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Summary: A home sale closing in Ontario runs through about six steps after you accept an offer: share your agreement of purchase and sale, provide mortgage and property details, sign your documents about a week before closing, prepare for closing day, close, and receive your proceeds. Your real estate lawyer handles the mortgage payout, the statement of adjustments, and the exchange of funds and title with the buyer's lawyer.
Selling your property is a big milestone, and while the closing process can seem daunting, it does not have to be. Here is the process broken into simple steps, from sending us your agreement to receiving your sale proceeds, so you know exactly what is ahead.
What happens during a sale closing in Ontario?
Once your offer is accepted, the closing runs through six broad steps. You handle a few early information items; your lawyer handles the rest:
Share your agreement of purchase and sale. Send us the signed agreement and any related documents. We set up your dashboard, review the agreement, and open your file so we are ready to move quickly.
Provide mortgage and property details. If you have a mortgage or secured line of credit, tell us right away so we can request the payout statement and discharge it on closing. Share details of any adjustments, such as property taxes or condo fees, so we can prepare your statement of adjustments accurately.
Sign your documents. About a week before closing, you meet your lawyer over video to review and sign the transfer documents, statement of adjustments, and direction on how to receive your proceeds, using any device that works with DocuSign.
Prepare for closing day. As the date approaches, we confirm the mortgage payout, finalize adjustments, and arrange the exchange of funds with the buyer's lawyer, keeping you updated through your dashboard.
Closing day. You do not need to do anything. We exchange documents and funds with the buyer's lawyer, pay out your mortgage, and ensure title transfers, then notify you once it is complete.
Receive your sale proceeds. After closing, we transfer your net proceeds to you and make a final reporting package available in your Ownright account.
What does your real estate lawyer handle in a sale closing?
Most of the work happens behind the scenes, which is the point: your lawyer carries the legal and financial mechanics so you do not have to. That includes obtaining the mortgage payout statement and discharging the mortgage, preparing the statement of adjustments, exchanging documents and funds with the buyer's lawyer, and confirming title transfers correctly on closing.
For a closer look at that role, see what a real estate lawyer actually does in a sale closing, and for the document that reconciles the final numbers, see our guide to the statement of adjustments.
When do you receive your sale proceeds?
You receive your net sale proceeds after closing completes, once your lawyer has exchanged funds with the buyer's lawyer, paid out your mortgage, and confirmed title has transferred. The remaining amount, your net proceeds, is then sent to you by the method you chose when signing.
You will also receive a final reporting package, made available in your Ownright account once it is ready. For more on how funds move on the day itself, see what actually happens on closing day.
Frequently asked questions
How long does a sale closing take?
Most of the work happens in the days and weeks between accepting an offer and the closing date set in your agreement. The signing meeting is usually about a week before closing, and your proceeds are transferred shortly after closing completes.
What documents do you sign when selling a home?
The main ones are the transfer documents, the statement of adjustments, and a direction setting out how you want to receive your sale proceeds. Your lawyer reviews each one with you over video before you sign through DocuSign.
When do you get your money after selling a house?
After closing completes. Once funds are exchanged with the buyer's lawyer, your mortgage is paid out, and title transfers, your lawyer sends you the net proceeds by the method you chose at signing.
Do you need a lawyer to sell a house in Ontario?
Yes. A real estate lawyer is required to close a sale in Ontario. They obtain the mortgage payout, prepare the statement of adjustments, exchange funds with the buyer's lawyer, and ensure title transfers correctly.
What is a statement of adjustments?
It is the financial ledger for the closing, reconciling the sale price, the deposit, and prorated items like property taxes or condo fees to arrive at the final amounts. Your lawyer prepares it as part of your sale.
About the author
Joel Fox is a co-founder and COO at Ownright. He helps run the firm's day-to-day work on Ontario residential closings, refinances, and sales, and writes regularly to demystify the parts of a transaction that most homeowners only encounter once or twice in their lives.
At Ownright, we are built to make real estate closings simple, transparent, and human. From the moment your offer is accepted to the day the proceeds land in your account, we handle the legal and financial details for you. You can start your closing online or get in touch with any questions.
Important note: This article is not legal advice. No one should act, or refrain from acting, based solely on the information in this post or any linked materials without first seeking appropriate legal or professional advice.
