Closing Day in Ontario: What Actually Happens, Hour by Hour
Ontario · Home Buying
Closing Day in Ontario From Funds to Keys
What actually happens on the big day? 5 key steps ↓
Congratulations — you’ve made it to Closing Day. You won’t need to go anywhere to sign papers (that was done days ago). But behind the scenes, a complex chain of legal and financial transactions is happening simultaneously. Understanding the process helps you stay calm during what can be an anxious wait for your keys👇
🔑 5 steps to your keys
1
Mortgage Advance Your lender sends the funds
On the morning of closing day, your mortgage lender wires the loan amount to your lawyer’s trust account. Combined with your down payment and deposit already held by the lawyer, this makes up the full purchase price. Banks typically complete the transfer by 10-11 AM, but delays are common — this is the #1 reason closings run late.
2
Document & Fund Exchange Lawyers do the heavy lifting
Once your lawyer has the mortgage funds, they transfer the full purchase amount to the seller’s lawyer’s trust account and exchange signed legal documents. This includes the property Transfer, your new mortgage registration, and the discharge of the seller’s old mortgage. Both lawyers must confirm everything is in order.
3
Title Registration Your name goes on the deed
After the seller’s lawyer receives the funds, they register the title transfer through Ontario’s Teraview electronic system. Your name officially appears on the property title. The new mortgage and the seller’s old mortgage discharge are registered simultaneously. At this point, the home is legally yours.
4
Keys Released The moment you’ve been waiting for
Once registration is confirmed, the seller’s lawyer notifies the listing agent that keys can be released. Your agent picks up the keys from the seller’s agent and delivers them to you. Most closings complete between 2:00-5:00 PM. Chain transactions (where the seller is also buying that day) can push this later.
5
After You Get Keys A few more things to handle
Getting keys doesn’t mean you’re 100% done. Day-of: change the locks, photograph the home’s condition, confirm utilities are active, check the mailbox. In the following weeks, your lawyer will send you a Final Report and Title Insurance certificate. Keep all documents — you’ll need them when you sell or renew your mortgage.
💡 Arthur’s Advice
The most important thing on closing day is patience. Most buyers get keys between 2-3 PM, but delays until 5-6 PM aren’t unusual. Don’t schedule movers for the morning of closing day — the safest bet is to move the day after. If you haven’t received keys by 6 PM, have your agent and lawyer follow up with the other side.
