How long does it take to get money after selling a house?
Want your cash fast? Here’s exactly how long it takes to get money after selling a house in Georgetown, ON.
Quick Answer
Most sellers get their money the day of closing or within 1–2 business days. Cash sales can be faster. Sales with a mortgage or holdbacks can take a little longer.
Why this matters for home sellers in Georgetown
You are selling a house in Georgetown, Halton Hills. You need money to buy your next home, pay a mortgage, or move. Knowing the timeline stops stress. It helps you plan moving, moving costs, and taxes. It helps you avoid surprises on closing day.
Simple timeline: from accepted offer to cash in your account
- Offer accepted: Day 0. Buyer and seller sign the deal.
- Conditions removed: Usually 1–10 days. This covers financing and inspection. Once removed, the deal is firm.
- Closing date set: Often 30–60 days after acceptance for standard sales in Georgetown. Shorter for cash or investor buyers.
- Lawyer prepares closing documents: 1–5 days before closing.
- Closing day: Buyer’s lawyer pays funds to seller’s lawyer. Keys move. Title transfers.
- Seller receives net proceeds: Usually same day or within 1–2 business days after closing. Banks and law firms may wire the money or issue a certified cheque.
What exactly happens on closing day
- Final paperwork is signed by both sides.
- Buyer’s lender sends money to buyer’s lawyer.
- Buyer’s lawyer registers the transfer at the land registry.
- Buyer’s lawyer sends funds to seller’s lawyer.
- Seller’s lawyer pays off seller’s mortgage, pays closing costs, then sends the net funds to you.
Most of this work happens behind the scenes. You usually do not handle the wire. Your lawyer does.
Typical timing by sale type
- Cash buyer: Closing can be 1–7 days. Money often available same day.
- Conventional buyer with financing: 30–60 days common. Money usually same day or next business day.
- Investor/bulk sale with conditions: Could be shorter or longer depending on due diligence.
Common items that delay payment
- Mortgage discharge paperwork. Some lenders need a few extra days.
- Post-closing holdback by buyer for repairs or unresolved items.
- Title issues or liens on the property.
- Missing paperwork (IDs, payoffs, condo documents).
- Weekends and bank holidays. Funds may not clear until next business day.
If one of these shows up, ask your lawyer to explain the exact hold time.
Fees and payoffs that reduce your cash
When you sell, your gross sale price is not what you pocket. Expect deductions like:
- Mortgage payout: The remaining mortgage balance plus any discharge fee.
- Real estate commission: Often around 4–6% of sale price (check your listing agreement).
- Lawyer’s fees and registration costs.
- Land transfer tax adjustments (if applicable to your situation).
- Utility and property tax adjustments.
- Any agreed repairs or closing concessions.
Your lawyer will provide a statement of adjustments. This shows exactly how much you get.
How to get your money faster (do these now)
- Hire a local real estate lawyer early. Give them your ID and mortgage info right away.
- Ask your mortgage lender for a payout statement early.
- Choose a cash buyer if speed is your top priority.
- Clear any liens or small debts tied to the property before closing.
- Work with a local realtor who knows Georgetown’s closing rhythm.
These are small steps. They remove friction that slows funds transfer.
Local market notes for Georgetown, ON sellers
- Georgetown sits inside Halton Hills. Buyers from Toronto and Guelph often look here.
- Typical listing-to-closing timelines in Georgetown tend to match Greater Toronto Area patterns: 30–60 days.
- Cash investors are active locally. If you accept a cash offer, you can move faster.
- Work with a local agent who knows what buyers and lawyers in Georgetown expect. That avoids last-minute delays.
Why a local agent and a good lawyer matter
- Agent: Prices your home right. Negotiates firm closing dates. Anticipates buyer issues.
- Lawyer: Handles payouts, registers the sale, and clears liens. Directs funds to your bank.
Using local pros speeds the process and protects your cash.
What to expect in your bank account
- Day of closing: Seller’s lawyer usually issues funds by wire or certified cheque. Many banks post wires the same day.
- 1–2 business days: Funds clear into your account in most cases.
- If you need money immediately: Ask your lawyer when funds will be available. They can often tell you the exact time and method.
Simple checklist for sellers in Georgetown
- Hire a realtor who sells in Georgetown.
- Open a file with a real estate lawyer early.
- Request mortgage payout info early.
- Remove personal items and get ready to hand over keys.
- Confirm your net proceeds with your lawyer before closing.
Clear call to action
If you are selling a house in Georgetown and want a fast, clean closing, get expert help. I work with Tony Sousa, a local realtor who knows this market and the teams that move money fast. Email tony@sousasells.ca or call 416-477-2620. Visit https://www.sousasells.ca for a free market review.
FAQ
Q: When will I get paid after the buyer closes?
A: Usually the same day or within 1–2 business days after closing.
Q: Can a cash sale get me paid faster?
A: Yes. Cash sales often close faster. Money can be available the same day.
Q: Do I get the full sale price?
A: No. You get sale price minus mortgage payoff, commission, taxes, lawyer fees, and adjustments.
Q: What if my mortgage is large?
A: It won’t stop the sale. Your lawyer pays the mortgage out of the sale funds first.
Q: Do I need to meet the buyer to get paid?
A: No. Your lawyer handles funds transfer. You only need to sign the required documents.
Q: What slows down the payment most often?
A: Title issues, missing paperwork, or holdbacks for repairs.
Q: How long for funds to clear into my bank?
A: Often same day, but plan for 1–2 business days.
Q: Who do I call if my funds are late?
A: Call your real estate lawyer first. Then call your agent.
Sell smart. Plan your closing. Get paid fast.
Contact: Tony Sousa, Local Realtor. tony@sousasells.ca | 416-477-2620 | https://www.sousasells.ca
