What actually happens on closing day when I sell my Ontario home?
On closing day your lawyer receives the purchase funds from the buyer's lawyer by wire transfer, pays out your existing mortgage, deducts legal fees, real estate commissions, and any other adjustments, then sends you the net proceeds — usually the same day.
Before funds arrive, your lawyer registers the deed (transfer of title) and any discharge of mortgage electronically through Teraview. You typically do not appear in person; the key handover is arranged directly with the buyer or through agents. Your obligation is to vacate the property and leave it in the condition the Agreement of Purchase and Sale (APS) requires by the agreed occupancy deadline.
If the buyer's funds arrive late in the day there can be delays, which is why sellers should avoid scheduling moving trucks for early morning on closing day when possible. A lawyer can help you understand the exact flow of funds and what documents you will need to sign in advance.
Key takeaways
- Your lawyer handles title transfer and fund disbursement electronically
- Your net proceeds arrive after mortgage payout, commissions, and adjustments
- You must vacate and leave the property in the APS-required condition
- Delays can happen if buyer funds arrive late; plan your moving day accordingly