Early in the morning, your lender wires the mortgage funds to your lawyer’s trust account. Combined with the balance you wired days earlier, your lawyer now holds the full purchase price in trust. Bank funding typically happens before 10am, though delays do occur — especially on Fridays or month-ends when transaction volumes are high. This step is entirely between institutions; you don’t need to do anything.

Once funds are confirmed, your lawyer transfers the money to the seller’s lawyer’s trust account. Simultaneously, the lawyers complete the electronic registration of the title transfer through Ontario’s Land Registry system (Teraview). This is when ownership legally changes hands. You don’t need to be physically present — you already signed all the documents during your earlier appointment with your lawyer.

Once the seller’s lawyer confirms receipt of funds and the title is registered, they notify the listing agent that keys can be released. Most closings complete between 2–6 PM. Your agent will coordinate key pickup — either from a lockbox, the listing office, or directly from the seller’s agent. Don’t show up at the property in the morning expecting to get in; the process isn’t complete yet.

Delays happen. If the bank hasn’t funded by mid-afternoon, or there’s a title registration issue, the closing may extend to the next business day (called a “bridge closing”). The party that caused the delay typically bears the additional legal and per-diem interest costs. If keys haven’t been released by 5 PM, call your lawyer — not your agent. Agents coordinate keys; lawyers resolve closing issues.

Buyer’s Closing Day Checklist

Closing Day Money Flow

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