What actually happens on closing day when I buy a house in Ontario?

On closing day, several steps happen in a precise sequence coordinated largely between lawyers. Your lawyer receives the mortgage funds from your lender and the certified funds you delivered in advance, then wires the total purchase price to the seller's lawyer in trust. The seller's lawyer confirms receipt, discharges the seller's existing mortgage, and authorizes your lawyer to register the transfer of title.

Your lawyer electronically registers the deed (transfer) and your new mortgage in your name through the provincial land-registry system. Once registration is confirmed, the seller's lawyer releases the keys — typically to the seller's real estate agent, who then releases them to you or your agent. In practice, key release often happens between noon and 3 pm, though it can be later if there are delays in the chain.

Your lawyer then sends you a reporting letter with copies of the registered documents and your title insurance policy. Keep these records in a safe place — you will need them if you ever refinance, sell, or deal with a title issue.