From Accepted Offer to Closing Day: What Actually Happens In Between
Getting an offer accepted feels like the finish line, but there’s usually three to eight weeks of real work left before you get keys. Here’s what’s actually happening behind the scenes on a typical Erin or Orangeville closing.
The first 48 hours
Your deposit cheque needs to be delivered to the listing brokerage’s trust account, usually within 24 hours of acceptance unless your agreement specifies otherwise — this isn’t optional paperwork, it’s a binding term of the contract. At the same time, if you haven’t already, this is when you book your home inspector and send your signed agreement to your lender and your real estate lawyer so everyone can start their own clock.
Satisfying your conditions
Over the next one to two weeks, your inspection happens, your lender issues a mortgage commitment, and for condos your lawyer reviews the status certificate. Each condition gets formally waived or fulfilled in writing as it’s satisfied, not just assumed. Once every condition is cleared, the deal becomes firm and binding — this is usually the point where people start telling friends and family the house is actually theirs.
What your lawyer is doing that you don’t see
Between the firm date and closing, your lawyer is running a title search to confirm the seller actually owns the property free of undisclosed claims, arranging title insurance, confirming there are no outstanding work orders or liens from the municipality, and preparing the statement of adjustments — the document that splits costs like property tax and (if applicable) heating oil between buyer and seller based on the exact closing date.
Insurance and utilities
Your lender will not release mortgage funds without proof of fire insurance in place as of the closing date, so this needs to be arranged at least a week ahead, not the morning of. Separately, contact Alectra or your local utility provider and Enbridge (if the home has gas) to set up accounts in your name effective on closing day, and don’t forget well pump or septic service transfers if the property is on private systems — these don’t transfer automatically the way municipal services sometimes do.
Land transfer tax and your closing funds
A few days before closing, your lawyer sends a final statement showing exactly what you need to bring: the balance of the purchase price after your deposit, Ontario land transfer tax (and the municipal land transfer tax if you’re buying in Toronto, which doesn’t apply here but trips up buyers moving from the city), legal fees, and adjustments. This money needs to be with your lawyer, as certified funds, typically one to two business days before closing — not on closing day itself.
The final walkthrough and closing day itself
Most buyers do a final walkthrough within 24 hours of closing to confirm the property is in the condition agreed to and that anything the seller agreed to leave behind is actually still there. Closing itself usually happens mid-afternoon: your lawyer receives the mortgage funds, registers the transfer, and once registration is confirmed, the seller’s lawyer releases keys, typically through the listing agent. It’s rarely an exact time, which is why we tell clients not to book moving trucks for first thing in the morning on closing day.