The date on which the ownership of the property officially transfers from the seller to the buyer. On this day, your lawyer handles the exchange of funds, registration of the deed, and transfer of keys. In Ontario, this is typically 30 to 90 days after the offer is accepted, though it's negotiable.
Why It Matters
Your closing date affects everything from when you move to how your mortgage is set up. If you're buying and selling simultaneously, aligning closing dates is critical -- otherwise you might need bridge financing. It's also the day you become responsible for the property, including insurance and property taxes.
Real-World Example
You buy a detached home in East York and negotiate a closing date of June 15. Your lawyer receives the mortgage funds, pays the seller's lawyer, registers the transfer of title, and arranges the land transfer tax payment -- all electronically. By late afternoon, your agent picks up the keys from the listing brokerage and hands them to you. You are now the owner, and your first mortgage payment is due July 1.
Ontario & GTA Context
In Ontario, closing is handled by lawyers (not title companies as in some US states). The title transfer is registered electronically through Teraview, the province's electronic land registration system. Closing typically happens between 9 AM and 5 PM, and both the buyer's and seller's lawyers coordinate the exchange of funds and documents throughout the day.
How It Works in Practice
Avoid closing on a Friday if possible -- if something goes wrong, you lose the weekend to resolve it. Give your lawyer at least a week's notice if you need to change the closing date, as both sides and their lenders need to agree. Have your closing funds wired to your lawyer's trust account at least one business day before closing.
Common Questions
Can the closing date be changed after the offer is accepted?▾
What happens if the seller cannot vacate by the closing date?▾
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