Escrow Officer

Escrow Officer

Job Summary

Responsible for handling real estate transactions and establishing new escrow customer accounts, managing funds, processing documents for closings, and completing settlements in accordance with established policies and procedures. Acts as a neutral liaison between file parties, adheres to company policy, and monitors and mitigates risk to the company.

Examining the real estate records such as mortgagor, 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:

Job Responsibilities

• Completes real estate escrow transactions by determining requirements; clearing titles; assembling, preparing, and reviewing closing documents; disbursing funds.
• Determines closing requirements by studying and clarifying buyer, seller, and lender instructions.
• Orders title reports for issuing title insurance, resolving title defects; satisfying existing liens and encumbrances against property or principals.
• Establishes escrow account by depositing funds and maintaining records.
• Prepares transaction documents by completing forms and statements; collecting and reviewing existing documents.
• Completes calculations by prorating taxes and interest, etc.
• Completes closing transaction documents by assembling documents; reviewing papers with parties; explaining provisions and procedures; answering questions; checking documents for completeness and accuracy; obtaining signatures and proper notarization.
• Completes closing by recording and filing documents; preparing and distributing final closing statements and title. Prepares settlement statement by utilizing lender instructions.
• Closes escrow account by balancing and disbursing funds.
• Complies with regulatory requirements and company policy by adhering, and enforcing adherence, to requirements.
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• 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
• 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
• Review information provided by 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

Knowledge and Skills/Technology Used

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

• Familiar with standard concepts, practices, and procedures within the escrow/title industry field
• Knowledge of Microsoft Office applications
• Good client relations and organizational skills
• Ability to write reports and correspondence
• Ability to speak effectively before groups of customers or employees of organization.
• Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume
• Detail-oriented and professional; able to handle confidential information
• Ability to deal with multiple types of roles such as real estate sellers, buyers, agents and brokers
• Strong communication skills, verbal, written and in person
• 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 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

Typical Education

• High School diploma or equivalent
• Florida Notary
• Florida Title Insurance License (preferred but not required)

Typical Range of Experience

• 2-4 years related experience
• Experience directly handling escrow transactions as an escrow assistant preferable