What happens on closing day?
What REALLY happens on closing day? — The one-day checklist every Georgetown seller wishes they had.
You sold your home in Georgetown. Now what?
If you want the money, the keys and zero surprises, you need a plan. Closing day is not a ceremony. It’s a bank, a courthouse and a logistics center rolled into one. Miss one detail and you lose time, money or both.
This guide walks you through exactly what happens on closing day in Georgetown, Ontario — step by step, in plain English. No fluff. No filler. Just a practical map so you finish on time, get paid, and leave clean.
The timeline sellers should expect — before closing
- 30–14 days before closing: Your lawyer gets the title search, checks for liens, prepares the deed and draft statement of adjustments. If you have a mortgage, your lender prepares a payout figure with discharge instructions.
- 14–7 days before closing: Buyer’s lender confirms their funds. The seller signs final documents at their lawyer’s office or remotely. Utility accounts, mail forwarding and any final repairs get scheduled.
- 72–24 hours before closing: Final funds are arranged. Buyer wires money to their lawyer or registrar. Your lawyer confirms mortgage payout and prepares net proceeds. You get a closing statement.
Get this part right and closing day becomes routine. Skip it and you get delays.
Closing day — minute-by-minute for Georgetown sellers
- Morning: Final verification. Your lawyer confirms registration windows and watches for any last-minute holds or registrations against the property. The buyer’s lawyer does the same.
- Midday: Electronic registration (e-registration) of the transfer and discharge documents. Ontario now does most of this electronically through Teranet/E-Reg — your lawyer files the transfer and mortgage discharge for registration.
- Afternoon: Funds move. Buyer’s funds clear into buyer’s lawyer account. The seller’s mortgage is paid out. Any outstanding liens, condo fees or municipal charges are settled. The lawyer authorizes release of keys to the buyer.
- End of day: The lawyer sends the final statement of adjustments to both parties. You receive net proceeds by wire or certified cheque, minus closing costs and commissions.
If the deal is scheduled to close on a Monday, expect electronic registration to be processed during business hours — banks and the land registry move on a schedule. In Georgetown, being in Halton Region, most closings follow regular Ontario timelines, but winter weather and municipal office hours can add small delays.
What your lawyer handles (so you don’t have to)
- Registering the transfer of title and mortgage discharge
- Reporting and paying off mortgages, lines of credit or other encumbrances
- Preparing the final statement of adjustments (property taxes, utilities, condo fees)
- Ensuring net proceeds are paid to you safely
Your lawyer is the traffic controller. They confirm registration, handle the money and clear the legal roadblocks. You should be informed, but you don’t have to be the operator.
Money — where it comes from and where it goes
- Buyer’s funds: Buyer wires the balance of purchase funds to their lawyer. That includes the deposit already held by the seller’s brokerage (if applicable).
- Payoffs: Your lawyer uses incoming funds to pay your mortgage lender, property tax arrears, outstanding utility bills and registered liens.
- Adjustments: Property taxes, utilities and condo fees are prorated on the closing statement. The seller usually pays for the day of closing up to the closing date.
- Net proceeds: This is your money after the lawyer pays off debts and fees. You get it by bank e-transfer, wire transfer or certified cheque per your instructions.
Note: The provincial land transfer tax is paid by the buyer. If you sell a newly built property, HST rules may apply — that’s for the builder to manage, not the resale seller.
Practical checklist for sellers in Georgetown, ON — do this before you leave
- Sign final legal documents at your lawyer’s office or via remote signing early.
- Take final meter readings for gas and electricity. Record them in photos and leave copies with the keys if requested.
- Cancel or transfer utilities and arrange final billing with local providers.
- Book your move with buffer time: aim to be out by noon on closing day unless contract says otherwise.
- Leave all appliance manuals, keys, garage door openers and home warranties in a labeled folder.
- Confirm how keys are to be handed over (lawyer release, lockbox, in-person).
- Remove personal property not included in the sale and ensure the home is left in the agreed condition.
In Georgetown, winter closings are common, so clear snow and ice from walkways before handing the property over. The buyer will be inspecting the condition on arrival.
Local specifics that matter in Georgetown
- Lawyer/Trust Process: Most Ontario closings run through lawyers. In Halton Hills, local real estate lawyers are used by the majority of sellers. Confirm your lawyer’s experience handling closings in Halton Region.
- Property tax adjustments: Halton Region bills property taxes in installments. The statement of adjustments will include Region/municipal tax credits or debits up to the closing date.
- Utilities: Contact your local utility providers to notify final read and billing. Keep proof of cancellations or transfers.
- New builds vs resale: Resale homes are generally HST-free in Canada. If you sold a new build, HST issues are handled differently — consult your lawyer or accountant.
Common last-minute problems (and how to avoid them)
- Funds not wired on time: Confirm wiring instructions with the buyer’s lawyer the day before closing. Do not accept emailed banking instructions without verification.
- Mortgage discharge delays: If your mortgage has a prepayment penalty or discharge fee, get a payout quote at least 14 days before closing.
- Title issues or liens: Ask your lawyer to run a full title search early. Unregistered liens can freeze proceeds.
- Property not vacant: The contract usually requires the home to be cleared. If you need more time, negotiate a written agreement, not a handshake.
These are preventable. Most delays come from poor coordination, not bad luck.
What you must bring or sign
- Government ID for any in-person signings
- Keys, remotes and any security codes expected in the sale
- Signed documents your lawyer asks for (power of attorney rarely needed unless you can’t sign in person)
If you’re not available to sign, arrange for remote signing or a power of attorney well in advance.
After closing — immediate next steps
- Double-check final statement of adjustments for errors. Contact your lawyer immediately if anything looks off.
- Keep settlement documents for tax records. If this was not your principal residence, talk to an accountant about capital gains reporting.
- Cancel insurance on the sold property effective closing day. Confirm the buyer has insurance for their possession date.
Who pays what on closing day? Quick breakdown
- Seller typically pays: Real estate commission, lawyer fees, mortgage discharge costs, agreed repairs, and any unpaid local charges.
- Buyer typically pays: Balance of purchase price, land transfer taxes, title insurance (if they choose), and financing costs.
Why a local expert matters
The rules are provincial, but local nuance matters: municipal tax timing, local lawyer availability, utility providers and seasonal logistics all change the day-of routine. A Georgetown seller who understands local timing and uses an experienced local realtor and lawyer avoids stress and gets paid faster.
Tony Sousa has closed dozens of homes in Georgetown and Halton Hills. He knows which local lawyers move quickest, how the Halton tax cycles affect your adjustments, and the seasonal issues that complicate closings. Call or email to get a closing checklist tailored to your sale.
FAQ — Closing day for Georgetown, ON sellers
Q: How long does closing day take?
A: For you, closing day can be a few hours to a couple of business days in total. The legal and banking steps usually happen the same day, but registration and fund release can be tied to bank cutoffs and land registry schedules.
Q: Can closing be delayed at the last minute?
A: Yes. Delays happen when funds don’t clear, mortgages have unexpected liens, or agreed conditions aren’t met. Prevent this by confirming payoffs, wiring instructions and final signatures at least 48–72 hours in advance.
Q: Do sellers pay land transfer tax?
A: No. In Ontario, the buyer pays provincial land transfer tax. The seller’s main closing costs are commission, legal fees and mortgage discharge costs.
Q: What if there are tenants, or I need more time to move?
A: Don’t assume you can stay. If you need extra time, negotiate a written post-possession agreement with fees and terms. Verbal agreements won’t hold up.
Q: Is HST charged on resale homes in Georgetown?
A: Typically no. Resale residential properties are usually exempt from HST. New homes and certain assignments can have HST implications.
Q: How do property tax adjustments work?
A: Taxes are prorated. Your lawyer will credit or debit you for the portion of taxes that apply up to the closing date. Halton Region’s billing cycle can affect the timing, so your final adjustment may reflect due or prepaid installments.
Q: How do I ensure I receive my net proceeds fast?
A: Provide your lawyer with direct deposit or wiring instructions well before closing. Confirm identity requirements with your bank. The faster the lawyer can release funds, the sooner you see your money.
Final word — finish clean, get paid fast
Closing day is predictable when you plan for it. Follow the checklist, confirm wiring and payoffs in advance, and use a local lawyer who knows Halton Region. Do that and closing day becomes a clean, fast transfer of ownership — not a drama.
Want a Georgetown-specific closing checklist and a free call to confirm your timeline? Email tony@sousasells.ca or call 416-477-2620. Visit https://www.sousasells.ca for local listings and closing guidance.
Disclaimer: This article is for general information only. Speak with your lawyer about specifics for your sale.
