Escrow officers are responsible for verifying real estate deals and processing their finalization. They ensure whether the property titles are clear and the buyer and seller's agreement is fulfilled. They also check to verify the authenticity of other real estate agreements and land ownership documents' accuracy. Escrow officers earn an average salary of $43,000 annually or $20 per hour.
Escrow officers manage disbursement for property expenses and ensure that the company complies with the necessary rules and regulations. They order beneficiary statements and demands while preparing real estate closing documents. They also coordinate with sellers, buyers, lenders, and Realtors to process and finalize a real estate deal. Escrow officers may also assist with receptionist duties such as answering phone calls and scheduling appointments.
Escrow officers typically hold a high school diploma or its equivalent. However, having a higher degree, such as a bachelor's or master's degree, may prove advantageous in the long run. They are expected to have some years of experience with the real estate closing process and possess exceptional organizational and customer-service skills. Some employers prefer candidates with a keen eye for detail and the ability to read and interpret blueprints.
There is more than meets the eye when it comes to being an escrow officer. For example, did you know that they make an average of $22.66 an hour? That's $47,143 a year!
Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.
There are certain skills that many escrow officers have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, initiative and interpersonal skills.
When it comes to the most important skills required to be an escrow officer, we found that a lot of resumes listed 19.2% of escrow officers included title companies, while 14.0% of resumes included customer service, and 13.0% of resumes included buyers. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the escrow officer job title. But what industry to start with? Most escrow officers actually find jobs in the finance and real estate industries.
If you're interested in becoming an escrow officer, one of the first things to consider is how much education you need. We've determined that 35.3% of escrow officers have a bachelor's degree. In terms of higher education levels, we found that 2.1% of escrow officers have master's degrees. Even though some escrow officers have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become an escrow officer. When we researched the most common majors for an escrow officer, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on escrow officer resumes include high school diploma degrees or license degrees.
You may find that experience in other jobs will help you become an escrow officer. In fact, many escrow officer jobs require experience in a role such as escrow assistant. Meanwhile, many escrow officers also have previous career experience in roles such as administrative assistant or office manager.