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Suzanne
May the Force Be With You!
Member since 5/05 2083 total posts
Name:
Suzanne
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Tips at closing?
I think this has been asked in the past but are we supposed to tip any of the people at closing?
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Posted 6/12/06 8:19 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
raken40
soooo in love:)
Member since 5/05 4369 total posts
Name:
Karen
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Re: Tips at closing?
we didn't tip anyone...at that point we had spent so much money that we had nothing left to tip!
I've heard that sometimes people tip the title person, but i know he made several hundred dollars as it was just to sit there for 2 hours..
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| Posted 6/12/06 9:13 AM |
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maryg
LIF Infant
Member since 5/06 196 total posts
Name:
Mary
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Re: Tips at closing?
Posted by Suzanne
I think this has been asked in the past but are we supposed to tip any of the people at closing?
I am curious to what other responds. I am in closing. I have heard that you are suppose to tip the lawyer, and real estate person. Is this mandatory? Because to me it doesn't sound like something I want to do. Because so far, none of them have gone above and beyond what they are suppose to do. And isn't that the reason you "tip" or "tip" more?
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| Posted 6/12/06 10:20 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Tips at closing?
From everything I've been told and read (we're closing tomorrow!), you do not tip the lawyer or the REA.
Most everyone says to tip the Title person (though I am on protest just on principle  however I think my DH will wind up tipping the person regardless  ).
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| Posted 6/12/06 10:26 AM |
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SweetT
LIF Adult
Member since 4/06 1305 total posts
Name:
Ali
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Re: Tips at closing?
We didn't. We usually think of these things and this didn't even cross our mind.
Message edited 6/12/2006 10:28:39 AM.
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| Posted 6/12/06 10:28 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Tips at closing?
Posted by Colleen9304
From everything I've been told and read (we're closing tomorrow!), you do not tip the lawyer or the REA.
Most everyone says to tip the Title person (though I am on protest just on principle however I think my DH will wind up tipping the person regardless ).
why do you have to tip anyone?? the whole closing process is a such a racket to begin with?!!!!!!!!!! 
Message edited 6/12/2006 10:30:46 AM.
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| Posted 6/12/06 10:30 AM |
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metsgirlie
How did you get blue eyes?
Member since 11/05 3763 total posts
Name:
LC's Mommy
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Re: Tips at closing?
I did not tip anyone. I think I paid enough to everyone!!!
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| Posted 6/12/06 10:45 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Tips at closing?
Posted by SweetestOfPeas
Posted by Colleen9304
From everything I've been told and read (we're closing tomorrow!), you do not tip the lawyer or the REA.
Most everyone says to tip the Title person (though I am on protest just on principle however I think my DH will wind up tipping the person regardless ).
why do you have to tip anyone?? the whole closing process is a such a racket to begin with?!!!!!!!!!!
That's EXACTLY how I feel! People are telling me you should tip the Title person so that your title doesn't get lost  Give me a break! I am not tipping someone out of fear!
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| Posted 6/12/06 10:52 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Tips at closing?
my DH is in the business and he said you don't need to tip
my Dad who was in the business 20 years ago said it was a common practice back then
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| Posted 6/12/06 10:52 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Tips at closing?
I will add- thay my DH the mortgage brooker- basically tips all these people to get the paper work thru
but he does that- not the client- as a cost of doing business and so his stuff gets done first
I know he gives extra money to the processer and the maybe the title guy all the time
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| Posted 6/12/06 10:54 AM |
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Stefanie
♥
Member since 5/05 23599 total posts
Name:
Stefanie
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Re: Tips at closing?
My parents just went through a HORRIBLE closing. Everyone showed up late and was nasty. The lawyer told my mother that it's customary to tip and my mother told them to go f themselves...
Ah..mom's got a way with words..
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| Posted 6/12/06 11:09 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Tips at closing?
Posted by Stefanie
My parents just went through a HORRIBLE closing. Everyone showed up late and was nasty. The lawyer told my mother that it's customary to tip and my mother told them to go f themselves...
GOOD FOR HER!!!!!!!!! closings in NY cost well over $10K!
you want a tip? if it's raining, bring an umbrella
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| Posted 6/12/06 11:13 AM |
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Ladybug63
Ohh... baby
Member since 5/06 2527 total posts
Name:
D
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Re: Tips at closing?
We tipped the title guy and the lawyer.
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| Posted 6/12/06 11:47 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Tips at closing?
We tipped the title person and we gave our realtor a gift certificate to a restaurant - but only because she was very helpful......
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| Posted 6/12/06 11:50 AM |
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Hi-Fi55
12 years...wow....
Member since 2/06 2984 total posts
Name:
Dianne
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Re: Tips at closing?
The only tip given at closing is to the title closer. It is customarily given by the seller, not the purchasers.
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| Posted 6/12/06 11:55 AM |
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jana
LIF Adult
Member since 3/06 1134 total posts
Name:
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Re: Tips at closing?
Not one red cent to anyone.
My closing took all of 20 minutes,no complications. No paperwork was lost or late.
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| Posted 6/12/06 12:28 PM |
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Bebalina
<3
Member since 6/05 2922 total posts
Name:
N
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Re: Tips at closing?
tipped the title closer i think it was a $100 bux? 
but that was the only one
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| Posted 6/12/06 12:43 PM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Tips at closing?
I have had 3 closings in total (2 as a buyer, 1 as a seller) and I have never tipped anyone. No paperwork has ever been lost.
Who tips me for doing my job?
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| Posted 6/12/06 1:17 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Tips at closing?
Let me clear this up for you! I am a title closer occasionally(the work is a PITA and you do NOT make a few hundred sitting there for two hours) To pay off one mortgage-for instance Mrs. Smith sells her house to Mrs. Jones you charge around $150. You also get an appearance fee of anywhere from 30-50 from the title company. Then you have to either take the paperwork to the title company(they need originals) or if you are the settlement agent you have to go to the post office and overnight the package to teh title co and the bank being paid off.
You could sit there for 5 hours wauiting for the bank to fund their loans-CA banks do this sometimes wait until 5PM NY time to fund loans so they can play around with the money.
You basically make sure that all prior liens on the home are satisfied. You also make sure that spouses are not trying to sell the house with someone else impersonating their spouse(in cases of divorce) Title insurance is the only insurance that protects you against a loss from the past as opposed to every other insurance that protects you from future occurences.
Lawyers and Real Estate agents should not accept gifts or extra money as this is considered rebating since they are both licensed professionals. $50-100 is appropriate to tip the title closer and that is the only person who should be tipped.
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| Posted 6/12/06 3:58 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Tips at closing?
Nope..4 mortgages later...no tips. Frankly, it's not in my budget to tip after all the $$ that goes out in this market.
I think it should be from the realtor or the mortgage banker/broker not the client. It's in their best interest to close the loan quickly so they get paid.
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| Posted 6/12/06 4:19 PM |
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jaysee00
LIF Adult
Member since 3/06 1647 total posts
Name:
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Re: Tips at closing?
We didn't tip anyone either.
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| Posted 6/12/06 4:22 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Tips at closing?
we tipped no one. Everyone got paid. Its their job. I didnt feel the need to tip
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| Posted 6/12/06 4:49 PM |
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Ladybug63
Ohh... baby
Member since 5/06 2527 total posts
Name:
D
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Re: Tips at closing?
Just to clarify I didn't tip my lawyer really. Well he's a family friend and didn't charge us anything so we gave him a gift cert. to a really nice restaurant.
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| Posted 6/13/06 10:45 AM |
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maryg
LIF Infant
Member since 5/06 196 total posts
Name:
Mary
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Re: Tips at closing?
Posted by melijane
Let me clear this up for you! I am a title closer occasionally(the work is a PITA and you do NOT make a few hundred sitting there for two hours) To pay off one mortgage-for instance Mrs. Smith sells her house to Mrs. Jones you charge around $150. You also get an appearance fee of anywhere from 30-50 from the title company. Then you have to either take the paperwork to the title company(they need originals) or if you are the settlement agent you have to go to the post office and overnight the package to teh title co and the bank being paid off.
You could sit there for 5 hours wauiting for the bank to fund their loans-CA banks do this sometimes wait until 5PM NY time to fund loans so they can play around with the money.
You basically make sure that all prior liens on the home are satisfied. You also make sure that spouses are not trying to sell the house with someone else impersonating their spouse(in cases of divorce) Title insurance is the only insurance that protects you against a loss from the past as opposed to every other insurance that protects you from future occurences.
Lawyers and Real Estate agents should not accept gifts or extra money as this is considered rebating since they are both licensed professionals. $50-100 is appropriate to tip the title closer and that is the only person who should be tipped.
I will take what you said into considering for "tipping". I will show this to my husband and see what he thinks.
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| Posted 6/13/06 11:25 AM |
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Selden78
I lvoe the fall :)
Member since 6/06 3543 total posts
Name:
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Re: Tips at closing?
we tiped the Title person 100.00
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| Posted 6/13/06 11:47 AM |
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