Investorwords.com defines escrow as, “documents, real estate, money, or securities deposited with a neutral third party (the escrow agent) to be delivered upon fulfillment of certain conditions, as established in a written agreement.” Most people encounter the escrow process when they are buying or selling a house. The escrow assistant works for an escrow agent handling details and supporting the escrow process.
An escrow assistant spends the majority of her day handling clerical duties, such as maintaining files, creating correspondence and organizing paperwork that has to do with the opening, maintaining and closing of escrow accounts. Though the job is predominantly administrative, she might additionally interact directly with customers so she can offer advice on the escrow process itself.
As with most administrative positions, an escrow assistant needs to possess a strong team orientation, a keen task focus, a flexible work pace and a strong eye for detail. She should additionally be respectful of processes, rules and procedures, since escrow work is complex and regulated. Errors can be costly, so she should work through tasks in an orderly, concentrated manner, and she needs to double-check her work. Additionally, an escrow assistant must possess a service orientation, because she is often the person providing guidance to customers. She needs to listen attentively and think critically as she answers questions and solves problems. Confidentiality is also important in an escrow assistant, since the individual will maintain files that have private, sensitive information.
An escrow assistant works in a business office environment. Depending on the escrow agent, the surroundings might be casual or formal. The assistant works at length on the computer and spends a good deal of time on tedious, repetitive clerical tasks. This work can usually be completed in a 40-hour workweek; however, overtime might be required to meet approaching deadlines.
Employers favor escrow assistants who have an associate’s or bachelor’s degree in areas such as business or legal assisting; however, applicants possessing only a high school diploma can usually find work in this field. Experience in real estate, law or banking makes applicants more attractive to hiring managers.
According to Indeed.com, $36,000 was the average salary of an escrow assistant as of April 2010. Depending on the employer, this job might pay hourly or via salary. Bonus pay opportunities, based on the overall success of the escrow agency, are usually available in this industry.
The U.S. Bureau of Labor Statistics expects average job growth in the administrative/secretarial sector between 2008 and 2018. Growth within the escrow industry, however, may be limited, since the field relies on a vibrant real estate market. When there is a downturn in real estate, fewer escrow agents and escrow assistants are needed.
- Photo Credit BananaStock/BananaStock/Getty Images
Closing Coordinator Job Description
Real estate closing coordinators ensure that local, state and federal requirements are met and that all paperwork is in order to close...
Job Description for an Escrow Coordinator
In property transactions, escrow officers act as the middleman between the seller, buyer and lender and facilitate the movement of funds according...
Escrow Officer Job Description
Before a real estate deal is finalized, it must enter the escrow process to ensure that property titles are clear, outstanding debt...
Real Estate Transaction Coordinator Job Description
A real estate transaction coordinator functions as a liaison between real estate agents, clients, escrow companies and mortgage brokers during the process...
Title Agent Job Description
Nobody wants to buy a piece of property and then discover that the property has claims placed on it. Claims on a...
What Does a Pharmacist Assistant Do?
A pharmacist assistant does administrative work and customer service at a pharmacy, including cashiering, answering questions about over-the-counter item prices and availability,...
Escrow Manager Job Description
An escrow manager acts as the neutral third-party between buyers and sellers during the exchange of expensive commodities, specifically real estate. When...
How to Become an Escrow Officer
When you purchase real estate -- whether it's commercial or residential -- there's someone who ensures your escrow monies are in good...
How to Write an Administrative Assistant Job Description
Administrative assistant job descriptions really should be tailor made to the needs of the person and organization they will be assisting. As...
Escrow Agent Duties
An escrow is a legal arrangement that ensures parties comply with their contract without any disagreements. The three parties of an escrow...