When do I receive my money after selling?
When will I actually get paid after selling my house? Here’s the no-fluff answer.
Quick answer
You get your sale proceeds on closing day — after title transfers, mortgage payoffs and closing costs are handled by your lawyer/notary. In most standard residential transactions the net funds clear the day of closing or within 24–48 hours. Sometimes it can take up to a few business days due to bank processing or hold policies.
Step-by-step closing timeline (exact, clear)
- Deposit and conditions removed
- Buyer’s deposit sits in trust or escrow. Once conditions are waived, the sale becomes firm.
- Final mortgage payoff and adjustments
- Your lawyer receives the sale documents. They prepare a statement showing mortgage payoff, taxes, adjustments and fees.
- Closing day (possession day)
- Title transfers to the buyer. The buyer’s funds are sent to their lender/escrow and then to your lawyer.
- Disbursement of funds
- Lawyer/notary pays off mortgages and liens, pays closing costs, and issues the net proceeds to you.
- Method: bank e-transfer, wire transfer or certified cheque depending on your preference and your lawyer’s policy.
- Funds availability
- If wired or e-transferred, funds often hit your account the same day or within 24 hours. Certified cheques can clear in 1–3 business days.
How payment is delivered
- Wire transfer: fastest and most common for large sums. Confirm bank wiring details with your lawyer.
- E-transfer: increasingly used for smaller balances, may have limits.
- Certified cheque: used when wiring is not possible; slower due to cheque clearing.
Common causes of delay
- Unpaid liens or second mortgages that need reconciliation.
- Last-minute adjustments (taxes, utility credits).
- Bank holds for large deposits.
- Missing ID or signing errors at the lawyer’s office.
Checklist to speed up your payout
- Provide clear wiring instructions to your lawyer early.
- Clear any second mortgages or known liens before closing.
- Bring ID and signed documents to closing.
- Ask the lawyer for an estimated net proceeds statement in advance.
What you should ask your agent or lawyer
- Exact disbursement method and timing.
- Estimated net proceeds amount and closing statement.
- Any expected holds from your bank and how long they last.
Why working with an experienced local agent matters An experienced agent coordinates the lender, lawyer and buyer so funds flow cleanly. I handle timing, confirm wiring details, push for prompt releases, and resolve surprises before closing. That reduces hold-ups and gets your money faster.
Ready to sell or want a clear closing timeline for your sale? Contact Tony Sousa — local expert in fast, clean closings. Email: tony@sousasells.ca • Phone: 416-477-2620 • https://www.sousasells.ca
