Legal Definitions - closing statement

A closing statement is a term used in two different contexts:

1. Closing argument: It refers to the final argument made by an attorney in a trial or hearing. The purpose of the closing statement is to summarize the evidence presented and persuade the judge or jury to rule in favor of their client. For example, in a criminal trial, the prosecutor may make a closing statement to convince the jury that the defendant is guilty beyond a reasonable doubt.
2. Settlement statement: It is a written document that outlines the costs involved in a real estatetransaction. It is usually prepared by a lender or an escrow agent and includes details such as the purchase price, loan amount, closing costs, and prorated taxes. For example, when a person buys a house, they will receive a closing statement that shows how much money they need to pay to complete the transaction.

Both examples illustrate the definition of a closing statement. In the first example, the closing statement is a persuasive argument made by an attorney to convince the judge or jury to rule in their client's favor. In the second example, the closing statement is a document that summarizes the costs involved in a real estate transaction and helps the buyer understand how much money they need to pay to complete the purchase.