An Ontario Real Estate Closing, Step by Step

Before you commit

If you need advice on an offer, contact a lawyer before signing. Explain any unusual term, ownership arrangement or intended use. The right time to raise a concern is before you rely on an assumption.

After the agreement is signed

Provide the complete agreement, schedules and amendments. Highlight the closing date and condition deadlines. Your lawyer checks whether the firm can act, confirms the scope and fee, and explains the retainer and document arrangements.

While the legal work is underway

For a purchase, the work can include title review, required searches, closing documents and lender instructions. For a sale, the team works through transfer documents, mortgage payout information and the accounting for proceeds.

Tell your team promptly if the agreement, lender, parties or closing date changes. Keep requested documents and responses moving so outstanding requirements can be addressed.

Preparing to sign

The lawyer explains the documents and the arrangements for identification and signing. Virtual appointments depend on the file’s requirements. Ask questions before signing, especially about ownership, mortgage obligations and the money needed to close.

Confirm payment instructions directly with the firm before sending funds. Do not act solely on an unexpected message changing those instructions.

On closing day

The legal teams coordinate the required funds, documents and registration. The steps differ by transaction, and timing depends on the requirements being met. Wait for confirmation that the purchase has completed before assuming keys can be released.

If you are both buying and selling, explain the connection between the files early. Sale proceeds may be needed for the purchase, and your lender may need to address interim funding.

After completion

Keep your closing report, statement and any insurance policy in a secure location. Follow up on any post-closing item identified by the lawyer. Contact the firm promptly if you discover a discrepancy or receive a document you do not understand.

For practical preparation, read our ten closing checks or request a written quote.