Escrow is both a verb and a noun. It is the process of the transaction from the consummation of the Purchase Contract to the end of the deal when you get possession of the property.  The Escrow Company and Title Company are usually one and the same in Arizona. They are where the escrow officer is an objective third party that holds the money and provides research and insurance on the chain of title of the property. The escrow company also provides the Settlement Statement and all of the documents necessary to close the deal including the loan documents. Once inspections and the appraisal are done and your financing is in place you are ready to close the deal. Many documents need to be signed and notarized at the escrow office. Many plans need to be made. Utility accounts need to be established, movers organized. It’s a daunting process. Almost all of this can be done in advance of the close of escrow day. The deal is officially done when the deed of trust is recorded at the county office and the funds are dispersed. This is all done through the escrow company. Then you officially have possession of the property and deserve to celebrate!