What happens between an accepted offer and closing day?

By Maria Capotorto-Chopra  ·  COO and Broker of Record

The sold sign goes up and the house goes quiet. Behind the scenes, a short list of dates starts running.

Four things happen between acceptance and closing. Your deposit is delivered and held in trust. Each condition is cleared in writing by its deadline. Your lawyer checks the title and prepares the money. On closing day the transfer is registered and the keys are released. All of those dates come from your agreement of purchase and sale, so they differ from one deal to the next.

Below we walk through that stretch in order. We cover who does what, which deadlines tend to catch people out, and what you need to handle yourself.

What happens right after the offer is accepted?

The signed agreement goes out to everyone involved, and the deposit becomes due on whatever terms the agreement sets.

The deposit is not the down payment, though it becomes part of it. It is money you hand over to show you are serious, and it is credited to you on closing day. The deadline for delivering it is written into the agreement, and it is often very short. Read that line before you sign.

Where the money goes is worth knowing. It is held in a real estate statutory trust account, kept separate from the brokerage’s own funds. It also carries insurance you do not have to arrange. We set out how that account works, and what happens to a deposit when a deal ends, in our guide to offer conditions.

Two things belong in the first day or two. Your agent sends the agreement to your lawyer and to your mortgage broker. If you have not retained a lawyer yet, this is the moment, because several of the deadlines ahead are theirs.

How do conditions get cleared?

Every condition has to be cleared in writing by its deadline, or the agreement can end on its own terms.

Clearing one means signing a document, either a waiver or a notice of fulfilment, and our guide to offer conditions explains the difference. What matters here is the timing. The paperwork has to be delivered before the deadline passes, and most deadlines name an hour as well as a date.

Financing usually takes the longest. Your lender moves from a pre-approval to a full approval on that specific address, which can include an appraisal of the property. This step is real work rather than a formality, and it is the one most likely to need more time than the agreement allows.

So what happens if your lender needs longer? The date can move, but only if the seller agrees to it in writing. That is a request rather than a right. Start the financing work the day the offer is accepted, and tell your agent early if it is running tight. A seller who first hears about a delay on the morning of the deadline has little reason to say yes.

Book the inspection the same day the offer is accepted. The clock starts at acceptance, and good inspectors fill up quickly.

Condominium buyers have one more timeline to respect. The corporation has a set period to produce the status certificate, and your lawyer then needs time to read it. That makes the date it was ordered matter as much as the date your condition expires. Our guide to offer conditions sets out the fee and the deadline.

What does your lawyer do before closing?

Your lawyer turns a signed agreement into a registered change of ownership.

The first job is the title search, which means checking the public land registry record for the property. They are looking for anything registered against it. That might be a mortgage that should have been discharged, a lien from an unpaid contractor or unpaid property taxes. It might also be an easement, which gives someone else a right over part of the land.

Next come the certificates and the money. Your lawyer orders tax and utility certificates from the municipality, then prepares the statement of adjustments. That sheet divides shared costs at the closing date. Property tax the seller has already paid, condominium fees and prepaid utilities get split between the two sides. Your deposit and your mortgage appear on it, and the bottom line is the balance you owe.

Land transfer tax is calculated here too. The Government of Ontario says the province’s land transfer tax “is payable when the transfer is registered.” A purchase inside Toronto also attracts the city’s municipal land transfer tax. First-time buyers may qualify for a refund of some or all of the provincial tax, which your lawyer can claim on registration.

Your lawyer will also ask you for things only you can supply. Identification comes first. So does the name that should go on title. If you are buying with someone else, they will ask how the two of you intend to hold it. That second question has legal consequences, so raise it early rather than on signing day.

You will sign documents in your lawyer’s office or by video, and you will need to deliver your balance of funds. Ask when that is due, because it falls before closing day, and most lawyers want certified funds.

What do you need to do yourself?

Your own list is short, and almost everything on it has a date attached.

Home insurance should be in place for the closing date. Lenders commonly ask for proof of coverage before they release mortgage funds. What they want differs, so ask yours early.

Utilities need to be switched into your name for the closing date, and the address changes are easier done early. Book movers once the deal is firm rather than before, and in a condominium, book the elevator with the property manager at the same time.

If your agreement includes a pre-closing visit, use it. That is a short walk through the home near the closing date. You are confirming it is in the condition the agreement calls for, with the included appliances and fixtures still there. It is written into the agreement rather than automatic, so check whether yours has one.

Keep your finances steady until the deal closes. A new car loan or a job change between acceptance and closing can unsettle a mortgage approval that was already granted.

What happens on closing day?

The two lawyers exchange the money and register the transfer, and the keys are released once that is done.

The sequence is mostly invisible to you. Your lender sends the mortgage funds to your lawyer. Your lawyer sends the full amount to the seller’s lawyer, and the discharge of the seller’s mortgage is arranged. The transfer is then registered electronically in the provincial land registry.

Keys usually come from the listing brokerage or the seller’s lawyer once registration is confirmed. The hour varies a great deal from one closing to another. Ask your lawyer what to expect before you commit movers to a time.

A closing can also run late, and occasionally into the next day. A late funding, a missing discharge or a registration problem can push it. Moving a closing date takes written agreement from both sides, and your lawyer handles that. That is one more reason to leave yourself a little room on moving day.

Starting a purchase or a sale with us? We go through the dates in your agreement in plain language and say what is coming next. You can talk to our team about what to expect, or ask us for a home evaluation if a sale is part of the plan.

Quick Questions

How long does it take to close on a house in Ontario? The closing date is the one written into your agreement of purchase and sale, so it varies from deal to deal. Some are a few weeks after acceptance and some are several months. Ask before you sign, because your rate hold and your moving plans both depend on it.

Is the deposit the same as the down payment? No. The deposit is paid soon after the offer is accepted and is held in the brokerage’s statutory trust account. It is credited toward your down payment at closing, so it reduces the balance you bring rather than adding to your costs.

What is a statement of adjustments? It is the sheet your lawyer prepares to settle up on the closing date. Costs the seller has prepaid, such as property tax, condominium fees and utilities, are divided between the two sides. Your deposit and mortgage are credited, and what is left is the balance you bring.

When do you get the keys to your new home in Ontario? On the closing date, once the transfer has been registered and the money has changed hands. The keys usually come from the listing brokerage or the seller’s lawyer. The hour varies, so confirm with your lawyer before you book movers or an elevator.

Corcoran Horizon Realty

This article is general information, not tax, legal or financial advice. Rule and program details are from the Government of Ontario, the City of Toronto, the Real Estate Council of Ontario, the Condominium Authority of Ontario and the Financial Consumer Agency of Canada, and are current as of October 5, 2026.