Question: I am interested in real estate, but I don't like sales and need a steady income. I am well organized, detail oriented and good with numbers. I have thought about working for an escrow company. Can you tell me about the nature of the work?
—Claudia

Response: The escrow officer position is unique to California. Most other states use lawyers to do what escrow officers do.

Most Escrow officers enter the field by first working as an Escrow Assistant.

Escrow Assistants ensure all details related to sales transactions are accurate. They assist with the processing of all paperwork associated with escrow closings, real estate contracts, deeds, titles, and closing statements. Plus, they usually help audit closed files.

According to a representative of the California Escrow Association, escrow assistants can work their way up to Escrow Officer positions in 1 to 3 years, depending on ability and perseverance.

Escrow officers facilitate the sale of property by receiving, holding, and transferring funds, deeds, and other legal papers in accordance with agreements made between buyers and sellers.

As neutral third parties in property sales, escrow officers help safeguard the interests of both seller and buyer. They review title search and pest inspection reports, insurance policies and loan applications, and check for liens, unpaid taxes, and other encumbrances.

Escrow officers record all such expenses and credits for buyers and sellers and calculate the amount owed to each. They pay off debts as required and send closing statements to sellers and buyers. Industry specific software currently being used in Escrow include SMS, FPS (Financial Processing Systems), and ACS, which is generally learned on the job.

Employment Outlook
Above average growth is projected through 2008 for escrow officers. Employment prospects in California are good due to the continued growth of real estate transactions. Further, according to a representative of a California Escrow Association regional chapter, the demand for escrow officers is strong in Los Angeles.

Salary Range
The beginning pay of Escrow Assistants is $10 per hour but can be significantly higher depending on the employer.

According to a placement agency for escrow professionals, the salary for escrow officers ranges from $3,500 to $4,000 per month/$42,000 to $48,000 per year, not including commission. Typically, escrow officers are paid a draw or commission based on the sales price of a property.

The complexity and involvement of an escrow transaction can range depending on whether the officer is performing a commercial or residential escrow, a Holdings escrow, or an asset sales escrow. Therefore, the commission received can range widely from 5% to 40%.

Training Options And Costs
While there are no formal training requirements for becoming an escrow officer/assistant, completion of escrow and real estate coursework can be helpful. Several local community colleges offer a variety of real estate courses including Escrow Principles, Real Estate Economics, and Real Estate Practices at a cost of $33. Colleges offering these courses include:
West Los Angeles Community College
9000 Overland Avenue
Culver City, CA 90230
(310) 287-4200
www.wlac.cc.ca.us
Glendale Community College
1500 North Verdugo Road
Glendale, CA 91208
(818) 240-1000
www.glendale.edu
Los Angeles Pierce College
6201 Winnetka Avenue
Woodland Hills, CA 91371
(818) 347-0551
www.piercecollege.com
Professional Association
California Escrow Association
Los Angeles Branch
Mara Escrow Company
9401 Wilshire Blvd., Ste. 515
Beverly Hills, CA 90212
www.ceaescrow.org
(310) 550-7400
Fax (310) 550-7531
Contact: Angela Swailes

This is one of many regional chapter associations that offer monthly educational seminars on a variety of escrow topics including procedure and management techniques. Seminars are open to both members and non-members at $30 for members and $35 for non-members.
Meeting Location:
Luxe Summit Hotel Bel-Air
11461 Sunset Blvd.
Los Angeles, CA 90049
Contact: Mary Helen, Seminar Coordinator
(310) 395-5659
San Fernando Valley Malibu Escrow
22241 Pacific Coast Highway
Malibu CA 90265
(310) 456-2058
Fax (310) 456-1256
Contact: Tina Hunter
E-mail: tina1955@earthlink.net

Chapter meetings are held the third Tuesday of every month.
Long Beach Escrow Association
Castlehead Inc. Escrows
11401 E. Carson Street, Suite N
Lakewood, CA 90715
(562) 809-7772
Fax (562) 809-7229
Contact: Bette Hamby
E-mail: bettehamby@Netscape.net
Job Resource
Escrow Overload
10061 Riverside Drive, Suite 802
Toluca Lake, CA 91602
(818) 761-9556
Fax (818) 752-2046
(800) 668-3856
This is a temporary agency that specializes in escrow positions, serving Southern California including the Los Angeles and Ventura county areas. Their clients include title carriers, independent licensees, and brokers. The agency prefers registrants with some escrow experience and knowledge of SMS software. According to a representative, SMS software is usually learned on the job. The hourly pay for experienced escrow assistants' ranges from $19 to $22 and for escrow officers is $24.

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Susan W. Miller, M.A., is a National Certified Career Counselor, a Certified Vocational Evaluation Specialist and holds diplomate status on the American Board of Vocational Experts. She heads California Career Services, a private practice career counseling firm in Los Angeles.

E-mail career questions you'd like answered in this column to info@californiacareerservices.com or visit California Career Services at www.californiacareerservices.com.