Escrow Officer

Escrow Officer

The James Allen Companies Inc.

Escrow Officer Scope of Work

Job Summary

Responsible for establishing new escrow accounts and processing escrow documents in accordance with established policies and procedures. Acts as a neutral third-party between buyers and sellers during a real estate sale, managing funds and processing real estate transactions.

Essential Functions

• Completes real estate escrow transactions by determining requirements; clearing titles; assembling, preparing, and reviewing closing documents; disbursing funds
• Determines escrow requirements by studying and clarifying buyer, seller, and lender instructions
• Obtains clear title by ordering title reports; resolving title defects; satisfying existing liens and encumbrances against property or principals
• Establishes escrow account by depositing funds; maintaining records
• Prepares transaction documents by completing forms and statements; collecting and reviewing existing documents
• Completes calculations by prorating taxes and interest
• 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
• Completes closing by recording and filing documents; preparing and distributing final closing statements and title
• Prepares HUD by utilizing lender instructions • Closes escrow account by balancing and disbursing funds
• Complies with regulatory requirements 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
• Enhances organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments Knowledge and Skills/Technology Used
• 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 routine 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

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