Job Description

Job Description

Escrow Officer Responsibilities

The escrow officer is the person who is responsible for the entire process and the finalization of the escrow transaction.

Typically, a real estate transaction will have a number of parties responsible for the negotiating and preparation of Real Estate Contracts, disclosures and inspection reports and documents. The escrow officer is the person employed by an escrow company or division who is a neutral third party, this individual is charged with processing the real estate transaction, opening escrow, preparation and review of instructions/documents to recording and finalization. They will review preliminary documents provided by a title insurance company to ensure the legal name of the recorded seller of the property/properties. Further reports will be provided to the escrow officer to enable he/she to review the property encumbrances, legal description, and any additional information of record that is important to the escrow transaction. He/ She will prepare escrow instructions in accordance with the buyer and seller agreement and will confirm each party has completed their obligation before recording any documents i.e. Deeds, Deeds of Trust etc. then disbursing all funds held in the escrow trust account and at this time any outstanding debts by either party will be paid in full. Although the escrow officer is not an expert in the area of forgery they do have a duty and obligation to use their due diligence and confirm all instructions, forms, documents and funds are correctly completed, signed and deposited by the actual party/parties to the transaction. The job of an escrow officer is a highly responsible one. This person determines the status of the file and based on this assessment makes the decision as to the recording time for the documents and disposition of funds. The Escrow Officer will then proceed carefully to undertake the critical process of closing the real estate transaction.

They also carry out a wide range of administrative duties that maybe required during transfer of change in status of real property. These transactions may vary and include, Bulk escrow, Mobile Home Escrows, refinance escrows, Real Estate Sale and Exchange Escrows . The escrow officers may also act as Notary Public and may notarize the documents required to be signed in the presence of a Notary Public and/or involved in the real estate escrow transactions. They may notarize other documents as they review and agree to notarize provided they comply with the Laws of the State of California, whether involved in a Real Estate transaction or other documents not related to Real Estate.

An escrow officer ensures that all the parties involved in the real estate transaction has fulfilled their obligations as they have agreed, as well as financial obligations before any funds are disbursed and the escrow transaction is completed.

Educational Qualification

The position of an escrow officer does not require any formal education. A candidate must complete his/her high school degree/ diploma in elementary education. The escrow officer may work as escrow receptionist and then assistant before advancing to the escrow officer position The escrow officers are however, expected to have extensive knowledge of the Escrow Law and also be familiar with laws and regulations of the related industries. To become an escrow officer, the candidate may be an active member of the local Escrow Association and attend the annual conference hosted by the California Escrow Association, and ideally hold or work toward a Certification from the Association evidencing the knowledge of the person through both oral and written testing and ongoing continuing education. In addition, they may undertake classes in legal terminologies, business administration, real estate and finance and statistics/appraisal, etc.

Key Skills

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

• Effective communication skills, both verbal as well as written
• Ability to work with, mentor and train an employee who has the ability to advance in the company and industry
• Expert in critical thinking and multitasking
• Good judgment of simple or critical situations
• Expert reading and math comprehension skills
• Good listening skills and ability to effectively understand what individuals are saying and make good decisions as a neutral third party
• Effective time management skills
• Knowledge about management and effective use of personal resources
• Expert clerical knowledge such as maintaining file records, word processing, designing forms, complete understanding of the importance of privacy
• Knowledge of providing excellent customer
• Knowledge of local city codes, government codes/ procedures, court procedures/cases, executive orders, etc., as it may affect the escrow industry i.e. City Residential Inspections, 1099 reporting and Franchise Tax Board withholding, and the like;
• In depth knowledge of the requirements of maintaining balanced daily and monthly bank reconciliation and how to adjust items as necessary to remain compliant

Job Responsibilities

Accept and review all Real Estate Purchase Agreements furnished by Real Estate Broker on behalf of their buyer or seller, deposit funds in the escrow trust account, review instructions and documents furnished by lenders such as lender instructions and mortgage documents, etc., review and address any and all documents provided by title insurance company i.e. plat maps, deeds of trust, recorded agreements, liens, judgements, etc., a major responsibility of an escrow officer. The escrow officer is also responsible for other duties as follows:

• Summarize 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
• 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.
• Complete documents per the escrow instructions for the transfer of title and/or release of encumbrances of record, these are instruments required for a specific real property to complete the transaction
• Updating the records and maintaining the systems with appropriate data as per needed
• Review and verify the information and its accuracy on related documents
• Supervise staff, i.e Assistant or receptionist
• Examine the file prior to closing for any errors and ensure that the information which will be recording is executed correctly in accordance with the Federal, State, County and City rules and regulations while complying with instructions of the buyer, sellers and lender
• Assess fees to the clients according to the registration of property of related documents
• Prepare the closing statements and disburse and deliver funds by checks or wire as directed and in compliance with the State and Federal Laws and Regulations.