An escrow officer works primarily with real estate transactions and helps ensure each sale meets legal requirements before releasing buyer funds to the seller. The officer does this by reviewing the contract between buyer and seller, conducting research to ensure that the property title is clear and not under lien from another lender, creating closing documents to be signed by all parties, and setting up the timetable for the final closing. This requires the individual to have a number of skills, including familiarity with computers and real estate software, experience in the real estate industry, and effective interpersonal communication skills to work with buyers and sellers. The position also involves a significant amount of multitasking, so it's important for an escrow officer to be flexible and able to successfully complete several tasks at the same time.
The required education for an escrow officer is usually limited to a high school diploma or equivalent, though some businesses may prefer that candidates hold a bachelor's degree. The most relevant requirement, however, is experience with real estate transactions, including an understanding of the necessary steps involved to complete a sale. Most employers also look for individuals with excellent time management skills and the ability to juggle projects with multiple parts that must be completed. Escrow officers typically work in an office with other real estate professionals. Depending on the size of the organization, an escrow officer may be part of a larger department or may be the sole employee responsible for handling escrow matters.
Escrow Officer Tasks
- Identify, verify, and calculate balances due and update statements and legal documents.
- Oversee paperwork associated with transactions, such as titles, insurance and others.
- Open and monitor escrow accounts, transferring funds and communicating with involved parties.
- Record and file documents legally, as well as communicating with buyer and seller.