You’ve accepted an offer — here’s a clear picture of what happens between now and possession day, 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
- A deposit from the buyer usually lands within 24–48 hours of acceptance, held in trust until closing — you’ll be kept informed once it’s recorded, but there’s nothing for you to do here.
- If you haven’t already, complete a Property Condition Disclosure Statement (PCDS) if your agreement calls for one — this discloses known issues with the property to the buyer.
2 · Conditions — Supporting the Buyer’s Due Diligence
Most agreements include conditions the buyer needs satisfied before the deal becomes firm. Your part is mostly about being responsive:
| Condition | What you may be asked for |
|---|
| Home inspection | Provide access for the inspector, and any records you have (permits, past work orders, warranties on major systems). |
| Financing | Occasionally a buyer’s lender requests additional information about the property — your agent will let you know if anything’s needed. |
| Reviewing your disclosure (PCDS) | Be ready to answer any follow-up questions from the buyer’s side. |
Deadlines matter to you too. If a condition isn’t satisfied or waived by its deadline, the agreement can become void.
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 the final commission statement and everything downstream is prepared from the amended terms.
3 · Start These Now — They Take Time
- Hire a real estate lawyer, if you haven’t already. They’ll handle the discharge of any existing mortgage, prepare the statement of adjustments, and manage your closing paperwork.
- If you have an existing mortgage, contact your lender for a discharge/payout statement — your lawyer will need this well before closing.
- 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 — this is a hard requirement before the deal can close, and for the office it’s also what allows your proceeds to be released promptly.
- Maintain your home insurance through closing day — don’t cancel it early, even once you’ve moved out.
4 · Closing Week
- Confirm your lawyer has what they need — your mortgage discharge information, and any documents for the statement of adjustments (property tax, oil in the tank, condo fees if applicable).
- Start packing and arranging your move so you’re ready for possession day.
- Gather what stays with the house — keys, remotes, garage door openers, alarm codes, appliance manuals and warranty documents — for the buyer.
- Check your agreement for any items you agreed to leave or remove (leased equipment, fixtures, appliances) and plan accordingly.
- A final walk-through, if your agreement includes one, usually happens shortly before closing — the property should be in the condition you agreed to, and generally left broom-clean unless your agreement says otherwise.
5 · Closing / Possession Day
- The lawyers finalize the transaction; the buyer’s funds and your mortgage discharge (if any) are settled between them.
- Possession is typically handed off later in the day, once funds and registration have cleared — your agent will keep you posted if timing shifts.
- Your net proceeds are released by your lawyer once everything settles, usually within a few business days of closing.
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.