I am always surprised to hear "What is an Escrow Officer?". I can't believe I still get asked that question. But I know there are still some out there that have No Idea what an Escrow Officer is nor what an Escrow Officer does.

Escrow officers facilitate the sale or refinancing of a property by receiving, holding, and transferring funds, deeds, and other legal papers in accordance with agreements made between buyers and sellers or the lender's instructions.

Escrow Officers or Settlement Agents are the head of a real estate transaction. We process most of the paperwork involved in a refinance or sale transaction. We coordinate with the Title Company, Real Estate Agents, Mortgage Brokers/Loan Officers, Insurance Agents, Payoff Lenders, Notaries, Homeowner's Associations/Property Management, Attorney's and any other parties involved in a transaction.

We Escrow Officers have a lot on our plate. That's why we consist of a unit. We have Escrow Assistants to help with the work load. Which consist on some of the following:

ESCROW OFFICER - Escrow Officers (including levels I, II or Junior, Senior) have the following responsibilities:

  • Responsible for the final determination of accuracy of escrow documents, verification of receipt of monies necessary to close, and present for the signing of closing documents.
  • Oversees all work performed by escrow assistant.
  • Serves as the communication link to all parties involved in the transaction.
  • Strives to profit excellent service in order to assure repeat and referral business.

Principal Duties and Responsibilities:

  • Prepare escrow instructions.
  • Request a preliminary title search to determine the basis upon which a title insurance policy may be issued.
  • Request a beneficiary's statement or pay-off demand relating to existing financing.
  • Comply with lender's requirements, specified in the escrow agreement.
  • Receive purchase funds from the buyer.
  • Prepare and secure the deed or other documents related to escrow.
  • Prorate taxes, interest, insurance and rents according to instructions.
  • Secure releases of all contingencies or other conditions as imposed on any particular escrow.
  • Record deeds and any other documents as instructed.
  • Request issuance of the title insurance policy.
  • Close escrow when all the instructions of the buyer and seller have been carried out.
  • Disburse funds as authorized by insurance, including charges for title insurance, recording fees, real estate commissions and loan payoffs.
  • Prepare final statements for the parties accounting for the disposition of all funds deposited in escrow.

To read more on a description of what escrow people do, click here.

Hope this helps on giving you an insight of what we do for YOU! If you ever have any questions regarding escrow, please don't hesitate on contacting me. It's a pleasure to be of help!

 
This post has been included in California Information Los Angeles County, CA Information
Post is included in group: Escrow in SoCal

13 Comments on What is an Escrow Officer?

JUL
11
2007
130,028 Points Outside Blog
wow, our lawyers do most of that work and the escrow monies are held by the listing agents firm.
3:57pm • #1
Ask 90% of people in Minnesota and they would not know either!
4:20pm • #2
JUL
12
2007
108,234 Points 10 Featured Posts Outside Blog
Luisa, great post... I always think of an escrow officer as a neutral party coordinating between the parties to the transaction.
12:28am • #3

Susan: I know some states have lawyers. Here in California, we have Escrow Officers do the work. Thanks for stopping by! ;)

Shawn: LOL! Thanks for stopping by! :)

Irina: Thank You! Staying neutral is what we should do, always. I know Escrow Officers that don't. See you around!
2:33pm • #4
2 Featured Posts
Luisa great explanation of an escrow officer. We have to remember that most people don't understand who everyone is in a transaction.
6:36pm • #5
263,403 Points 3 Featured Posts Outside Blog

Luisa,

That is a thorough explanation what an escrow officer is tasked with. But I can see how first-time home buyers, and others, don't know what you actually do. Your post should be must reading also for new loan officers and real estate agents in states where escrow officers do the settlements.
11:22pm • #6
JUL
13
2007
236,895 Points 1 Featured Post Localism Sponsor Outside Blog Hit Router

Luisa great job of explaining and some good information to keep handy.  I will, I have bookmarked.

Now where do you go to take escrow classes?
6:25pm • #7
JUL
20
2007
 This is a great blog.  I couldn't have said it better myself.  So how have you been?  I haven't been around lately because I have had so much on my plate lately... hope all is well.
6:05pm • #8
AUG
26
2007

GREAT DAY, WOULD YOU ASSIST ME, I WANT TO VERIFY THAT MY CLIENT FUND IS CORRECT, I AM AFRAID OF FRAUDS. I AM SEARCHING FOR A COMPANY OR INDIVIDUAL THAT WOULD VERIFY WITH MY CLIENTS BANK AND LAWYER, THAT THE FUND IS LEGAL AND THAT IT CAN BE INVESTED. VERIFICATION OF CONTRACT AGREEMENT, DEPOSIT CERTIFICATES AND ADDITIONAL CLEARANCE CERTIFICATES.THANK YOU
6:26pm • #9
AUG
29
2007

Luisa, I wish you had been MY escrow officer when  I sold my CA home in 2004.  Having sold homes in other states, I assumed I needed to be at the closing, so I kept calling the escrow office, asking when the closing was, because we were due to leave CA the day after the first closing date we were given.  ( We had a sneaking suspicion that the buyers were stalling because we couldn't accept a 30-day escrow) It didn't matter that we had already signed all of our paperwork, neither my husband or I were ever told how escrow works.  As a person not involved in Real Estate then (I am now in the state of IL), it was so confusing.  I know the receptionist thought I was off my rocker as I was calling everyday!  Finally, 3 weeks later, when we were in our new home 2000 miles away, escrow closed and we received all our paperwork and funds.  But if someone had taken just a minute to explain to us what to expect, alot of anxiety and long-distance phone calls could have been avoided!  Thanks so much for your explanation!  Now if I ever own and sell another CA home, I'll know what to expect!

 
4:18pm • #10
SEP
01
2007
 A good escrow officer is worth their weight in platinum, not just gold. Thanx for letting everyone know how much you do for us. Have a great day.
3:19pm • #11
SEP
04
2007

Ashley: That is true. I agree.

Esko: Thanks! And yes, All parties in a real estate transaction should know what an Escrow Officer is. =)

Rosemary: Thanks! You can take escrow courses at a community college. Not all offer them though. The California Escrow Association or Escrow Institute also offer seminars and courses for further education. Thanks for stopping by.

Nikki: Thanks! I've been well. Hope you are too.

Marcial: Sorry, wish I could help you more on that. But can't. I would contact an attorney for that. Good Luck!

Denise: LOL! I've avoided plenty of headaches with Out of State clients just by taking 5 mins out of my time to explain to them how the procedures here in California work. Also, the terminologies are just as important. Sad that you had to go through all that trouble on stressing it. Trust me, I sure would have avoided that for you. That's my job! You're very welcome! Thanks for visiting.

Karl: Thank you! Have a great day too!
6:41pm • #12
JUN
16

I help people get lump sums of cash for their future income. I need a escrow officer to help me with the paper work. Which consist of a real estate analysis sheet.
RonnieRon
7:20pm • #13

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Luisa Orellana, Escrow Officer, Camden Escrow

Los Angeles, CA

More about me…

Camden Escrow

Address: 9595 Wilshire Blvd, Suite 402, Beverly Hills, CA, 90212

Office Phone: (424) 202-3846

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I am here to give you my thoughts and opinion about pretty much anything. So hope you enjoy my posts! Please let me know how I'm doing and don't be afraid to leave your comments.


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