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jana
LIF Adult
Member since 3/06 1134 total posts
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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.
and .......what if you had no mortgage? Paid in full at time of closing. What is the whole job of the title closer then?
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Posted 6/13/06 1:55 PM  |
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