Escrow assistant job description and profile

Escrow refers to the practice in which an institution holds money or financial assets of other parties as part of a contract. The institution responsible for holding money is in no way related to any party that entrusts assets to it. It is used when real estates, security deposits or financial documents are involved. An escrow assistant ensures that all the details held by the institution or agents are in order. The job involves clerical as well as supervisory duties.

Escrow assistant duties and responsibilities

The duties and responsibilities of an escrow assistant are:

  • Maintaining all the documents related to assets and deals safely and in an organized manner
  • Initiating opening or closing of escrow accounts
  • Communicating with clients and providing updates
  • Maintaining the accounts by regularly upgrading details
  • Interact with customers in order to elucidate escrow procedures for the benefit of the client
  • Answering queries over phone or through direct interaction
  • Helping clients with paperwork such as furnishing necessary documents, filling forms and understanding contracts
  • Adhere to the rules and regulations of escrow in all operations
  • Coordinate with the escrow team in various operations
  • Ensure that the documents are precise and accurate
  • May have to don the leadership cap in certain situations like absence of escrow agent
  • Should maintain high confidentiality regarding clients and their accounts

Escrow assistant skills and specifications

The skills and specifications of an escrow assistant are:

  • Excellent communication skills and writing ability
  • A sound knowledge about working procedures of escrow
  • Ability to maintain good interaction and correspondence with clients
  • Excellent troubleshooting abilities
  • High precision and accuracy in work
  • A keen eye for detail

Escrow assistant education and qualification

Education and qualification required for the job of an escrow assistant are:

  • High schools diploma with work experience in real estate or as an assistant in legal firms
  • A bachelor’ degree in management is preferred

Escrow assistant salary

The median salary of an escrow assistant is $36,000 per annum.