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Unless they are getting you one heck of a mortgage rates or very low closing costs, don't see why anyone would even consider tipping them being how much they are paid already in the purchase.
I think you may be confusing Title Company with Mortgage Broker? They're not the same thing. The title insurance company has nothing to do with the buyer's mortgage other than issuing a policy to whatever lender the buyer is using. They have no connection at all with the mortgage procedure which is strictly between the buyer and their lender.
I think you may be confusing Title Company with Mortgage Broker? They're not the same thing. The title insurance company has nothing to do with the buyer's mortgage other than issuing a policy to whatever lender the buyer is using. They have no connection at all with the mortgage procedure which is strictly between the buyer and their lender.
You're right, I was just glancing through the OP's post and was just saying that is the only way I'd tip anyone w/all of the costs that are already charged relating to buying a house. It seems as if everyone and their brother seem to get their hand in on some part of the pie!
a. I don't know if the title co rep did a good job, so how do you know they deserve a tip?
b. If they didn't do a good job, I'll simply collect on my title insurance.
That said, shouldn't the TITLE CO. be tipping them?
Anyway, it's strange to say the least. I have no idea if this "tip" (I believe it was also referred to as a "sitting fee".. I don't know which is worse!) represents the majority of what this person will make for whatever it is they did.
In NY you can pay a person like $4.25 an hour (below minimum wage) if their job is tip-based. I wouldn't put it past these big title companies to use some loophole like this.
Don't get me wrong.. I am aggravated over the whole thing, but I would like to hear the rep's side of the story.. if there is one..
There's a bit of discussion about this in a thread at our "home" (Long Island) forum and some people are wondering whether this is a regional or a national thing (or not).
It has always been common practice hereabouts for the title company's rep who attends the closing to be given a "tip" by the buyer. As recently as the mid 1990s the gratuity was $75. Nowadays it has risen to $150 and in some cases as much as $175. Ouch.
So, just wondering:
(a) Is it standard practice for the title company person to receive a "gratuity" at the closing, in your area?
(b) If so, what's the going rate for it? and
(c) Whereabouts are you located?
I've never heard of that and I'm from NY and have plenty of family there too. Is this something new ?
I will say that NY has exorbitant title charges...where does that money go? Tipping a title company employee seems preposterous! It sounds like "palm greasing" to me...totally unethical.
There's a bit of discussion about this in a thread at our "home" (Long Island) forum and some people are wondering whether this is a regional or a national thing (or not).
It has always been common practice hereabouts for the title company's rep who attends the closing to be given a "tip" by the buyer. As recently as the mid 1990s the gratuity was $75. Nowadays it has risen to $150 and in some cases as much as $175. Ouch.
So, just wondering:
(a) Is it standard practice for the title company person to receive a "gratuity" at the closing, in your area?
(b) If so, what's the going rate for it? and
(c) Whereabouts are you located?
Heck no would I give a tip. They are already getting enough money out of the whole deal. THEY should give me some kind of gift for using their service. I am in Tennessee.
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