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Our lawyer informed us that there is a customary tip for the title agent that will come out of our pocket. Is that really customary?
No, it's total bullshit.
I only tip my title agent during the holidays.
I didn't tip the title agent at all, they make plenty of money.
In a coop sale and home sale I've never heard of this. (I haven't been involved in condo sales). Unlike Matt, I tip often and tip well--but this sounds ridiculous.
This makes me curious about other parties is RE transactions that might be tipped. Would you tip your agent? Their commissions are already ample. Staging decorator/consultant?
I've seen it in every commercial transaction Ive been involved in.
It's usually around $100.
THe title agent does a last minute up to the day check that title is still clear.
I imagine it was more troublesome to do pre "internet in your back pocket days."
@kyle, your comment "unlike Matt, I tip often and tip well" is grossly inaccurate.
I also tip often and tip well.
To those who DESERVE the tips.
The mortgage bank that I have closed with doesn't even bother calling it a tip since they know most people will probably not pay. The just auotmatically charge a $200 fee at the time of closing and pay it to the title agent there.
Depends on the transaction and whether there is a loan or loans involved.
$150.00 - $250.00
Kyle there is no title in a Coop Sale, hence no closer. They have a lien search and sometimes an eagle 9 policy.
Just an FYI for the board most title agents (i.e. title closers) are not paid much (if at all) by the title company, that is why it is customary to give them a tip/gratuity/fee.
One last thing, your attorney probably bills you an extra $X and he gives it to them at a later date. Everyone gives the title closer a gratuity whether you know it or not.
no title agent in a coop sale, right?
this is the whole, if you dont tip him, he will f-up your title work.
this, along with broker commissions based on a %, has to go.
GCondo, I am not a big fan of most title closers but they don't have set gratuities or anything (and their fee is insignificant literally compared to the transaction). They come to mark-up title and make photo copies. I wouldn't compare it to the broker commissions.
A good title closer can be very helpful. A good closer will bring back up affidavits or other documents that attorneys forget to bring. In fact a good title closer can make a closing more efficient and at least 30 minutes shorter.
He will not fu*k up the title, they can just make the process more enjoyable and hence they deserve a small gratuity. Also, the whole transaction is closed (i.e. title is marked up and deed signed) by the time they get their gratuity.