Learn About What an Escrow Officer Does.
An escrow officer is a neutral third party who is responsible for managing the closing process of a real estate transaction. They work for a title company or escrow agency and are responsible for ensuring that all of the conditions of the purchase agreement are met before the transaction is completed.
The main duties of an escrow officer include:
- Holding the buyer’s earnest money deposit in an escrow account until the sale is finalized
- Ordering and reviewing the title report to ensure that there are no issues with the property’s ownership.
- Coordinating with the buyer, seller, lender, and real estate agents to ensure that all necessary documents are signed and funds are transferred.
- Preparing the settlement statement, which outlines all of the costs and fees associated with the transaction.
- Disbursing funds to pay off any outstanding mortgages or liens on the property.
- Recording the deed and any other necessary documents with the appropriate government agencies.
- Ensuring that all parties receive copies of the final documents.
In short, an escrow officer serves as a neutral party that facilitates the transfer of funds and ownership in a real estate transaction, ensuring that all parties are protected and that the transaction is completed smoothly and legally.