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LSDefine

Simple English definitions for legal terms

closing

Read a random definition: out-of-court settlement

A quick definition of closing:

Closing: Closing is the final step in a deal or transaction. It usually happens in real estate when the buyer pays for the property and the seller hands over the deed. A lawyer or lending company agent helps with the process, which involves signing many important documents. Once everything is signed, the deal is done and cannot be changed.

A more thorough explanation:

Closing

Closing is the final step in a deal, contract, or transaction. It's when all the necessary paperwork is signed, payment is made, and ownership is transferred. In real estate, closing is when the buyer and seller exchange the deed and payment. This process is usually overseen by a lawyer or lending company agent, and can involve many documents to comply with regulations.

Example 1: After months of negotiations, the two companies finally reached a closing on their merger deal. All the paperwork was signed, and the new company was officially formed.

Example 2: The closing on the house was scheduled for Friday afternoon. The buyer and seller met with their lawyers to sign the final documents and exchange the deed and payment.

These examples illustrate how closing is the final step in a transaction, where all the necessary paperwork is signed and ownership is transferred. In the first example, the closing marks the official formation of a new company. In the second example, the closing is when the buyer officially becomes the owner of the house.

closely held corporation | closing argument

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
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the devil
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20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
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im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
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JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
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22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
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JumpySubsequentDolphin
22:39
@splitty Oregon!
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JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
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