Your offer has been accepted — here's a clear picture of what happens between now and the day you get your keys, and the handful of things we'll need from you along the way. Your REALTOR® will guide you through every step; this is just so you know what's coming.
1 · Right Away — The Deposit
Your agreement calls for a deposit, usually due within 24–48 hours of acceptance.
- Send it by e-transfer, and put the property address in the message field. That’s what lets our office match your money to your deal quickly and get you a receipt.
- Once it lands, you’ll receive an official Receipt of Trust Deposit — usually within a couple of hours.
- Your deposit is held in our trust account until closing. It is never touched before then.
2 · Conditions — What Has to Happen Before the Deal Is Firm
Most agreements include a few conditions — things that need to be satisfied before the deal becomes binding. Yours may include some or all of the following:
| Condition | What you'll need to do |
|---|
| Financing | Finalize your mortgage approval with your lender by the deadline in your agreement. Your lender may ask for an appraisal, income documents, or other paperwork — the sooner you respond, the smoother this goes. |
| Home inspection | Book an inspector and attend the inspection if you can. You’ll then decide, with your agent, whether to proceed, negotiate repairs/price, or walk away — all within the inspection window in your agreement. |
| Reviewing the seller’s disclosure (PCDS) | If the seller has completed a Property Condition Disclosure Statement, review it with your agent. |
Deadlines matter. If a condition isn’t satisfied or formally waived by its deadline, the agreement can become void and your deposit returned. Your agent will keep track of these dates with you.
If anything changes — the price, the closing date, or any term — it’s handled through a signed amendment. Your agent will bring it to you to sign; please turn these around promptly, since everything downstream (your lender, your lawyer, our office) works from the amended terms.
3 · Start These Now — They Take Time
A few things are worth starting as soon as your offer is accepted, even though they aren’t due right away:
- Hire a real estate lawyer, if you haven’t already. They’ll handle your title search, mortgage registration, and the closing paperwork — and they need lead time, especially closer to closing.
- Arrange home insurance effective on your closing date. Most mortgage lenders won’t release funds without proof of insurance in hand.
- Line up your closing funds — your down payment plus closing costs (legal fees, land registration/transfer fees, adjustments for prepaid property tax or oil in the tank, and HST if applicable). Ask your lawyer for the exact figures early so there are no surprises.
- Government-issued photo ID. Canadian real estate transactions require identity verification (a federal requirement called FINTRAC) for every buyer and seller. Your agent or lawyer will ask for it — having it ready avoids a last-minute scramble, since this is a hard requirement before the deal can close.
4 · Closing Week
- Confirm your lawyer has everything they need — mortgage instructions, insurance confirmation, closing funds.
- Arrange your utility transfers (power, oil, internet, cable) to start in your name on possession day.
- Update your address — Canada Post mail forwarding, driver’s licence and vehicle registration, your bank, your employer, and any subscriptions.
- A final walk-through, if your agreement includes one, usually happens shortly before closing to confirm the property is in the condition you agreed to.
5 · Closing / Possession Day
- Your lawyer finalizes the transaction and registers the property in your name.
- Keys are handed off on possession day — timing is coordinated between the lawyers and your agents, and can vary by a few hours depending on when funds and registration go through.
- Any last paperwork (loose ends, adjustments) is settled between the lawyers — you generally won’t need to do anything further at this point.
A quick word on timing. Real estate closings depend on a chain of people — lenders, lawyers, the Registry of Deeds — all completing their part on the same day. Occasionally something shifts by a few hours. Your agent will keep you posted if anything changes.
Ready for the Next Step?
Your REALTOR® is your best resource through every stage of this process.
Let me know if you have any questions — at any point in this process.
Royal LePage Turner Realty (2014) Inc.