How do I bring the closing funds to my lawyer in Ontario?

On closing day in Ontario, you need to deliver the funds your lawyer requires to complete the purchase. These funds cover the balance of the purchase price (after your deposit and mortgage proceeds), plus all closing costs detailed in your statement of adjustments.

Historically, buyers would bring a certified cheque or bank draft made payable to their lawyer's trust account. Today, most Ontario real estate lawyers prefer or require an electronic wire transfer (EFT) directly to their trust account. Wire transfers settle quickly and eliminate the risk of a cheque being dishonoured or delayed. Your lawyer will provide their trust account details in advance.

Ask your lawyer how much you will need to bring and in exactly what form, well before closing day. Mortgage proceeds flow directly from the lender to the lawyer's trust account. Your lawyer then uses the combined funds — deposit, mortgage, and your balance — to pay the seller, discharge costs, register title, pay taxes and disbursements, and account for all adjustments. You should receive a trust ledger statement after closing showing exactly how every dollar was applied. Keep this for your records.