Mortgage companies, landowners, and potential real estate buyers frequently choose to conduct business with escrow companies, which act as neutral third parties. Contract obligations are fulfilled, pending loans and debts are paid, and real estate titles are clean and ready to be transferred by escrow officers and their assistants. Customer service and basic office paperwork are the main responsibilities of an escrow assistant. He or she might be able to negotiate contract terms and draft legal documents with the right training.
When a person decides to purchase a new home or invest in another type of real estate property, he or she can work with an escrow company to set up a contract. In person or over the phone, an escrow assistant explains the basics of working through a contract and transferring funds to the new client. He or she clarifies the details of legal matters, title transfers, and insurance policies, which can be confusing. The escrow assistant can review documents with a supervising officer and begin working with the seller or mortgage company once the client is satisfied with the terms.
At the office, escrow assistants also perform general secretarial duties. They answer phones, schedule officer appointments, and maintain electronic client files. Payroll, scheduling, and other office management tasks are often delegated to assistants. To ensure that day-to-day operations run smoothly and that important documents and contracts are found when they are needed, an escrow assistant must be extremely detail-oriented and organized.
To work as an escrow assistant, no formal education or training is required. Most employers prefer to hire high school graduates with strong math, communication, and computer skills. Some large escrow offices prefer to hire assistants with some college experience in a business-related field like finance or paralegal studies. Furthermore, prior work experience in customer service, real estate, or law firms can significantly improve a person’s chances of landing an entry-level position.
New escrow assistants are typically trained for one to four weeks, participating in classroom activities and shadowing experienced assistants and officers on the job. A successful escrow assistant is given more responsibilities and is allowed to work independently after several weeks of supervised work. An assistant may be able to advance to the position of officer at a local escrow office with continued education and at least one year of experience.