Once both parties have signed the Agreement of Purchase and Sale, the transaction enters a defined sequence of steps. Here's what to expect at each stage.

Immediately after acceptance: deliver the deposit

The deposit — typically 5% of the purchase price — is due within 24 hours of the offer being accepted by the seller. It must be a bank draft, certified cheque, or wire transfer payable to the listing brokerage's trust account. Arrange this before submitting your offer: ensure the funds are accessible in your bank account, not locked in a GIC or investment account with a withdrawal timeline.

The conditional period (if applicable)

If your offer includes conditions, the conditional period begins immediately after acceptance. You have until each condition's deadline to either waive it (sign a document removing it) or exercise it (notify the seller you're walking away, triggering a return of your deposit).

During this period, in parallel:

  • Book your home inspector immediately — qualified inspectors in the GTA book up fast
  • Send your accepted offer to your mortgage broker or lender to begin the financing confirmation process
  • For condos, request the status certificate from the seller's agent and forward it to your lawyer

Once all conditions are waived, the deal is "firm" — both parties are committed to close.

Hire your real estate lawyer

If you haven't already, hire a real estate lawyer as soon as the offer is accepted. Your lawyer will conduct a title search, arrange title insurance, prepare closing documents, and handle the transfer of funds on closing day. Title searches and document preparation take time — don't leave this until the week before closing.

Your lawyer's closing fee is typically $1,500–$2,500 plus disbursements (search fees, title insurance, registration fees). Ask for a quote upfront so there are no surprises.

The weeks before closing

Mortgage commitment: Your lender provides a formal mortgage commitment letter. Review the terms carefully — rate, term, amortization, prepayment privileges — and sign and return it within the deadline specified.

Title search: Your lawyer confirms the seller has clear, marketable title — that there are no undisclosed liens, encumbrances, or ownership disputes. Title insurance provides protection if anything surfaces post-close that the search didn't catch.

Statement of adjustments: Your lawyer prepares this in the final week before closing. It itemizes exactly what you owe on closing day: the purchase price less your deposit, plus land transfer tax, property tax adjustments, legal fees, and title insurance. This is when the final number becomes concrete.

Arrange closing funds: Based on the statement of adjustments, you'll need a certified cheque or wire transfer for the balance owing. Your mortgage lender advances their funds directly to your lawyer; you provide the gap between the mortgage and the purchase price (down payment less deposit) plus closing costs.

Pre-closing walkthrough

You're entitled to a final walkthrough — typically within 24 hours of closing — to confirm the property is in the condition specified in your agreement. Check that all included chattels (appliances, light fixtures, window coverings) are present and undamaged, and that the sellers have vacated and removed their belongings. Any issues discovered here should be communicated to your lawyer immediately.

Closing day

On the closing date, your lawyer registers the transfer of title with the land registry office and arranges key handoff through the agents. Closing typically happens in the afternoon — the keys are rarely available at 8 a.m. Even if the closing date is the same day as your move-in, plan for afternoon possession. The property is legally yours once your lawyer confirms the transfer is registered.