Can you educate me on escrow accounts and titles and such?

Got the land sold, going to close on Monday. Since we’re doing a partial owner-carry my attorney wrote up a contract for me.

Now I’m trying to puzzle all the rest of this out. How does an escrow account work?

And what does this paragraph in the contract mean, exactly?

“Buyer understands and has been advised that Title Insurance or an Abstract is necessary in order to determine if there is merchantable title in Seller. Buyer does not desire or request title insurance or a title commitment at this time. Buyer may, at Buyer’s option, require Seller to furnish title evidence showing merchantable title vested in Seller, subject to standard title commitment exceptions, easements and restrictions of record not materially and adversely affecting Buyer’s intended use of the property. If Buyer elects to have Seller furnish said title evidence, it shall be at the sole expense of Buyer.”