Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Closing
The final meeting between the parties to a transaction, at which the transaction is consummated; esp., in real estate, the final transaction between the buyer and seller, whereby the conveyancing documents are concluded and the money and property transferred. - Also termed settlement
Sunday-closing law
See BLUE LAW.
closing agreement
tax. a written contract between a taxpayer and the internal revenue service to resolve a tax dispute.
closing argument
In a trial, a lawyer's final statement to the judge or jury before deliberation begins, in which the lawyer requests the judge or jury to consider the evidence and to apply the law in his or her client's favor. ( Usu. in a jury trial, the judge afterwards instructs the jury on the law that governs the case. -Also termed closing statement; final argument; jury summation; summing up.
closing costs
Real estate. The expenses that must be paid, usu. in a lump sum at closing, apart from the purchase price and interest.
closing of estate
Wills & estates. The completion of the administration of a decedent's estate, brought about by the administrator's dis-tribution of estate assets, payment of taxes, and filing of necessary accounts with the probate court.
closing price
The price of a security at the end of a given trading day. - Also termed close. exercise price. See strike price.
closing statement
1. CLOSING ARGUMENT. 2. A written breakdown of the costs involved in a particular real-estate transaction, usu. prepared by a lender or an escrow agent. - Also termed settlement sheet; settlement statement.
door-closing statute
A state law closing or denying access to local courts unless a plaintiff meets specified conditions; esp., a statute requiring a foreign corporation to "qualify" before doing business in the state, including registering with the secretary of state, paying a fee or tax, and appointing an agent to receive service of process.