Close of escrow
Closing Day
If you’ve reached this stage—congratulations are almost in order. Closing day is the final step in the transaction, but there are still a few important details to confirm before ownership officially changes hands.
Final Walk-Through
The final walk-through typically takes place the day before or the day of closing.
This is the buyer’s opportunity to confirm that:
- The property is in the same condition as agreed upon in the APS
- All included fixtures and appliances remain in place
- Any required repairs have been completed
- The home is clean and free of the seller’s belongings
While it is generally a formality, this step helps ensure there are no unexpected issues prior to closing.
Utilities and Home Services
Ahead of closing, both parties should arrange for utilities to be transferred or cancelled accordingly.
This may include:
- Hydro (electricity)
- Gas
- Water (depending on municipality)
- Internet, cable, and other services
Your REALTOR® or lawyer can provide guidance or a checklist of local providers to ensure a smooth transition.
Be Prepared for Last-Minute Issues
Even at the final stage, unexpected issues can occasionally arise—such as delays in funding, documentation issues, or minor property concerns.
The good news is that these situations are common and manageable. Your REALTOR® and real estate lawyer will work together to resolve any issues quickly and keep the transaction on track for closing.
Closing Through Your Lawyer
In Ontario, all real estate closings are completed through a real estate lawyer, not a closing agent or escrow company.
On closing day:
- The buyer’s lawyer receives mortgage funds from the lender
- The buyer’s lawyer transfers funds to the seller’s lawyer
- The property is legally registered in the buyer’s name through Ontario’s land registry system
- Final adjustments (taxes, utilities, etc.) are finalized in a statement of adjustments
Both parties review and sign final documents through their respective lawyers prior to or on closing day.
Receiving Funds and Keys
Once the transaction is completed:
- The seller’s lawyer releases the sale proceeds to the seller
- Funds are typically transferred by wire or bank draft
- Keys are released to the buyer through the listing brokerage, usually once confirmation of closing is received
At this point, ownership officially transfers, and the transaction is complete.