Escrow Officer Responsibilities

The escrow officer is one of the officers who processes the finalization of the real estate deals. Any real estate deal has to be verified by an escrow officer before it is actually finalized. He or she checks and ensures whether the property titles are clear, the obligations are fulfilled by both the seller as well as the buyer, outstanding debt is paid, and other real estate agreements are authentic. The job of an escrow officer is a highly responsible one, and he is the person who decides the time for deposition of funds and undertakes the process of legal paperwork necessary for closing the real estate transaction.

The escrow officer is also commonly known as the loan officer and is responsible for facilitating the hold and transfer of funds for buyers and sellers. They also carry out a wide range of administrative duties that are legally required during transfer of change in status of personal property. The escrow officers are the third party assistants that assist in the procedure of property transactions. These transactions may include refinancing, sale of real property, property exchanges, and bulk sales. The escrow officers may also act as notaries and can notarize the legal documents involved in the real estate transactions.

An escrow officer ensures that all the parties involved in the real estate transactions fulfil their legal as well as financial obligations before any funds are disbursed and the escrow transactions are completed. To begin a career as an escrow officer, a candidate must understand the job responsibilities, skills required, and educational qualification of an escrow officer. This information will help you to thoroughly understand the job profile of an escrow officer and plan your career accordingly. The below given information about the escrow officer responsibilities, skills, and educational qualifications will definitely help you in planning your career.

Educational Qualification

The position of an escrow officer does not require any formal education. However, a candidate must complete his high school degree or diploma in elementary education. Many escrow professionals start their career as escrow assistants or coordinators. They further advance as escrow officers within a year or two by maintaining a successful track record. The employers recruiting escrow officers often look for candidates with experience in the escrow industry and expertise in a variety of escrow product areas. The escrow officers are, however, expected to have expert knowledge of various real estate legal issues. To become an escrow officer, the candidate may undertake a course in legal terminologies, business administration, real estate, finance, statistics, etc.

Key Skills

The escrow officers must possess strong analytical skills and legal knowledge. Along with these basic skills, they must also possess the following essential skills:

• Strong communication skills, both verbal as well as written
• Expert in critical thinking
• Expert reading comprehension skills
• Good listening skills and ability to effectively understand what people are saying
• Effective time management skills
• Expert persuasion skills
• Expert judgement and decision making skills
• Knowledge about management and effective use of personal resources
• Expert clerical knowledge such as maintaining file records, word processing, designing forms, etc.
• Knowledge of providing customer and personal service
• Expert knowledge about legal codes, government procedures, court procedures, executive orders, etc.
• Necessary knowledge about computers

Job Responsibilities

Examining the real estate records such as mortgager, plat books, contracts, maps, agreements, liens, judgements, etc., is one of the main job responsibilities of an escrow officer. The escrow officer is also responsible for other duties as follows:

• Summarise the recorded documents such as trust deeds, property titles, mortgages, etc.
• Read search requests to determine the type of title evidence required to obtain descriptions of properties
• Prepare and maintain reports describing title encumbrances detected during searching activities
• Obtain and study the maps or drawings delineating properties from county surveyors or assessors
• Examining the individual titles to check whether it may restrict the property use due to delinquent taxes
• Solve any title related issues by conferring with realtors, buyers, sellers, lending institutional personnel, surveyors, courthouse personnel, etc.
• Prepare documents regarding the list of legal instruments required for a specific piece of land
• Updating the records and maintaining the systems with appropriate data as per needed
• Verifying the accuracy of the land related documents
• Supervise the workers who search the records and examine the title and providing them with necessary guidance
• Examine the closing files for any errors and ensure that the information recorded is executed according to the rules and regulations
• Assess fees to the clients according to the registration of property related documents
• Prepare the closing statements

Salary

According to the pay scale report and the United States Bureau of Labour Statistics, the average annual salary of an escrow officer ranges in between $34,000 to $50,000. The escrow officer may also receive a bonus ranged between $1000 to $5000 and a commission in the range of $2,500 to $16,000. The salary of an escrow officer may also depend upon the qualification and organization he or she is working in as well as proficiency of work.

An escrow officer has a bright future, as real estate is one of the most blooming industries these days. The above mentioned escrow officer responsibilities, skills, and qualifications will definitely help you in guiding through your career.