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What I'm curious about is this: If the BUYER chooses the title company and it's not their lawyer's "pet" one, does the BUYER decide how much (if anything) to tip the title company rep at the closing? Or does the lawyer still lean over and whisper an amount in the buyer's ear?
Yes, the lawyer still suggests and amount LOL.
I have picked my own title company and I also "adjusted" the tip to an amount I felt was appropriate; my last closing took less than an hour, and "time is money", so I felt a reduction in the suggested amount was called for.
Quote:
Originally Posted by totallyfrazzled
The thing about not tipping the title person is this: There is still work that the title company person does after the closing. Such as paying your mortgage recording tax and recording your deed. If they get no tip, or if they get a "substandard" tip.... I wonder what the odds are of that buyer's paperwork ending up perpetually at the bottom of the to-do pile.
With some, that's probably what happens. Someone should do a study on that
Yes, the lawyer still suggests and amount LOL.
I have picked my own title company and I also "adjusted" the tip to an amount I felt was appropriate; my last closing took less than an hour, and "time is money", so I felt a reduction in the suggested amount was called for.
With some, that's probably what happens. Someone should do a study on that
Depending how I was feeling at the time, I might do this...
"bypass" the lawyer, and go directly to the other Party, and say, "UNLESS the fee is "cut" or eliminated, there is NO DEAL. And then just stop answering the phones TO EVERYONE.
Make them ALL sweat...especially the Lawyers, who are thinking "I AM CRAZY...because we put all of this WORK into the Deal."
It's a variation on "waterboarding" EVERYONE, until they capitulate OR the deal is DEAD. You may even get other things "thrown in".
You are at the most important part of the Deal..the Closing, after all the work has been done, ANYTHING like this, should get you what you want. And if it doesnt, it wasn't meant to be.
You can see, I am the exception.
Last edited by longislandmike; 01-30-2009 at 04:11 AM..
Depending how I was feeling at the time, I might do this...
"bypass" the lawyer, and go directly to the other Party, and say, "UNLESS the fee is "cut" or eliminated, there is NO DEAL. And then just stop answering the phones TO EVERYONE.
Make them ALL sweat...especially the Lawyers, who are thinking "I AM CRAZY...because we put all of this WORK into the Deal."
Well, although your scenario has dramatic effect... it would need to be done before the contracts are signed. Because once that is signed by both parties, you have an obligation (subject to specific situations such as if you can't get a mortgage) to either go through with the sale OR lose the tens of thousands you put down on contract because you defaulted for a reason not specified in the contract. Both your lawyer and the seller's lawyer know that you are NOT really going to throw that money away for the sake of $150. They know that after the contracts are signed, anything like that is either a 100% bluff, or that you really are certifiably insane.
I assure you, signed contracts notwithstanding, they would do ANYTHING to consumate the Deal, greedy...ahem...people, that lawyers et al, including title people, that they are !
It REALLY urks me, these "professionals" who lord it all over you, and who, genuinely, aim to be greedy.
I have, absolutely, NO trust in ANY of them, that they will be honest, in ANY endeavor with you...to me, it just comes down to how much they are going to "steal", and "if" you're going to take it with a whimper or thwart their criminal enterprise.
If you let the rules of Law, get in the way of what you want accomplish with these types, you are showing a sign of weakness with them.
In other words, you have to be as aggressive and unpleasant, with them as they are condescending of you.
It's business, and I give them the business at every juncture. Rules courtesy of Murder Incorporated.
Ya think we could get them indicted under RICO when attorneys (especially those who receive gifts, money, or own interests from/in title firms) force the buyer to write a check to the title closer as a "gratuity." (I am only "half" kidding.)
I wonder if title closers report their 3-figure gratuities received for everything they do to the tax man.
Ya think we could get them indicted under RICO when attorneys (especially those who receive gifts, money, or own interests from/in title firms) force the buyer to write a check to the title closer as a "gratuity." (I am only "half" kidding.)
I wonder if title closers report their 3-figure gratuities received for everything they do to the tax man.
If I suspect someone is stealing from me, I'm not going to send them flowers...or just sit there and let them.
Closing costs in NY are absurd. Was looking at a house Roanoke Landing and with Peconic tax..c/c was approaching 40k. I just bought a house in Charlotte for 330k brand new construction..3700 sq ft, all bells and whistles..$7500 in closing costs including pre-paids. Closing took 30 minutes. One lawyer. Wife and I will rent up here until I retire to Charlotte. I am so done with NY. Will not spend another dime than I need to on LI. Bunch of crooked pols.
Closing costs in NY are absurd. Was looking at a house Roanoke Landing and with Peconic tax..c/c was approaching 40k. I just bought a house in Charlotte for 330k brand new construction..3700 sq ft, all bells and whistles..$7500 in closing costs including pre-paids. Closing took 30 minutes. One lawyer. Wife and I will rent up here until I retire to Charlotte. I am so done with NY. Will not spend another dime than I need to on LI. Bunch of crooked pols.
Was there a Title Closer there and if so, were you forced to tip the Title Closer $150-$175 (or anything for that matter)?
Can't swear to it..but I do not believe there was any tipping involved. Friend of mine refused to pay the tip. His lawyer argued with him for an hour, but my frined held his ground telling the lawyer...nobody tips me at work. He did not pay it. Believe me..they are all in bed together..your lawyer, bank, etc. They all have a nice little racket going on. Tired of being screwed..so I put my money elsewhere.
If you let the rules of Law, get in the way of what you want accomplish with these types, you are showing a sign of weakness with them.
Well, we definitely part company on that philosophy. I happen to respect the Law which among other things holds people responsible for their actions, i.e., signing a binding legal contract that has specific consequences for failing to do what you have promised.
I'm not disputing that we in this area pay far more for certain things (including closing costs) than other places, nor that many of those charges are either unneccessary or ridiculously inflated. However....
.... If I were a seller, or a seller's lawyer, and you the buyer started in with me AFTER CONTRACT demanding that I pay for something that wasn't specified that way in the contract "or else you'll walk", you know what I would say? I'd say "Don't let the door hit you on the way out" and I would tell my lawyer to take your $40,000 or $50,000 or whatever the amount of the check you gave me on contract OUT of escrow and put into into MY bank account because YOU defaulted on the contract. And you would not have a leg to stand on, legally, in order to get that money back.
If however I had absolutely no other buyers and HAD to sell my house, I would instead tell my lawyer to serve your lawyer with a lawsuit for Specific Performance, in other words to force you to buy my house according to the contract you signed. I bet you would rather pay the $150 title fee than have to pay not only your lawyer to defend that suit, but also my legal costs when I win. Of course it would probably never come to that point because both attorneys would work out a cash settlement.
But any way you slice it, it would cost you a heck of a lot more than the $150 tip you were initially throwing a hissy fit about.
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Rico
