Phase 1: Pre-Closing (The “Conditional” Period)

Once your offer is accepted, you usually have a few days to satisfy specific conditions.

• Financing & Inspection: You secure your formal mortgage approval and complete a home inspection.

• Deposit: You provide the initial deposit (held in trust by the seller’s brokerage) to secure the deal.

• Fulfillment of Conditions: Once met, you sign a “Notice of Fulfillment,” and the deal becomes firm and legally binding.

Phase 2: The Legal Deep Dive (2–4 weeks before closing)

This is where your lawyer does the “heavy lifting” to ensure you are protected.

• Title Search: Your lawyer searches the Ontario Land Registry to ensure the seller actually owns the home and that there are no “liens” (unpaid debts) or work orders against the property.

• Title Insurance: Your lawyer will arrange a title insurance policy. This protects you against fraud or undiscovered issues like property line disputes.

• Statement of Adjustments: Your lawyer reviews a document that “evens out” costs. For example, if the seller already paid property taxes for the full year, you will owe them a pro-rated amount for the days you will own the home.

Phase 3: Signing the Paperwork (1–3 days before closing)

You will meet with your lawyer (in person or via a secure video call) to sign the final documents.

• The Mortgage: You sign the paperwork for your lender.

• The Deed: You sign the documents that will transfer the title into your name.

• The “Bottom Line”: Your lawyer will tell you exactly how much money you need to provide (via wire transfer or bank draft). This includes your remaining down payment plus closing costs (Land Transfer Tax, legal fees, and adjustments).

Phase 2: Closing Day (Handover)

On the actual closing day, you don’t usually meet with the seller. Instead, the lawyers handle everything electronically.

• Transfer of Funds: Your lawyer receives the mortgage money from your bank and sends the full purchase amount to the seller’s lawyer.

• Registration: Once the seller’s lawyer receives the money, they “release” the deed. Your lawyer then registers you as the new owner with the Ontario Land Registry.

• The Keys: Once the registration is complete (usually mid-to-late afternoon), your lawyer or real estate agent will notify you that the keys are ready for pickup!