| Posted By |
Message |
| Pages: 1 [2] |
ali120206
2 Boys
Member since 7/06 17796 total posts
Name:
|
Re: Closing Attorney - Tip?
Posted by JDubs
Posted by EatingMyVeggies
My RE lawyer actually told me that I had to tip the title guy.
It was $150 I believe. An "appearance fee." She made it seem mandatory and not an option.
That was a few years ago. I won't do it next time.
Yes this was the same for me too. The lawyer told us to write a check for $150 for the title person at closing so I didn't think it was an optional thing.
Same.
|
Posted 7/21/15 1:42 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
|
Re: Closing Attorney - Tip?
On a slightly different note - has anyone ever had an attorney tell them they are being paid out of the loan proceeds?
|
| Posted 7/21/15 1:45 PM |
| |
|
FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
|
Re: Closing Attorney - Tip?
Definitely not
|
| Posted 7/21/15 7:34 PM |
| |
|
FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
|
Re: Closing Attorney - Tip?
Posted by Kitten1929
On a slightly different note - has anyone ever had an attorney tell them they are being paid out of the loan proceeds?
Yes. That ensures the lawyer gets paid. You make up the difference with the funds you bring to the table.
|
| Posted 7/21/15 7:36 PM |
| |
|
Strawberry2468
It's summatime
Member since 3/09 4739 total posts
Name:
Christine
|
Re: Closing Attorney - Tip?
No it's called paying him his fee!! If he's gone above and beyond during the process them maybe give a bottle of wine.
|
| Posted 7/21/15 10:16 PM |
| |
|
Strawberry2468
It's summatime
Member since 3/09 4739 total posts
Name:
Christine
|
Re: Closing Attorney - Tip?
Posted by chilltocam
Posted by LSP2005
No tips are needed. The only place on the internet where anyone ever has suggested tipping at closing all links back to lif from an old post when lif first started. These people are doing their jobs, which they are paid to do by you, already.
The custom of tipping the title closer goes back way before LIF existed. You don't have to tip anyone, and definitely not the attorney, but it is "customary" to tip the title closer
We did this too. Big it seemed odd they didn't just include in the title report and ins fee we paid
|
| Posted 7/21/15 10:18 PM |
| |
|
KD718
LIF Toddler
Member since 4/10 493 total posts
Name:
|
Re: Closing Attorney - Tip?
Closing Attorney - No
Title Closer - Yes
I have no interest in the drama but lots of real estate closing experience. And no, I am not a title closer.
|
| Posted 7/22/15 2:19 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Closing Attorney - Tip?
Posted by KD718
Closing Attorney - No
Title Closer - Yes
I have no interest in the drama but lots of real estate closing experience. And no, I am not a title closer.
Since you are saying you have a lot of experience, I am curious as to why you tip this title closer and what reasoning goes beyond this?
And even more importantly if all title closers should be tipped, how come you never see this happen outside of New York or even Long Island?
|
| Posted 7/22/15 2:44 PM |
| |
|
|
|
Re: Closing Attorney - Tip?
Posted by KD718
Closing Attorney - No
Title Closer - Yes
I have no interest in the drama but lots of real estate closing experience. And no, I am not a title closer.
I agree. I've expressed my views on this in the past. I think the word "tip" is the issue here in terms of causing controversy. It's really a misnomer. It's a fee... Attendance fee, pick up fee (if sellers had a mortgage). It's not a "tip" for good service, such as in a restaurant.
But on a separate issue -- many real estate related issues are handled quite differently in Downstate NY than most other areas of the country. So what happens on LI to out if state transactions/closings is like apples and oranges.
|
| Posted 7/22/15 3:05 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Closing Attorney - Tip?
Posted by Century 21 Dallow - Christine Braun
I agree. I've expressed my views on this in the past. I think the word "tip" is the issue here in terms of causing controversy. It's really a misnomer. It's a fee... Attendance fee, pick up fee (if sellers had a mortgage). It's not a "tip" for good service, such as in a restaurant.
So what happens if you "decline" this fee. Does the deal not go through?
|
| Posted 7/22/15 3:08 PM |
| |
|
LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
|
Re: Closing Attorney - Tip?
The reason it is egregious is that not every closing on Long Island has this fee tip, appearance or what ever you want to call it. If it were on the HUD as part of the title service or any other billed service that would make sense and 100% should be paid, but not everyone is being asked to pay this tip/appearance fee which is why I find it so objectionable. It seems like only some attorneys are asking for this separate check, but not all of them.
|
| Posted 7/22/15 3:13 PM |
| |
|
CSK
LIF Adolescent
Member since 9/11 892 total posts
Name:
|
Re: Closing Attorney - Tip?
Posted by ave1024
Posted by chilltocam
Posted by LSP2005
No tips are needed. The only place on the internet where anyone ever has suggested tipping at closing all links back to lif from an old post when lif first started. These people are doing their jobs, which they are paid to do by you, already.
The custom of tipping the title closer goes back way before LIF existed. You don't have to tip anyone, and definitely not the attorney, but it is "customary" to tip the title closer
Customary according to who? And who's customs?
There is an ancient Native American custom from those that settled along the north shore of long island that dictates tipping of the title closer but not the attorney.
Last closing I was at, it was a closing cost on the HUD that was an "appearance fee" for the title closer.
She did appear, so I guess she earned her fee.
|
| Posted 7/22/15 3:35 PM |
| |
|
alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
|
Re: Closing Attorney - Tip?
Posted by ave1024
Posted by KD718
Closing Attorney - No
Title Closer - Yes
I have no interest in the drama but lots of real estate closing experience. And no, I am not a title closer.
Since you are saying you have a lot of experience, I am curious as to why you tip this title closer and what reasoning goes beyond this?
And even more importantly if all title closers should be tipped, how come you never see this happen outside of New York or even Long Island?
Its a fee for the title closer. Tip is a bad word for what it is. You do not see it in other states because some states do not even have title insurance. Real Estate closing in many other states are simple.
|
| Posted 7/22/15 4:22 PM |
| |
|
|
|
Re: Closing Attorney - Tip?
Posted by chilltocam
Posted by ave1024
Posted by chilltocam
Posted by ave1024
Posted by chilltocam
Posted by ave1024
Posted by chilltocam
Posted by LSP2005
No tips are needed. The only place on the internet where anyone ever has suggested tipping at closing all links back to lif from an old post when lif first started. These people are doing their jobs, which they are paid to do by you, already.
The custom of tipping the title closer goes back way before LIF existed. You don't have to tip anyone, and definitely not the attorney, but it is "customary" to tip the title closer
Customary according to who? And who's customs?
I don't know how the custom started, but I know that working in the mortgage industry many years ago, it was "customary" - not mandatory, just customary.
No offense but that's like somebody who works at McDonald's saying everyone should weigh 300 lbs. if anybody should be "tipping" title closers it should be the mortgage companies or attorneys who hire them.
This whole thing of tipping title closers is a joke. While we are at it let's tip the attorneys, real estate agents, and the admin at the attorney's office who brings me a bottle of water. 
No offense taken but you analogy about McDonalds makes no sense (no offense intended). I never worked as a title closer but worked in the industry. You are more than entitled to do what you want but that doesn't change the fact that tipping the title closer is "customary"
It's accurate because the mortgage industry (and all relating parties) have it in their best interests to entice homebuyers to "tip" these notaries (that's really all they are) so they don't have to pay them as much. It also allows these document runners to give the attorneys favors and priorities knowing they are getting a little "extra". It's such a racket. In my opinion, if the attorneys say it's required it should come out of the attorney fees.
Also if this is so customary, how come you don't see this anywhere else except certain deals on Long Island? I've closed deals in other states, never seen this. You don't see it because it's hogwash, mainly spewed by these local Long Island RE attorneys.
If a lawyer wants me to write a check for an "appearance fee", I would demand the following:
- Show me an itemized report from the title company that has a breakdown of their costs. Most likely an appearance fee will be in there or the title company will simply say it's included.
- If not show me a similar report from the mortgage company for all their "fees", even more detailed than the GFE
- If not either of these two, ask if the appearance fee is REQUIRED from attorney, and don't take the lawyer's word for it. If the attorney says the fee is required, demand from the title company why you are required to pay for an appearance fee after paying the title company thousands of dollars.
- If all of this is required, demand the attorney switch title companies. If the attorney can't do that, switch attorneys then.
I guarantee if you do all of this the fee will surprisingly disappear likely before you have to be switching attorneys or title companies, thus proving my point it's not "required".
I never said it was a good thing, bad thing, or otherwise. I never said I was in favor of it. All I ever said was that it is customary. I can understand why you are against it. It doesn't mean that it doesn't happen on a regular basis.
I agree. It is absolutely customary and you never even said anything for or against it. It's customary regardless of whether someone likes it. Those are 2 different issues completely. This is why so many people don't even answer questions anymore. It's just not worth being dragged into a very silly debate.
|
| Posted 7/23/15 2:10 AM |
| |
|
|
|
Re: Closing Attorney - Tip?
Posted by ave1024
Posted by Century 21 Dallow - Christine Braun
I agree. I've expressed my views on this in the past. I think the word "tip" is the issue here in terms of causing controversy. It's really a misnomer. It's a fee... Attendance fee, pick up fee (if sellers had a mortgage). It's not a "tip" for good service, such as in a restaurant.
So what happens if you "decline" this fee. Does the deal not go through?
I would like to know too. Anyone?
|
| Posted 7/23/15 7:55 AM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Closing Attorney - Tip?
Posted by Kerie-is-so-very
Posted by chilltocam
Posted by ave1024
Posted by chilltocam
Posted by ave1024
Posted by chilltocam
Posted by ave1024
Posted by chilltocam
Posted by LSP2005
No tips are needed. The only place on the internet where anyone ever has suggested tipping at closing all links back to lif from an old post when lif first started. These people are doing their jobs, which they are paid to do by you, already.
The custom of tipping the title closer goes back way before LIF existed. You don't have to tip anyone, and definitely not the attorney, but it is "customary" to tip the title closer
Customary according to who? And who's customs?
I don't know how the custom started, but I know that working in the mortgage industry many years ago, it was "customary" - not mandatory, just customary.
No offense but that's like somebody who works at McDonald's saying everyone should weigh 300 lbs. if anybody should be "tipping" title closers it should be the mortgage companies or attorneys who hire them.
This whole thing of tipping title closers is a joke. While we are at it let's tip the attorneys, real estate agents, and the admin at the attorney's office who brings me a bottle of water.
No offense taken but you analogy about McDonalds makes no sense (no offense intended). I never worked as a title closer but worked in the industry. You are more than entitled to do what you want but that doesn't change the fact that tipping the title closer is "customary"
It's accurate because the mortgage industry (and all relating parties) have it in their best interests to entice homebuyers to "tip" these notaries (that's really all they are) so they don't have to pay them as much. It also allows these document runners to give the attorneys favors and priorities knowing they are getting a little "extra". It's such a racket. In my opinion, if the attorneys say it's required it should come out of the attorney fees.
Also if this is so customary, how come you don't see this anywhere else except certain deals on Long Island? I've closed deals in other states, never seen this. You don't see it because it's hogwash, mainly spewed by these local Long Island RE attorneys.
If a lawyer wants me to write a check for an "appearance fee", I would demand the following:
- Show me an itemized report from the title company that has a breakdown of their costs. Most likely an appearance fee will be in there or the title company will simply say it's included.
- If not show me a similar report from the mortgage company for all their "fees", even more detailed than the GFE
- If not either of these two, ask if the appearance fee is REQUIRED from attorney, and don't take the lawyer's word for it. If the attorney says the fee is required, demand from the title company why you are required to pay for an appearance fee after paying the title company thousands of dollars.
- If all of this is required, demand the attorney switch title companies. If the attorney can't do that, switch attorneys then.
I guarantee if you do all of this the fee will surprisingly disappear likely before you have to be switching attorneys or title companies, thus proving my point it's not "required".
I never said it was a good thing, bad thing, or otherwise. I never said I was in favor of it. All I ever said was that it is customary. I can understand why you are against it. It doesn't mean that it doesn't happen on a regular basis.
I agree. It is absolutely customary and you never even said anything for or against it. It's customary regardless of whether someone likes it. Those are 2 different issues completely. This is why so many people don't even answer questions anymore. It's just not worth being dragged into a very silly debate.
Then if it's so customary how come you don't see this B.S. fee on every closing deal? It amazes me how the proponents of this will not answer the question regarding the consistency of seeing this fee. So when Kerie says it is customary, this is simply not true because it most definitely does NOT happen on a regular basis. Unless Kerie is one of those attorneys who pushes this bogus fee, then it makes sense for her to say it is customary.
And to the PP who said that you don't see this outside of NY because you may not have title insurance, that is incorrect. In Florida for instance you still have owners title and you still have lenders title. The only difference in FL is title is usually paid by the sellers vs. being paid by the buyers in NY. But the process of title is still more or less the same and you even have attorney representation in Florida too. You don't see bogus title closer "tips" though pushed by these attorneys.
To everyone, next time you get asked to pay a bogus title closer tip, politely decline the fee and ask to speak to the title company to see why you have to cover the cost of them doing business.
|
| Posted 7/23/15 10:19 AM |
| |
|
summertime
LIF Adolescent
Member since 9/10 852 total posts
Name:
|
Re: Closing Attorney - Tip?
I agree with most, no tip necessary.
|
| Posted 7/23/15 10:45 AM |
| |
|
NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
|
Re: Closing Attorney - Tip?
I think this thread got lost.
The OP was asking if you need to tip the bank's attorney.
The answer to that is DEFINITELY no.
The whole thing with the title closer- that's another story.
Right, wrong or otherwise.
|
| Posted 7/23/15 10:55 AM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Closing Attorney - Tip?
Posted by NervousNell
I think this thread got lost.
The OP was asking if you need to tip the bank's attorney.
The answer to that is DEFINITELY no.
The whole thing with the title closer- that's another story.
Right, wrong or otherwise.
Not really, I doubt a bank attorney would make a visit to somebody's house. That would be a title closer. I once had a title closer meet me somewhere to do a deal. The closer was hired by the bank.
So while the OP mentioned something different, the thread hasn't gotten lost in the least.
|
| Posted 7/23/15 11:00 AM |
| |
|
NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
|
Re: Closing Attorney - Tip?
Posted by ave1024
Posted by NervousNell
I think this thread got lost.
The OP was asking if you need to tip the bank's attorney.
The answer to that is DEFINITELY no.
The whole thing with the title closer- that's another story.
Right, wrong or otherwise.
Not really, I doubt a bank attorney would make a visit to somebody's house. That would be a title closer. I once had a title closer meet me somewhere to do a deal. The closer was hired by the bank.
So while the OP mentioned something different, the thread hasn't gotten lost in the least.
Here is what she said:
We are refinancing and the banks attorney is coming to our home today to do the final paperwork.
Does a title closer come to a refi?
I genuinely don't know, so I am asking.
|
| Posted 7/23/15 11:06 AM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Closing Attorney - Tip?
Posted by NervousNell
Posted by ave1024
Posted by NervousNell
I think this thread got lost.
The OP was asking if you need to tip the bank's attorney.
The answer to that is DEFINITELY no.
The whole thing with the title closer- that's another story.
Right, wrong or otherwise.
Not really, I doubt a bank attorney would make a visit to somebody's house. That would be a title closer. I once had a title closer meet me somewhere to do a deal. The closer was hired by the bank.
So while the OP mentioned something different, the thread hasn't gotten lost in the least.
Here is what she said:
We are refinancing and the banks attorney is coming to our home today to do the final paperwork.
Does a title closer come to a refi?
I genuinely don't know, so I am asking.
I hear ya and I did see what she wrote. Attorneys themselves usually don't visit people's houses. They draft the documents and a notary (title closer) will make the visit on behalf of the attorney.
|
| Posted 7/23/15 11:09 AM |
| |
|
|
|
Re: Closing Attorney - Tip?
Posted by ave1024
Posted by Kerie-is-so-very
Posted by chilltocam
Posted by ave1024
Posted by chilltocam
Posted by ave1024
Posted by chilltocam
Posted by ave1024
Posted by chilltocam
Posted by LSP2005
No tips are needed. The only place on the internet where anyone ever has suggested tipping at closing all links back to lif from an old post when lif first started. These people are doing their jobs, which they are paid to do by you, already.
The custom of tipping the title closer goes back way before LIF existed. You don't have to tip anyone, and definitely not the attorney, but it is "customary" to tip the title closer
Customary according to who? And who's customs?
I don't know how the custom started, but I know that working in the mortgage industry many years ago, it was "customary" - not mandatory, just customary.
No offense but that's like somebody who works at McDonald's saying everyone should weigh 300 lbs. if anybody should be "tipping" title closers it should be the mortgage companies or attorneys who hire them.
This whole thing of tipping title closers is a joke. While we are at it let's tip the attorneys, real estate agents, and the admin at the attorney's office who brings me a bottle of water.
No offense taken but you analogy about McDonalds makes no sense (no offense intended). I never worked as a title closer but worked in the industry. You are more than entitled to do what you want but that doesn't change the fact that tipping the title closer is "customary"
It's accurate because the mortgage industry (and all relating parties) have it in their best interests to entice homebuyers to "tip" these notaries (that's really all they are) so they don't have to pay them as much. It also allows these document runners to give the attorneys favors and priorities knowing they are getting a little "extra". It's such a racket. In my opinion, if the attorneys say it's required it should come out of the attorney fees.
Also if this is so customary, how come you don't see this anywhere else except certain deals on Long Island? I've closed deals in other states, never seen this. You don't see it because it's hogwash, mainly spewed by these local Long Island RE attorneys.
If a lawyer wants me to write a check for an "appearance fee", I would demand the following:
- Show me an itemized report from the title company that has a breakdown of their costs. Most likely an appearance fee will be in there or the title company will simply say it's included.
- If not show me a similar report from the mortgage company for all their "fees", even more detailed than the GFE
- If not either of these two, ask if the appearance fee is REQUIRED from attorney, and don't take the lawyer's word for it. If the attorney says the fee is required, demand from the title company why you are required to pay for an appearance fee after paying the title company thousands of dollars.
- If all of this is required, demand the attorney switch title companies. If the attorney can't do that, switch attorneys then.
I guarantee if you do all of this the fee will surprisingly disappear likely before you have to be switching attorneys or title companies, thus proving my point it's not "required".
I never said it was a good thing, bad thing, or otherwise. I never said I was in favor of it. All I ever said was that it is customary. I can understand why you are against it. It doesn't mean that it doesn't happen on a regular basis.
I agree. It is absolutely customary and you never even said anything for or against it. It's customary regardless of whether someone likes it. Those are 2 different issues completely. This is why so many people don't even answer questions anymore. It's just not worth being dragged into a very silly debate.
Then if it's so customary how come you don't see this B.S. fee on every closing deal? It amazes me how the proponents of this will not answer the question regarding the consistency of seeing this fee. So when Kerie says it is customary, this is simply not true because it most definitely does NOT happen on a regular basis. Unless Kerie is one of those attorneys who pushes this bogus fee, then it makes sense for her to say it is customary.
And to the PP who said that you don't see this outside of NY because you may not have title insurance, that is incorrect. In Florida for instance you still have owners title and you still have lenders title. The only difference in FL is title is usually paid by the sellers vs. being paid by the buyers in NY. But the process of title is still more or less the same and you even have attorney representation in Florida too. You don't see bogus title closer "tips" though pushed by these attorneys.
To everyone, next time you get asked to pay a bogus title closer tip, politely decline the fee and ask to speak to the title company to see why you have to cover the cost of them doing business.
DO NOT EVER, EVER speculate on what I do or do not do as an attorney.
Message edited 7/23/2015 1:18:03 PM.
|
| Posted 7/23/15 1:16 PM |
| |
|
chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
|
Re: Closing Attorney - Tip?
Posted by Kerie-is-so-very
DO NOT EVER, EVER speculate on what I do or do not do as an attorney.
|
| Posted 7/23/15 2:02 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Closing Attorney - Tip?
Posted by Kerie-is-so-very
Posted by ave1024
Posted by Kerie-is-so-very
Posted by chilltocam
Posted by ave1024
Posted by chilltocam
Posted by ave1024
Posted by chilltocam
Posted by ave1024
Posted by chilltocam
Posted by LSP2005
No tips are needed. The only place on the internet where anyone ever has suggested tipping at closing all links back to lif from an old post when lif first started. These people are doing their jobs, which they are paid to do by you, already.
The custom of tipping the title closer goes back way before LIF existed. You don't have to tip anyone, and definitely not the attorney, but it is "customary" to tip the title closer
Customary according to who? And who's customs?
I don't know how the custom started, but I know that working in the mortgage industry many years ago, it was "customary" - not mandatory, just customary.
No offense but that's like somebody who works at McDonald's saying everyone should weigh 300 lbs. if anybody should be "tipping" title closers it should be the mortgage companies or attorneys who hire them.
This whole thing of tipping title closers is a joke. While we are at it let's tip the attorneys, real estate agents, and the admin at the attorney's office who brings me a bottle of water.
No offense taken but you analogy about McDonalds makes no sense (no offense intended). I never worked as a title closer but worked in the industry. You are more than entitled to do what you want but that doesn't change the fact that tipping the title closer is "customary"
It's accurate because the mortgage industry (and all relating parties) have it in their best interests to entice homebuyers to "tip" these notaries (that's really all they are) so they don't have to pay them as much. It also allows these document runners to give the attorneys favors and priorities knowing they are getting a little "extra". It's such a racket. In my opinion, if the attorneys say it's required it should come out of the attorney fees.
Also if this is so customary, how come you don't see this anywhere else except certain deals on Long Island? I've closed deals in other states, never seen this. You don't see it because it's hogwash, mainly spewed by these local Long Island RE attorneys.
If a lawyer wants me to write a check for an "appearance fee", I would demand the following:
- Show me an itemized report from the title company that has a breakdown of their costs. Most likely an appearance fee will be in there or the title company will simply say it's included.
- If not show me a similar report from the mortgage company for all their "fees", even more detailed than the GFE
- If not either of these two, ask if the appearance fee is REQUIRED from attorney, and don't take the lawyer's word for it. If the attorney says the fee is required, demand from the title company why you are required to pay for an appearance fee after paying the title company thousands of dollars.
- If all of this is required, demand the attorney switch title companies. If the attorney can't do that, switch attorneys then.
I guarantee if you do all of this the fee will surprisingly disappear likely before you have to be switching attorneys or title companies, thus proving my point it's not "required".
I never said it was a good thing, bad thing, or otherwise. I never said I was in favor of it. All I ever said was that it is customary. I can understand why you are against it. It doesn't mean that it doesn't happen on a regular basis.
I agree. It is absolutely customary and you never even said anything for or against it. It's customary regardless of whether someone likes it. Those are 2 different issues completely. This is why so many people don't even answer questions anymore. It's just not worth being dragged into a very silly debate.
Then if it's so customary how come you don't see this B.S. fee on every closing deal? It amazes me how the proponents of this will not answer the question regarding the consistency of seeing this fee. So when Kerie says it is customary, this is simply not true because it most definitely does NOT happen on a regular basis. Unless Kerie is one of those attorneys who pushes this bogus fee, then it makes sense for her to say it is customary.
And to the PP who said that you don't see this outside of NY because you may not have title insurance, that is incorrect. In Florida for instance you still have owners title and you still have lenders title. The only difference in FL is title is usually paid by the sellers vs. being paid by the buyers in NY. But the process of title is still more or less the same and you even have attorney representation in Florida too. You don't see bogus title closer "tips" though pushed by these attorneys.
To everyone, next time you get asked to pay a bogus title closer tip, politely decline the fee and ask to speak to the title company to see why you have to cover the cost of them doing business.
DO NOT EVER, EVER speculate on what I do or do not do as an attorney.
No need for speculation when you openly say "It is absolutely customary". Did you not say that? You sound pretty certain.
It's a shame really. Long Island real estate already costs enough, property taxes are exorbitant, many buyers are forced to put such little money down. To have attorneys push these bogus $100-300 "tips" on homebuyers is pretty rotten.
|
| Posted 7/23/15 3:05 PM |
| |
|
|
|
Re: Closing Attorney - Tip?
Posted by ave1024
Posted by Kerie-is-so-very
Posted by ave1024
Posted by Kerie-is-so-very
Posted by chilltocam
Posted by ave1024
Posted by chilltocam
Posted by ave1024
Posted by chilltocam
Posted by ave1024
Posted by chilltocam
Posted by LSP2005
No tips are needed. The only place on the internet where anyone ever has suggested tipping at closing all links back to lif from an old post when lif first started. These people are doing their jobs, which they are paid to do by you, already.
The custom of tipping the title closer goes back way before LIF existed. You don't have to tip anyone, and definitely not the attorney, but it is "customary" to tip the title closer
Customary according to who? And who's customs?
I don't know how the custom started, but I know that working in the mortgage industry many years ago, it was "customary" - not mandatory, just customary.
No offense but that's like somebody who works at McDonald's saying everyone should weigh 300 lbs. if anybody should be "tipping" title closers it should be the mortgage companies or attorneys who hire them.
This whole thing of tipping title closers is a joke. While we are at it let's tip the attorneys, real estate agents, and the admin at the attorney's office who brings me a bottle of water.
No offense taken but you analogy about McDonalds makes no sense (no offense intended). I never worked as a title closer but worked in the industry. You are more than entitled to do what you want but that doesn't change the fact that tipping the title closer is "customary"
It's accurate because the mortgage industry (and all relating parties) have it in their best interests to entice homebuyers to "tip" these notaries (that's really all they are) so they don't have to pay them as much. It also allows these document runners to give the attorneys favors and priorities knowing they are getting a little "extra". It's such a racket. In my opinion, if the attorneys say it's required it should come out of the attorney fees.
Also if this is so customary, how come you don't see this anywhere else except certain deals on Long Island? I've closed deals in other states, never seen this. You don't see it because it's hogwash, mainly spewed by these local Long Island RE attorneys.
If a lawyer wants me to write a check for an "appearance fee", I would demand the following:
- Show me an itemized report from the title company that has a breakdown of their costs. Most likely an appearance fee will be in there or the title company will simply say it's included.
- If not show me a similar report from the mortgage company for all their "fees", even more detailed than the GFE
- If not either of these two, ask if the appearance fee is REQUIRED from attorney, and don't take the lawyer's word for it. If the attorney says the fee is required, demand from the title company why you are required to pay for an appearance fee after paying the title company thousands of dollars.
- If all of this is required, demand the attorney switch title companies. If the attorney can't do that, switch attorneys then.
I guarantee if you do all of this the fee will surprisingly disappear likely before you have to be switching attorneys or title companies, thus proving my point it's not "required".
I never said it was a good thing, bad thing, or otherwise. I never said I was in favor of it. All I ever said was that it is customary. I can understand why you are against it. It doesn't mean that it doesn't happen on a regular basis.
I agree. It is absolutely customary and you never even said anything for or against it. It's customary regardless of whether someone likes it. Those are 2 different issues completely. This is why so many people don't even answer questions anymore. It's just not worth being dragged into a very silly debate.
Then if it's so customary how come you don't see this B.S. fee on every closing deal? It amazes me how the proponents of this will not answer the question regarding the consistency of seeing this fee. So when Kerie says it is customary, this is simply not true because it most definitely does NOT happen on a regular basis. Unless Kerie is one of those attorneys who pushes this bogus fee, then it makes sense for her to say it is customary.
And to the PP who said that you don't see this outside of NY because you may not have title insurance, that is incorrect. In Florida for instance you still have owners title and you still have lenders title. The only difference in FL is title is usually paid by the sellers vs. being paid by the buyers in NY. But the process of title is still more or less the same and you even have attorney representation in Florida too. You don't see bogus title closer "tips" though pushed by these attorneys.
To everyone, next time you get asked to pay a bogus title closer tip, politely decline the fee and ask to speak to the title company to see why you have to cover the cost of them doing business.
DO NOT EVER, EVER speculate on what I do or do not do as an attorney.
No need for speculation when you openly say "It is absolutely customary". Did you not say that? You sound pretty certain.
It's a shame really. Long Island real estate already costs enough, property taxes are exorbitant, many buyers are forced to put such little money down. To have attorneys push these bogus $100-300 "tips" on homebuyers is pretty rotten.
Let's go back to the time when attorney fees were a flat percentage of the sale price!!! You don't know the difference between something being customary and you being opposed to it. Go picket a bunch of closings for all I care. And oh my, the gifts from title companies. Sometimes they give pens and file folders to attorneys. Alert the media!!!! That's such a big smoking gun right there.  You are speculating about what I do as an attorney. I wouldn't tread there. I handle defamation, libel and slander cases, actually.
Message edited 7/23/2015 7:05:11 PM.
|
| Posted 7/23/15 7:02 PM |
| |
|
| Pages: 1 [2] |
