Escrow assistants are professionals who are employed in escrow agencies and usually work under the supervision of escrow officers to perform their daily work activities. Escrow assistant responsibilities comprise administrative and clerical work and are responsible for handling the client's inquiries, answering their queries, etc. They usually function as a third party on behalf of the two transacting parties and are involved with activities associated with the buying or selling of residential or commercial property.
Escrow assistants perform responsibilities whenever any transaction related to the buying or selling of land takes place. He handles all the processes related to escrow process and is responsible for making the necessary payments and collection, handling and safeguarding the funds and other relevant documents,etc., until a transaction is closed. The money involved is usually disbursed only upon the successful completion of contractual agreements decided by the involved parties. To get a better idea, let us have a look at the detailed description of the key responsibilities handled by an escrow assistant:
In addition to these responsibilities,
If you are aiming to be an escrow assistant, you need to be a good team player with excellent communication skills, as you will need to interact with diverse range of clients and will need to work in coordination with the internal staff members. Should be able to follow the given instructions, maintain complete confidentiality, and ability to multi task. Should have a keen eye for details and must be extremely well-organized.
Though no formal education is required, a high school diploma or an associate or a bachelor's degree related to legal studies, real estate, business administration, management, etc., would be preferred. An experience in a legal firm, administrative work, secretarial experience, etc., would prove to be an advantage.
The escrow assistants work in real estate firms, mortgage companies, etc., and they need to work in a normal office environment with their duty hours extending up to forty to forty five hours per week, Monday through Friday. They may also require to do over time in the evenings or late nights. Sometimes, they may have to work during weekends or holidays to complete their work.
The average salary is in the range of $33,000 to $36,000; however, it may change according to the size as well as the type of organization the person is working in It is also dependent on the relevant work experience, skills and academic background.
The employment of escrow assistants is largely dependent on the condition of the real estate market. However, those with relevant experience and a successful track record have definitely got better opportunities for advancement to officer positions.
Thus, if you are applying for an escrow assistant job, you are now well-acquainted with escrow assistant responsibilities, skills, and educational background required to make it a success.