What Really Happens When My Property Sells? The Georgetown, ON Playbook That Gets You Paid Fast

What happens when my property sells?

🔥 What Happens When My Property Sells — The Straight Answer Every Georgetown Seller Needs

Quick, Clear Overview: From “Sold” to Keys in Hand

When your property in Georgetown, ON sells, a series of predictable, legal, and financial steps kick in. Each step has a deadline, a decision point, and a person responsible. Miss one detail and you can lose money or delay closing. This guide explains exactly what happens, why it matters in Georgetown and Halton Hills, and what you must do to close smoothly.

The Moment an Offer Is Accepted — What Changes Immediately

• Offer accepted: The buyer and seller now have an Agreement of Purchase and Sale (APS). In Ontario this is usually the OREA form.
• Deposit: The buyer gives a deposit (commonly 5%-10% of purchase price). It’s held in trust by the listing brokerage or lawyer.
• Conditions: If the offer has conditions (inspection, financing, sale of buyer’s home), the buyer must waive or remove them by the agreed dates. Once conditions are removed, the deal is firm.

Why it matters: Until conditions are cleared, the sale can fall apart. In a competitive Georgetown market you want a firm sale fast.

Typical Timeline — What Happens Week by Week

• Days 0–3: Acceptance confirmed, deposit received, crucial dates set (closing day, possession, condition deadlines).
• Days 3–14: Buyer’s due diligence. This can include inspections, financing approval, and condo status certificates (if applicable).
• Days 7–30: Lawyer searches and title work begin. Buyer’s lawyer requests documents; seller’s lawyer prepares mortgage discharge and any required statements.
• 2–14 days before closing: Final adjustments are prepared for property taxes, utilities, condo fees or prepaid items.
• Closing day (commonly 30–60 days after acceptance in Ontario): Funds transfer, mortgage discharge, title registration, keys handed over.

Note: In Georgetown, 30–60 days is common. New-build closings or complex transactions may run longer.

Legal Steps in Ontario You Can’t Ignore

• Hire a real estate lawyer: Ontario law requires lawyers to register title and handle funds. A local Halton Hills/Georgetown lawyer knows municipal rules.
• Title search: Confirms seller’s legal right to sell and checks for liens, easements, or outstanding work orders.
• Mortgage discharge: Your lawyer arranges payout and prepares a statement of adjustments.
• Status certificates (condo): If selling a condo, the buyer will request a status certificate. Provide it quickly — delays can sink a sale.
• New builds & HST: If the property is new or substantially renovated, HST rules apply. Resales are typically exempt.

Legal risk: Misrepresentations or hiding material facts (like undisclosed basement flooding) can lead to lawsuits. Full, honest disclosure avoids future liability.

Financial Flow — Who Pays What and When

• Buyer provides funds to their lawyer for purchase price.
• Seller’s lawyer pays out mortgage balance and any liens from the seller’s proceeds.
• Adjustments: Property taxes, utilities, condo fees — prorated to the possession/closing date.
• Realtor commission: Usually paid from seller’s proceeds per listing agreement.
• Closing costs for seller: legal fees, realtor commission, mortgage discharge fees, any agreed repairs or credits.

Local note: Buyers pay the Ontario Land Transfer Tax (and Toronto has an extra municipal tax — Georgetown does not). Confirm with your lawyer.

Closing Day — Step-by-Step

1. Final funds arrive at buyer’s lawyer.
2. Buyer’s lawyer registers transfer of title at the Land Registry Office (now electronic in Ontario).
3. Seller’s lawyer pays out mortgage and clears encumbrances.
4. Adjustments are exchanged: buyer reimburses seller for pre-paid items or vice versa.
5. Keys and possession: Once registration and funds clear, keys transfer per the APS (commonly at noon on possession day).

What sellers often miss: Confirm exactly when possession time is and how keys transfer. Are utilities shut off at midnight? Do you need to leave keys with the realtor or lawyer?

Practical Local Tips for Georgetown Sellers

• Price it right for the Georgetown market: You’re competing with homes for commuters to Milton, Guelph, and the GTA. Price attracts attention — don’t overprice and extend days on market.
• Prepare for commuter buyers: Highlight highway access, GO Transit options, and local schools.
• Seasonal timing matters: Spring and early summer listings get more buyer traffic here.
• Know local bylaws: Halton Hills has property standards and permit requirements. Unpermitted work can slow title work.
• Pre-listing inspection: In older Georgetown homes, a pre-listing inspection can speed buyer confidence and remove conditions.

Marketing & Offers — Control the Outcome

• High-quality photos and virtual tours are musts. Georgetown buyers often shop online first.
• Multiple offers: If you get several offers, don’t just pick the highest — weigh firm closing dates, fewer conditions, and financing strength.
• Ask for proof of funds and mortgage pre-approval. It reduces risk of buyer financing failure.

After Closing — What You Must Do

• Transfer utilities and cancel services effective the possession date.
• Keep copies of closing documents for taxes and future needs.
• If you owed property taxes, confirm final payments and prorated adjustments with your lawyer.
• If renting a unit or selling an investment: keep records for capital gains reporting.

Georgetown-Specific Closing Pitfalls to Avoid

• Missing permits: Local permit issues for decks, renovations, or pools can delay registration.
• Condo status certificates: Stand ready to provide them immediately to avoid back-and-forth delays.
• Septic and wells: If the property is outside central services, buyers may demand inspections and certifications.

How a Local Realtor Protects the Sale

A local agent brings: market pricing that sells, negotiation that strengthens terms (less risky conditions), vendor take-back knowledge (if needed), and coordination with local lawyers and inspectors. This local coordination reduces delays and surprises.

Final Checklist: When Your Property Sells (Quick Reference)

• Confirm deposit received and held in trust.
• Note all condition deadlines and chase removals.
• Provide requested documents fast (status certificates, permits, utility bills).
• Hire a local real estate lawyer experienced with Halton Hills.
• Confirm mortgage payout figures and any discharge penalties.
• Schedule final meter readings and utility transfers for possession day.
• Prepare keys and garage remotes for handover.

Trusted Next Step

If you’re selling in Georgetown, ON, you don’t want a generic agent. You want local experience that anticipates municipal quirks, permit checks, and the buyer profile here. Contact Tony Sousa — a Georgetown-focused realtor who moves deals from accepted offer to clean closing, fast.

Tony Sousa — Local Realtor, Georgetown, ON
Email: tony@sousasells.ca | Phone: 416-477-2620 | https://www.sousasells.ca

FAQ — Common Questions Georgetown Home Sellers Ask

1) How long until closing after an accepted offer?

Typical Ontario closings are 30–60 days after acceptance. In Georgetown the common window is 30–60 days, but it can be shorter with cash buyers or longer for new builds.

2) Who pays the Land Transfer Tax?

Buyers pay Ontario Land Transfer Tax. Sellers typically do not. Toronto has a municipal LTT; Georgetown/ Halton Hills does not.

3) What closing costs does the seller pay?

Sellers usually pay realtor commission, legal fees, mortgage discharge costs, and any agreed credits for repairs or adjustments.

4) Do I need to disclose everything about my house?

Yes. In Ontario, you must answer buyer questions honestly. Certain material facts (structural issues, flooding history, unpermitted work) should be disclosed. If in doubt, consult your lawyer.

5) What happens to existing mortgages?

Your lawyer arranges mortgage payoff from sale proceeds. If there’s a penalty for early discharge, factor it into costs.

6) Will HST apply to my sale?

Most resale homes are exempt from HST. New homes or substantially renovated homes may be HST-applicable. Talk to your lawyer or accountant.

7) What about condo sales in Georgetown?

Condos require a status certificate and condo documents. Provide them quickly; delays can cost time and buyers.

8) What if the buyer’s financing falls through?

If the buyer had a financing condition and cannot secure funds before the deadline, the buyer can waive the condition, seek an extension, or the deal can collapse. That’s why proof of funds and solid pre-approvals matter.

9) How are property tax adjustments calculated?

Taxes are prorated between buyer and seller to the possession/closing date. Your lawyer provides a statement of adjustments showing the exact amounts.

10) Who handles title transfer and registration?

Your lawyer coordinates with the buyer’s lawyer to register the transfer of title electronically with Ontario’s land registry.

Selling a home in Georgetown, ON, is a series of smaller actions that add up to a clean, on-time closing. Follow the checklist, hire local experts, and confirm deadlines. If you want a proactive agent who knows Halton Hills inside out, reach out now.

Contact Tony Sousa — tony@sousasells.ca | 416-477-2620 | https://www.sousasells.ca