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Step 5
You made it. Your offer was accepted, your conditions are satisfied, and the closing date is on the calendar. Here is what happens in the final stretch — and what you need to prepare — so that closing day goes smoothly and you can enjoy the moment you get the keys.
In the days leading up to closing, a great deal of work happens behind the scenes. Here is a general timeline:
7 to 10 days before closing: Your lawyer conducts a title search to confirm that the property can be transferred free of liens or encumbrances. They also arrange title insurance, prepare the deed of transfer, and coordinate with your lender to finalize mortgage documents.
3 to 5 days before closing: You will meet with your lawyer to review and sign all documents. At this meeting, you will provide your closing funds — a certified cheque or bank draft for the difference between the purchase price and your mortgage amount, minus the deposit already held in trust. Your lawyer will also walk you through the statement of adjustments.
1 to 2 days before closing: Your agent arranges a final walkthrough of the property. This is your opportunity to confirm that the home is in the agreed-upon condition, that any negotiated repairs have been completed, and that all included items are present.
Closing day: Your lawyer registers the deed, your lender advances the mortgage funds, and the seller's lawyer confirms receipt. Once everything is registered, you get the keys.
Beyond the purchase price itself, budget for the following costs:
Land Transfer Tax (Ontario): This is calculated on a sliding scale. On a $500,000 home, the provincial land transfer tax is approximately $6,475. First-time buyers in Ontario may be eligible for a refund of up to $4,000, reducing the effective tax significantly.
Legal fees: Expect to pay between $1,500 and $2,500 for a residential real estate transaction, including disbursements.
Title insurance: Typically $250 to $400, this protects you and your lender against title defects, survey issues, and certain types of fraud.
Property tax and utility adjustments: If the seller has prepaid property taxes or utilities beyond the closing date, you reimburse them for the prorated amount. Conversely, if they owe taxes, the amount is credited to you.
Home insurance: Your lender requires proof of home insurance before releasing mortgage funds. Arrange your policy at least a week before closing.
Moving costs: Budget between $1,000 and $3,000 for a professional local move in the Niagara Region, depending on the size of your home.
Before closing, make sure you have completed the following: confirmed the closing funds amount with your lawyer and obtained a certified cheque or bank draft, arranged home insurance and provided proof to your lender, set up utility accounts (hydro, gas, water, internet) to transfer into your name on the closing date, arranged movers or reserved a rental truck, notified Canada Post of your change of address, and scheduled time off work if needed.
Once your lawyer confirms that the funds have been transferred and the deed has been registered, the property is officially yours. Your agent will hand you the keys, the garage remotes, and any alarm codes or appliance manuals the seller has left behind.
Take a moment to appreciate what you have accomplished. Buying a home is one of life's great milestones, and you have navigated it with confidence.
Your RE/MAX Garden City agent does not disappear after closing day. Need a contractor recommendation? Have a question about property taxes? Want to know what your home is worth a few years down the road? We are always just a phone call away. Welcome home.