Funding
The Signing and Closing Process
In Ontario, the final stage of a mortgage and real estate transaction involves signing legal documents with your real estate lawyer and completing the transfer of funds required to close the purchase.
Reviewing and Signing Documents
Before closing, your mortgage lender will finalize your mortgage instructions and send the necessary documents to your real estate lawyer. Your lawyer will review these documents with you and ensure that all legal and financial details are correct before signing.
During this appointment, you may be required to:
- Review and sign mortgage documents
- Sign the Agreement of Purchase and Sale closing documents
- Confirm final closing figures and adjustments
- Provide identification as required by your lawyer
Your lawyer will also explain the terms of your mortgage and answer any final questions before completion.
Transferring Funds
On closing day, your lawyer will handle the transfer of funds on your behalf. This typically includes your down payment, closing costs, and mortgage funds provided by your lender.
Funds are transferred securely through your lawyer’s trust account in accordance with Ontario real estate procedures. If a wire transfer is required, your lawyer will provide verified instructions directly to ensure funds are sent safely and accurately.
It is extremely important to follow instructions carefully and verify all details with your lawyer before sending any funds.
Final Steps and Confirmation
Once the transaction has been completed, your lawyer will confirm that:
- The mortgage funds have been received
- The property transfer has been registered in the Ontario Land Registry system
- The transaction has officially closed
- Ownership of the property has been legally transferred
At this point, the purchase is complete, and you will be considered the legal owner of the property.
Congratulations on Your New Home
After closing, your lawyer and REALTOR® will confirm completion of the transaction and coordinate key release according to the agreement.
It is recommended that you retain copies of all closing documents for your records. These documents are important for future reference, including refinancing, resale, or tax purposes.