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Old 01-30-2009, 02:37 PM
 
Location: Huntington, NY
7,741 posts, read 10,854,424 times
Reputation: 3485

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Quote:
Originally Posted by totallyfrazzled View Post
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.
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Old 01-30-2009, 02:46 PM
 
Location: Huntington, NY
7,741 posts, read 10,854,424 times
Reputation: 3485
Quote:
Originally Posted by wdavid002 View Post
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.
Part of the reason this amount was so "low" was most likely because RE taxes are a heck of a lot lower in Charlotte!

For example: If you close on a house on June 1st in Suffolk County, the current owner already paid the entire year's RE taxes, so closing costs would HAVE to include 6 months of RE taxes as reimbursement to the seller - and that's just the beginning...
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Old 01-30-2009, 08:22 PM
 
Location: Great State of Texas
75,276 posts, read 36,424,032 times
Reputation: 18304
Quote:
Originally Posted by totallyfrazzled View Post
As recently as the early 1990s the customary gratuity here was $75. Now I see it's doubled. Jesse James rides again...

Never having been involved in any closings outside LI, I don't know if it's a regional thing (whether LI, NY metro, downstate NY, or even tri-state) or not. You could try posting a question over on the Mortgage or Real Estate forums and see what answers come in from other areas.
Sorry..just had to come here when I read of this strange custom of yours on gratuity to the title closer on the RE forums.

No one in other states has ever heard of this nor did anyone else even think that a "tip" should be given to a salaried worker who is already being paid to do the very job of closing.

And, if it's forced, how is it a gratuity ?
IMHO..that's a custom you guys should work to remove.
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Old 01-31-2009, 04:14 AM
 
Location: Miller Place NY
1,051 posts, read 1,919,287 times
Reputation: 108
Quote:
Originally Posted by HappyTexan View Post
Sorry..just had to come here when I read of this strange custom of yours on gratuity to the title closer on the RE forums.

No one in other states has ever heard of this nor did anyone else even think that a "tip" should be given to a salaried worker who is already being paid to do the very job of closing.

And, if it's forced, how is it a gratuity ?
IMHO..that's a custom you guys should work to remove.

My friend, you see, we are "sophista-cated" here.

Not only are we gluttons for punishment from highway Robbers in white collars, we have been PART of the Problem, because we "go along" with the various...ahem...customs, that substitute for crimes and bad manners, where you are from.

ALL OF THIS "THING", is part of our daily lives and Culture. It is in EVERY thread of our Social Fabric, handed down from generation to generation in some localities.

There are, and have been, a few who say "no"....but they are too few to change things.
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Old 01-31-2009, 06:22 AM
 
Location: Long Island
366 posts, read 673,046 times
Reputation: 120
Crook,

I know you're not. When we closed on our house many moons ago, I could not believe how many checks we had to write out in addition to the thousand pieces of paper that needed our signature. Everyone was waiting for their piece of the pie.
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Old 01-31-2009, 12:31 PM
 
Location: Nassau, Long Island, NY
15,856 posts, read 17,083,126 times
Reputation: 6522
Quote:
Originally Posted by HappyTexan View Post
Sorry..just had to come here when I read of this strange custom of yours on gratuity to the title closer on the RE forums.

No one in other states has ever heard of this nor did anyone else even think that a "tip" should be given to a salaried worker who is already being paid to do the very job of closing.

And, if it's forced, how is it a gratuity ?
IMHO..that's a custom you guys should work to remove.
Thank you for taking the time to come over and weigh in! It's good to hear from people in other places that don't have such organized rip-off customs. Now you can see why there are a lot of disillusioned people moving out of our area. As we have driven up the prices of new homes in some places because builders and realtors assume we are coming there with major bucks, let's hope some of our other money-draining customs don't follow. (I wonder if title closers in other places read this if they will say, "We should get in on this action too!")
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