When you buy or sell a home, escrow is the process that transfers the home from the seller to the buyer. A neutral third party oversees this process.
That third party can be an escrow company, a title company or a real estate attorney. They work with all the parties involved in the transaction to collect all the paperwork and funds necessary to close the deal.
Learn about the key functions of these settlement firms in my Mortgage-Calc.com article, A settlement company helps protect your interests at closing.