more hundreds of dollars in cash tips or checks made out to cash on top of your salaries from the title companies! Only in NY could all this BS happen! There will still be closing fees paid to the title companies like there always have been. You are lying through your teeth though when you say that the "tip" is really a closing fee and that is because you are desperate to keep buyers in the dark. Buyers only have to pay fees to the title company, NOT to whoever shows up to do the closing. THEY are and have always been working for the title company. Stop lying.
Bottom line is title closer tips are extra gravy NOT their primary paycheck. Title closers would not work if they were only relying on a "tip" they might or might not get from a buyer. We are not that stupid. YOU are the ones trying to rip US off and get hundreds of dollars off the books at each closing. BUYERS ARE NOT REQUIRED TO TIP TITLE CLOSERS. Stop trying to bleed us dry. It's a custom that got out of hand due to greed. Let the real estate attorneys "tip" you. They are the ones who have the business relationship with you, not the buyers who see you once in a lifetime.
This absolute statement alone clearly shows to anyone with a modicum of experience in the real estate industry that you have absolutely no clue what you are talking about. You are basically calling as fact, reasons you just made up off the top of your head. For example, I know for a fact that most title closers do not get one dime from the title company and absolutely rely on the closer gratuity given at closing for their entire compensation. Does it happen often they walk away with no tip? No. Because most people understand or do not have an issue with it. But it does happen. Of course if it happened often who would do it? Just like do you think waiters are never short changed or not given a tip from time to time? If so why in the world would they do it according to your logic? Same reasons.
And again in most part of the United States there aren't title closers because there isn't a table closing to begin with - the documents are sent back and forth through the mail. So to make these blanket generalizations and leaps of so called logic of yours when you compare other parts of the US as a rationale to why and how things may be done in NY is nonsensical. It's not that you are paying a tip here and in the rest of the US they aren't. In the rest of the US half of the parties you see at the closing will never appear because you yourself will not appear!
To steal a page from you there are no title closers in the rest of the US
Why would anyone do title closings for NO MONEY from the title company and rely on a tip they might never get?
How stupid do you think we are?
How desperate are you for off the books money on top of what you are paid by the title company to attend closings?
This is sad and pathetic.
As for the showboating fart of a statement "anyone with a modicum of experience in the real estate industry ...." well look at lisalevine's post. She told the truth.
I cannot believe how crooked title closers really are from these posts!
Like I said to the other one. Let the real estate attorneys pay you your tips if you must have them.
These title closers work hard for what they do. A lot of them have been doing it for decades and are primary earners for their families. Not liking the system I can understand but why penalize the person working in that system? Why should you pay your attorney at closing then if he does a bad job and is corrupt? Why pay your loan officer if he lied about the fees? What did the title closer do to you other than help make your closing a smooth, fast and problem free one? If your point all of a sudden now is that certain fees have to be paid because otherwise you wouldn't be able to close and a title closer fee you can shortchange the person and still manage to close - what does have to do with right and wrong now? Now you are saying it should be a certain way because you can get away with it?
Filthy title closer scum.
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