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I understand the concept of escrow, but have no real idea how it works in practice. Could anyone explain the process to me?

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I haven't gone through the escrow process, but I believe that you select an escrow officer who assists with the process. I did some research and found the following explanation of the process:

Escrow opens when the buyer and seller sign a sales contract, commonly called a real estate purchase agreement and receipt of deposit....Escrow assures that the lender releases the home purchase funds at or about the same time that the deed is recorded to reflect new ownership. Escrow includes depositing, with a neutral third party, funds, documents and instructions necessary to complete the transfer.

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