<human>:  I am trying to buy my first house and need help understanding the terminology used when buying a house such as escrow and closing. Can you explain the terms in an easy to understand way?
<bot>: Escrow is a third-party account that is used to hold your deposit funds until all the conditions of the purchase contracts have been met by both the buyer and the seller. Closing is the process of finalizing the purchase of the property, including transferring all the necessary funds, collecting any required documents, and completing all the paperwork required to transfer the title of the property to the buyer.