In one line: The neutral third party that holds the money and papers until both sides have performed.
Escrow is the arrangement where a neutral company holds the money and documents in a sale until every condition is met, then moves everything at once: deed to buyer, funds to seller, recording at the county. In Nevada, escrow and title work usually live under one roof.
The same word covers the account a mortgage servicer keeps for taxes and insurance, collected monthly with the payment and paid out annually; a payment quoted with escrow includes those, one quoted without does not.
A worked example
Offer accepted on the 3rd, escrow opened on the 4th with the deposit, inspection done by the 13th, appraisal in by the 20th, loan approved by the 28th, and the escrow officer records the deed and releases the money on the 33rd day.
Questions people ask
How long is escrow in Nevada?
Thirty to forty-five days for a financed purchase is typical; a cash purchase can close in a week or two. The contract sets the date, and each contingency has its own deadline inside it.
Who pays the escrow fee?
In Southern Nevada the buyer and seller usually split the escrow fee, and each pays their own title policy: the seller the owner's policy for the buyer, the buyer the lender's policy. Custom varies by county and everything is negotiable.