$0–$55,000

0.5%

$55,001–$250,000

1.0%

$250,001–$400,000

1.5%

$400,001–$2,000,000

2.0%

Buyer Funds Delivered to Lawyer

1–2 days before closing, the buyer delivers the balance (down payment remainder + closing costs) as a bank draft to their lawyer’s trust account.

Lawyers Complete Registration

Both lawyers use the Teraview system to register the deed transfer and mortgage — typically completed in the afternoon.

Funds Released to Seller

Once registration is complete, the buyer’s lawyer transfers funds to the seller’s lawyer, who deducts the mortgage payout and fees and releases the net proceeds to the seller.

Keys Handed Over

Usually by 6 PM, depending on when registration completes. Sellers should not schedule their move-out for closing day — delays are common.

Final Walk-Through

Just before closing, confirm the property’s condition, that all agreed items are present, and that utilities work. Document issues immediately with photos and notify your lawyer.

How much should Ontario buyers budget for closing costs?

According to CMHC (2025), Ontario buyers should budget an additional 1.5%–4% of the purchase price for closing costs beyond the down payment. On a $900,000 home that means $13,500–$36,000 in extra cash needed at closing.

Do first-time buyers get a land transfer tax refund in Ontario?

Yes. Ontario first-time buyers can receive up to $4,000 in provincial land transfer tax rebate. Those buying within the City of Toronto can also receive up to $4,475 in Toronto municipal land transfer tax rebate — for a combined maximum of $8,475.

What are adjustments on a real estate closing?

Adjustments are pro-rated calculations on closing day where buyers and sellers settle pre-paid expenses proportionally. Common adjustments include property taxes, condo maintenance fees, and utility bills. Your lawyer calculates these automatically in the Statement of Adjustments.

What are the main costs for sellers in Ontario?

Sellers primarily pay real estate commission (approximately 3%–5% of the sale price), legal fees of $1,000–$1,500, any mortgage prepayment penalty if breaking a fixed-rate term early, and moving costs. Sellers do not pay land transfer tax.

Why can closing day be delayed?

Common causes include buyer funds not reaching the lawyer’s trust account on time, last-minute lender condition reviews, title issues, or document delays between lawyers. Confirm with your lawyer at least one week before closing that all documents and funds are in order.