The Escrow Officer's duties and responsibilities are varied and complex and begin long-before an escrow is even opened and continue well-after closing! The escrow process itself can be a complicated and technical - requiring a skilled Officer to manage the extensive details that go in to creating a successfully closed escrow. So - what are the typical "in escrow" duties and responsibilities of an Escrow Officer?
- Receive and hold Buyer funds in a non interest-bearing trust account during escrow.
- Read and comply with all agreements as detailed within the Residential Purchase Agreement and Joint Escrow Instructions, Counter Offer(s), and Addenda.
- Follow any additional mutually-signed and agreed written instructions between the Buyer and Seller.
- Order and review a Preliminary Title Report with a Title Company along with Legal Documents to include Tax Roll and Vesting Deed.
- Alert all parties to any issues found within the Preliminary Title Report or Title Documents that may preclude escrow from closing on time and to confirm all vested owners of record have signed the Residential Purchase Agreement.
- Prepare Escrow Instructions, Grant Deed, Estimated Closing Statements, and any other documentation required to clear title or as required by lender requirements.
- Secure and deliver reports as required by the Residential Purchase Agreement - such as City Reports, Termite Inspections, etc.
- Secure all necessary signatures on Escrow Documents, Forms, Reports, and Disclosures as may be required.
- Order and review demand statements for any existing mortgages, liens, or judgments.
- Confirm Seller has sufficient equity in the property to cover all costs, demands, and expenses.
- Order Homeowners Association Documents and deliver to Buyer within specified time frames listed within the Residential Purchase Agreement.
- Receive and review loan documents from Buyer's Lender and coordinate signing with the Buyer and a Notary Public.
- Prepare and deliver final Estimated Closing Statements to all parties for review and signature.
- Package and returned signed loan documents to Buyer's Lender for funding review.
- Deliver recordable instruments, demands, and lien releases to the Title Company for recordation at closing.
- Confirm receipt of Buyer's closing funds and all necessary documents and conditions from all parties before ordering the close of escrow.
- Schedule close of escrow with the Title Company and monitor recording of all transfer documents, deeds, etc.
- Share recording confirmation with all parties.
- Prepare Final Statements, closing packages, and disburse monies.
Check out the image below for a shareable visual you can send to your Buyers and Sellers to help them understand the duties and responsibilities of their Escrow Officer! As always, contact me with any questions or needs! I am here to help!
Christopher Arce-Dale | Escrow Officer & Branch Manager
Office: (949)625-6751 | Mobile: (714)906-7131
