Sandeep Pawar
Broker
Home / Buy / Closing day checklist
Closing day checklist for Ontario buyers
Everything between a firm deal and your keys: who does what, the money you need ready, and the small mistakes that delay closings.
The short answer: on closing day the lawyers exchange documents and funds and your lawyer registers the transfer. Ontario’s land transfer tax is payable at that moment. Keys are released once the seller’s lawyer confirms the money has arrived. Your part is done in the weeks before: full mortgage approval, home insurance, funds sent a day early, and a final visit if allowed. Budget 1.5% to 4% of the price for closing costs.
The timeline from firm to keys
30 or more days before
Choose your lawyer, send them the accepted agreement and all amendments, and confirm your mortgage is fully approved.
Three to four weeks before
Get a home insurance quote and binder for your lender. Give notice on your rental if you rent. Book movers.
Two weeks before
Meet your lawyer, or sign online. Confirm how title will be held. Bring ID and answer the first-time buyer questions.
One week before
Receive the statement of adjustments. Arrange the wire or certified funds for the balance. Book your pre-closing visit.
One to two days before
Send the funds. Do your final visit if your agreement allows one. Set up utilities in your name from closing day.
Closing day
Lawyers exchange documents and money. The transfer is registered. Keys are released once funds are confirmed.
After closing
Change your address, register for property tax and water accounts, and keep your closing documents somewhere safe.
The money: what you pay and when
| Item | When | Notes |
|---|---|---|
| Deposit | On acceptance | Already paid. Credited to the price on the statement of adjustments. |
| Balance of down payment | To your lawyer before closing | Price less the deposit and the mortgage advance. |
| Land transfer tax | Paid by your lawyer at registration | Ontario’s tax, plus Toronto’s if you buy in Toronto. First-time buyers may get a refund. Calculate it. |
| Legal fees and disbursements | To your lawyer before closing | Ask for an all-in quote at the start. |
| Title insurance | Through your lawyer | A one-time premium. |
| Adjustments | On the statement of adjustments | You repay the seller for property tax or other items prepaid past closing. |
| Tax on mortgage insurance | To your lawyer, in cash | If your mortgage is insured, Ontario charges 8% sales tax on the premium, which cannot be added to the mortgage. |
| Home insurance | Effective on closing day | Your lender will want proof before it advances funds. |
The Financial Consumer Agency of Canada suggests budgeting 1.5% to 4% of the purchase price for these one-time costs.
What your lawyer needs from you
- The accepted agreement, every amendment, and the waivers
- Government photo ID for every buyer
- Your lender’s name and mortgage contact
- Home insurance details, including the policy number and broker contact
- How you will hold title together, decided with your lawyer
- Whether you qualify as a first-time buyer for the land transfer tax refund
- Funds for the balance, by wire or certified cheque, as your lawyer directs
- Answers to their questions within a day. Late answers cause late closings
Closing soon and not sure everything is in place?
Book a 30-minute callOn the day
- Morning: your lender sends the mortgage funds to your lawyer. Your lawyer confirms all funds are in trust.
- Midday: the lawyers exchange closing documents and your lawyer registers the transfer electronically, paying land transfer tax.
- Afternoon: the seller’s lawyer confirms the money. Keys are released, usually through the listing brokerage or the lawyers.
- Your job: stay reachable, do not schedule movers too early, and check the home when you get in.
What delays a closing, and how to prevent it
| Cause | Prevention |
|---|---|
| Funds arrive late | Send the balance a day or two early and confirm receipt. |
| Lender conditions still open | Clear every lender condition weeks before, not days before. |
| No proof of home insurance | Arrange the binder at least two weeks out. |
| New debt or a job change | Do not take on new credit or change jobs until after closing. Lenders can check again. |
| Title problems | Hire your lawyer early so the title search happens in time. |
| Name mismatches | Make sure names on the agreement, the mortgage and your ID match. |
After closing
- Change your address with Canada Post, CRA, your bank and your employer
- Set up property tax and water accounts with your city
- Change the locks and garage codes
- File warranties, manuals and rental equipment contracts
- Keep your lawyer’s reporting letter with your important documents
- Note your RRSP Home Buyers’ Plan repayment schedule if you used it
- Confirm the first-time buyer land transfer tax refund was claimed
Before you get here, make sure your offer and conditions were set up right, and avoid the mistakes that cost buyers money.
Printable checklist
- Lawyer hired and sent the full agreement
- Mortgage fully approved, every condition cleared
- Home insurance binder sent to lender and lawyer
- Statement of adjustments reviewed
- Balance of funds sent and received
- Final visit booked, if your agreement allows one
- Utilities set up from closing day
- Movers booked for the afternoon or the next day
- Phone on, ID ready, keys arranged
Questions buyers ask
What time do I get the keys on closing day?
Only after the transfer is registered and the seller’s lawyer confirms the funds. That is often in the afternoon, but there is no fixed time. Do not book movers for first thing in the morning.
When is land transfer tax paid?
Ontario’s land transfer tax is payable when the transfer is registered, which your lawyer does electronically on closing day. Your lawyer collects it from you beforehand, together with Toronto’s municipal tax if you buy in Toronto.
Can I see the house before closing?
Only if your agreement allows it. Many offers include a clause allowing a set number of visits before closing. Ask for one shortly before the closing date. Use it to check that included items are there and nothing is damaged.
What is a statement of adjustments?
Your lawyer’s summary of the money: the price, your deposit, and credits or charges for things the seller prepaid, such as property tax. It tells you the exact balance you need to send.
What happens if my funds arrive late?
Closing can be delayed, and failing to close on the agreed date can have serious legal consequences. Send your funds to your lawyer at least a day early, and confirm the wire has arrived.
Do I need title insurance?
Your lender may require it, and many lawyers recommend it. It is a one-time premium paid at closing. Ask your lawyer what it covers for your property.
What if something is missing or damaged when I move in?
Call your lawyer and me right away, before closing if possible. If the agreement promised it, there may be a remedy, such as a holdback or claim. It is much easier to deal with before funds are released.
How long do I have to claim the first-time buyer land transfer tax refund?
Your lawyer usually claims it at registration. If not, you have 18 months from registration to apply to Ontario.
Sources
- Ontario.ca: land transfer tax (payable when the transfer is registered)
- Ontario.ca: land transfer tax refunds for first-time homebuyers
- Financial Consumer Agency of Canada: buying a home (closing costs)
- CMHC: mortgage loan insurance premiums
- CMHC: making an offer to purchase a home (after acceptance)
- CRA: Home Buyers’ Plan
From firm deal to front door
I coordinate the lawyer, lender and seller’s side so closing day is quiet. Start with the right home.