Escrow Assistant Job Description, Responsibilities, Requirements and Skills
What does an escrow assistant do day-to-day? Find out about the Escrow Assistant Job Description, requirements, key skills, and more that escrow assistants need to handle real estate transactions.
Escrow Assistant Job Overview
As an escrow assistant, you’ll work for title companies, law firms, or mortgage companies assisting with real estate deals by:
- Preparing paperwork
- Organizing documents
- Communicating with involved parties
- Transferring funds
- Maintaining detailed records
Strong math, computer, communication, and organizational skills are crucial.
Key Escrow Assistant Responsibilities
Transaction Paperwork
- Gather required contract, title, and description information
- Create necessary sales agreements, deeds, affidavits and more
Document Management
- Track inspection reports, insurance policies, tax documents, titles
- Distribute correct forms to the proper parties
Client Communication
- Answer questions from buyers, sellers, agents, attorneys
- Schedule signing appointments
- Explain next steps
Account Administration
- Hold earnest money deposits
- Oversee final funds transfer once contingencies met
- Coordinate closely with banks and lenders
Record Keeping
- Organize all aspects of deals
- Meticulously file based on laws and retention policies
Skills and Requirements
Formal Education
- High school diploma
- Associate’s degree preferred
Key Skills
- Extremely organized
- Excellent written and verbal communicator
- Sharp attention to detail
- Able to efficiently multi-task
- Math and accounting competence
Knowledge Needed
- Real estate procedures and documentation
- Computer programs like MS Office
Being an escrow assistant requires wearing many hats and keeping countless plates spinning. If you’re a meticulous, communicative multi-tasker who loves real estate, it may be the perfect job for you!
Escrow Assistant Job Description Template
We are seeking an organized, detail-oriented individual to join our team as an Escrow Assistant. The Escrow Assistant will be responsible for preparing paperwork, tracking documents, coordinating clients, managing account funds, and maintaining records for real estate transactions.
Roles and Responsibilities
- Prepare necessary paperwork such as sales contracts, deeds, title affidavits, and other forms by collecting required information and creating accurate files
- Track and distribute key documents including inspection reports, insurance policies, tax records, titles, and more to ensure correct information is dispersed properly
- Communicate with involved parties such as buyers, sellers, agents, attorneys, and others by answering questions, facilitating signing appointments, and explaining next steps
- Hold and release earnest money deposits, while overseeing the final transfer of funds once all contract contingencies have been met, working closely with banks and mortgage lenders
- Maintain meticulous physical and digital records and filing systems to keep all aspects of deals organized based on laws, regulations, and retention policies
Skills and Qualifications
- High school diploma; Associate’s degree preferred
- 1+ years of administrative experience, preferably in a real estate setting
- Excellent written and verbal communication abilities
- Highly organized with sharp attention to detail
- Comfortable managing multiple tasks efficiently
- Proficiency with MS Office and database management platforms
- Knowledge of real estate documentation processes and terminology
- Strong math, accounting, and bookkeeping skills
The successful candidate will be an integral part of our team supporting essential real estate transactions. This is an excellent opportunity for someone looking to enter the exciting field of escrow and title work.
We provide competitive pay and a comprehensive benefits package. Please submit a resume to be considered for this position.
What does an escrow assistant do?
An escrow assistant works at a title company, law firm, or mortgage company supporting real estate transactions. Their key duties include preparing paperwork, tracking documents, coordinating clients, managing funds, and meticulous record keeping.
What skills does an escrow assistant need?
Strong math, organizational, multi-tasking, written/verbal communication and computer skills are essential. Attention to detail is also vital as each real estate deal requires managing countless moving pieces.
What education or experience is required?
Most positions prefer candidates with an associate’s degree, though high school graduates are sometimes considered. Administrative experience in industries like real estate, banking, or law is also valued. Familiarity with real estate terminology is a plus.
What is an escrow assistant’s salary?
Escrow assistants earn approximately $30,000 to $50,000 annually depending on experience, location, and employing company. Overtime is common during especially busy seasons. Many companies offer quarterly bonuses as well.
What traits do successful escrow assistants have?
Top escrow assistants are meticulous, communicative, ambitious, analytical, and technologically adept multi-taskers who thrive in fast-paced environments under pressure. Staying energized while managing high workloads is crucial.
Is certification required for escrow assistants?
Voluntary professional certifications like Certified Escrow Assistant (CEA) or Certified Escrow Officer (CEO) can enhance credibility. Some states require licensing such as the Escrow Assistant Certificate in California.
Do escrow assistants have room for advancement?
Yes. With additional experience and training, escrow assistants may transition into roles like escrow officer or manager, overseeing a wider range of settlement services and larger transactions.