Close of sale
Closing Day
If you have reached closing day, congratulations are almost in order—but there are still a few important final steps to complete before the property officially changes ownership.
Final Walk-Through
A final walk-through is typically completed the day before or the morning of closing. This allows the buyer to confirm that the property is in the same condition as when the offer was accepted.
During the walk-through, the buyer will verify that:
- The property is clean and free of unwanted items
- All included fixtures and appliances remain in place
- The home is in the expected condition
- No new issues or damage have occurred since the last viewing
If any concerns arise, the buyer’s REALTOR® and lawyer can advise on next steps before closing is finalized.
Utilities and Services
Before closing, sellers should arrange for the cancellation or transfer of utilities and home services, including hydro, gas, water, internet, and other applicable accounts.
Your REALTOR® can provide guidance on timing and help ensure a smooth transition for both parties.
Preparing for Closing
Your real estate professional and lawyer will coordinate all final details to ensure a successful closing. In the final stages, your lawyer will prepare a statement of adjustments outlining the final financial breakdown, including mortgage payout, credits, and closing costs.
It is important to remain available in case any last-minute documents or instructions are required.
The Closing Process
In Ontario, closing is completed through your real estate lawyer.
On closing day:
- Funds are transferred through the lawyers’ trust accounts
- The transaction is registered with the Ontario Land Registry system
- Legal ownership is officially transferred to the buyer
- The seller’s lawyer confirms receipt of funds
Once registration is complete, the buyer becomes the legal owner of the property.
Key Handover
Keys are typically released once the transaction has officially closed and confirmation has been received from both lawyers. Your REALTOR® will coordinate the key exchange based on the agreed-upon terms in the contract.
Support Through Closing
Even at this final stage, unexpected issues can occasionally arise, such as delays in funding or last-minute documentation requests. Your real estate team and lawyer are available to help resolve these matters quickly and ensure a smooth and stress-free closing experience.