Key steps: financing and inspection conditions, instruct your lawyer, finalize the mortgage and appraisal, arrange insurance, do the walkthrough.
On closing day the lawyers exchange funds and transfer title, and you get the keys once everything is registered.
Photo: Vitaly Gariev / Unsplash
Your offer was accepted. Congratulations. Now the clock starts on a series of clear, ordered steps: satisfy your conditions within the agreed period, let the deal go firm, instruct your lawyer, finalize your mortgage and insurance, do a final walkthrough, and close. In Ontario this whole stretch usually runs 30 to 90 days.
None of it is mysterious once you see the sequence. Below is exactly what happens, in order, and who handles each part, so you know what to expect from the day you sign to the day you get the keys.
What is the first thing that happens after an offer is accepted?
You start working through your conditions. Most Ontario offers, written on the Agreement of Purchase and Sale (OREA Form 100), are "conditional" for a set number of days. That means the deal is agreed but not yet binding, because it depends on a few things going right.
The most common conditions are:
Financing: your lender confirms it will actually fund the mortgage on this specific property.
Home inspection: a professional inspects the home so you know what you are buying.
Status certificate review: for a condo, your lawyer reviews the building's financial and legal health.
You have until the condition deadline (often around 5 to 10 business days) to satisfy or waive each one. If a condition cannot be met, you can usually walk away and get your deposit back, as long as you follow the terms in the agreement.
When does the deal become "firm"?
The deal goes firm once every condition is waived or fulfilled and you sign a waiver confirming it. At that point the sale is binding on both you and the seller. Some offers are written "firm" from the start, with no conditions, which is common in competitive situations but riskier for the buyer.
Once you are firm, your deposit is fully committed. That deposit (typically about 5% of the price, paid by certified cheque or bank draft) is held in trust and credited toward your down payment at closing.
30 to 90 days
the typical stretch between an accepted offer and closing day in Ontario
Do I need a real estate lawyer, and when?
Yes. In Ontario, a lawyer is required to close a residential purchase, and the sooner you engage one, the smoother it goes. Instruct your lawyer as soon as the deal is firm, or even during the condition period, so there is time to do the work properly.
Your lawyer will:
Review the Agreement of Purchase and Sale.
Search title to confirm the seller can legally sell and the property is clear of surprises.
Coordinate with your lender to receive the mortgage funds.
Calculate the exact money you need on closing (including land transfer tax and adjustments).
Register the title transfer and mortgage on closing day.
How do I finalize my mortgage and the appraisal?
A mortgage pre-approval is not the final approval. After your offer is accepted, your lender assesses the actual property before committing the money. This almost always includes an appraisal, where the lender confirms the home is worth what you agreed to pay.
Get your final mortgage documents signed early. Your lender will ask for updated paperwork (income, deposit confirmation, the accepted agreement), then issue final approval and send instructions to your lawyer. If you are putting down less than 20%, mortgage default insurance is required; the premium is added to your mortgage rather than paid up front, and it is not available on homes priced $1,500,000 or more.
What about home insurance and the walkthrough?
Home insurance is not optional. Most lenders will not release the mortgage funds without proof that the property is insured as of the closing date. Arrange a policy a week or two before closing and give the confirmation to your lawyer and lender.
The final walkthrough (sometimes called a pre-closing visit) usually happens in the days just before closing. You confirm the home is in the condition promised, that included items are still there, and that nothing has been damaged since you signed. If something is wrong, your lawyer can raise it before the money changes hands.
The path from accepted offer to keys
Satisfy conditions. What happens: Confirm financing, complete inspection, review status certificate; Who does it: You, your agent, inspector, lawyer
Deal goes firm. What happens: Sign waivers; sale becomes binding; Who does it: You and the seller
Instruct your lawyer. What happens: Title search, review agreement, prepare closing; Who does it: Your real estate lawyer
Finalize mortgage. What happens: Appraisal, final approval, funds committed; Who does it: Your lender
Arrange insurance. What happens: Bind a policy effective on closing day; Who does it: You and your insurer
Final walkthrough. What happens: Confirm the home's condition before closing; Who does it: You and your agent
Closing day. What happens: Funds and title transfer; you receive the keys; Who does it: Both lawyers, lender, you
Source: Zown Realty, Ontario 2026
What actually happens on closing day?
Closing day is largely handled by the lawyers, and you often do not need to be there in person. Here is the flow.
Your lender sends the mortgage money to your lawyer. You provide the rest of the funds you owe (your down payment balance, land transfer tax, and closing adjustments) ahead of time. Your lawyer then sends the full amount to the seller's lawyer and registers the transfer of title and your new mortgage electronically.
Once everything is registered and the funds are confirmed, the sale is complete. You get the keys, usually later that afternoon. The home is officially yours.
A quick note on costs: first-time buyers in Ontario can claim a land transfer tax rebate of up to $4,000, and buyers in the City of Toronto can claim up to another $4,475 in municipal rebate, for as much as $8,475 combined. Your lawyer applies these at closing.
How can I keep the process calm?
The buyers who feel least stressed are the ones who front-load the work: engage a lawyer early, send lender documents the day they are requested, and book the inspection and appraisal without delay. Missed deadlines are what create last-minute panic, not the steps themselves.
It also helps to have an agent whose advice is not tied to closing the deal fast. Zown agents are salaried, so the guidance you get through conditions, financing, and closing is about what is right for you, not about rushing to a commission cheque. If you want a refresher on the earlier stages, see our guides on how to make an offer in Ontario and common offer conditions, and for a deeper look at the final stretch, read our Ontario closing process guide.
Frequently asked questions
How long does it take to close after an offer is accepted?
In Ontario, closing usually happens 30 to 90 days after your offer is accepted, though it can be shorter or longer by agreement. The exact date is written into your Agreement of Purchase and Sale, so both you and the seller know it in advance and can plan around it.
Can I still back out after my offer is accepted?
While your offer is conditional, you can usually walk away if a condition (like financing or the inspection) is not met, following the terms in the agreement. Once the deal goes firm, backing out becomes very difficult and can put your deposit and more at risk.
What money do I need on closing day?
You need the balance of your down payment (your deposit is credited toward it), land transfer tax minus any first-time buyer rebate, and closing adjustments such as prepaid property taxes. Your lawyer gives you an exact figure and the funds are usually sent to them a day or two before closing.
Do I have to attend the closing in person?
Usually not. In Ontario, closings are handled electronically by the lawyers. You sign your documents with your lawyer beforehand and provide your funds in advance. On closing day the lawyers exchange money and register the title, then you pick up the keys.
What is a final walkthrough for?
The final walkthrough lets you confirm, shortly before closing, that the home is in the condition you agreed to buy. You check that included items remain, systems work, and nothing was damaged after you signed. If there is a problem, your lawyer can address it before funds are released.
When do I actually get the keys?
You get the keys on closing day, typically in the afternoon, once the funds have been transferred and your title and mortgage are registered. The timing depends on when the lawyers complete registration, so it is wise not to schedule movers for early morning on closing day.
Reviewed by Arjun Dhawan, Head of Account Management and REALTOR® at Zown Realty Inc. Last updated July 16, 2026. General information, not legal or financial advice.
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