What Happens on Closing Day?

After the offer, the inspection and the mortgage approval, it all comes down to one date: closing day. This is when the title legally transfers to your name, the money moves, and — if everything lines up — you get the keys. Here's exactly what happens behind the scenes and what you need to have ready in Ontario.

Key takeaways

• On closing day, your lawyer registers the title transfer and sends funds to the seller.
• Your remaining down payment and closing costs must be in your lawyer's trust account beforehand.
• The lender advances the mortgage to your lawyer, who completes the purchase.
• Land transfer tax is paid at closing — usually the largest single cost.
• You typically get the keys once the transfer is registered, often later in the day.

The week before closing

Closing day runs smoothly only if the groundwork is done. In the days before, your lawyer reviews the title, orders title insurance, prepares the statement of adjustments, and confirms the mortgage with your lender. You'll sign documents and transfer your remaining down payment plus closing costs to your lawyer's trust account.

You'll also need home insurance active by closing — lenders won't release funds without it. Confirm your full cost list against our guide to closing costs in Ontario.

What happens on the day itself

Closing day is mostly handled by lawyers — you usually don't sit at a table signing in person. Here's the sequence:

• Lender advances funds — your mortgage money is sent to your lawyer.
• Funds combined — your lawyer adds your down payment and closing costs from trust.
• Title registered — the lawyer registers the transfer of title into your name and the mortgage against the property.
• Money to the seller — the purchase funds are released to the seller's lawyer.
• Keys released — once registration completes, you get the keys.

Keys aren't always at 9 a.m.

Registration can complete any time during business hours, so you may not get keys until the afternoon. Plan your movers with flexibility on closing day.

The money that moves on closing day

Several payments settle at once. Land transfer tax is almost always the biggest, and Toronto buyers pay it twice — see land transfer tax: Toronto vs the 905.

Closing adjustments reconcile prepaid costs with the seller — learn more in what is an adjustment on closing. Get a precise total for your purchase with the closing cost calculator.

What can delay closing (and how to avoid it)

Most delays trace back to money or paperwork: funds not in the lawyer's trust account in time, missing home insurance, or last-minute lender conditions. The fix is to prepare early and stay in close contact with your lawyer and broker. Steer clear of the common pitfalls in closing cost mistakes to avoid.

Have funds ready early

Bank drafts and large transfers can take time to clear. Get your down payment and closing costs to your lawyer a few days ahead so nothing stalls on the day.

Walk away with more — HOMEH cashback

Closing day is when costs hit hardest — which is also when HOMEH cashback helps most. Eligible buyers receive the industry's highest Cashback Rebate, money that can cover your closing costs many times over. Estimate yours with the cashback calculator before your closing date arrives.