When do I receive my money after selling?
“When will I receive my money after selling my Georgetown home?” — here’s the blunt answer you need to hear.
Clear, local answer up front
You usually get your net proceeds on closing day or within 1–3 business days after closing — but only if nothing unexpected shows up. In Georgetown, ON, the money flow is controlled by lawyers, lenders, and bank systems. When those parts move cleanly, you walk away with cash fast. If one part stalls, your payout can be delayed.
How the closing process actually works in Georgetown, ON (step-by-step)
- Exchange of keys and possession: On the closing date (also called completion), the buyer takes possession per your agreement.
- Registration of transfer: Your lawyer registers the transfer of title using Ontario’s electronic land registration system (Teranet). Registration confirms the buyer owns the property.
- Mortgage discharge: If you have a mortgage, your lawyer arranges the discharge and pays the lender from sale proceeds.
- Funds collection: Buyer funds and mortgage lender funds are sent to the buyer’s lawyer. Once those funds clear and registration completes, the seller’s lawyer releases net proceeds to you.
In Georgetown our local lawyers handle the registration and trust account disbursement. They coordinate with Halton Region and local lenders every day, so most closings follow this routine.
Who actually holds and releases the money?
- Buyer’s lawyer/notary: receives mortgage advances and buyer cash.
- Seller’s lawyer/notary: pays off mortgages, liens, fees and then disburses the seller’s net proceeds.
- Mortgage lender: advances funds on behalf of buyer and releases discharge after payoff.
- Realtor (listing agent): ensures documents and adjustments are correct, but the money always flows through lawyers’ trust accounts.
If you listed with a Georgetown realtor, they help but they’re not releasing funds.
Typical timeline — when to expect the money
- Ideal scenario: Same day as closing (late afternoon). The buyer’s lawyer registers title in the morning and once funds arrive, the seller’s lawyer releases a wire or e-transfer to you by late afternoon.
- Common scenario: Same day to next business day. If the buyer’s bank or lender has a delay, funds may land in your lawyer’s trust account the next morning and be sent to you then.
- Slower scenario: 2–3 business days. Weekends, statutory holidays, or paperwork issues push timing.
Key point: Registration and cleared funds trigger the payout. Timing depends on bank cutoffs, legal registration, holiday schedules, and lien searches.
Local specifics that matter in Georgetown
- Teranet e-registration is standard in Ontario. Georgetown closings use it daily. When registration goes smoothly, payout is faster.
- Local lenders: Many buyers in Georgetown use big Canadian banks. Big banks often have same-day wire capabilities if instructions arrive before their cutoff (usually early to mid-afternoon). If your buyer’s lender is smaller, expect possible overnight delays.
- Halton Region billing cycles: Property tax adjustments are standard. Your lawyer will pro-rate taxes for closing. That affects your final cheque amount but not the timing.
- Title issues and municipal searches: If there are outstanding local orders or building permit complications, expect delays until those are cleared.
What gets deducted from your sale proceeds (so you know what you’ll actually receive)
- Mortgage payoff(s): full outstanding balance plus any early penalty if applicable.
- Realtor commission: negotiated rate (commonly 4–5% split in this market).
- Legal fees and disbursements: lawyer’s fee for closing, registration costs, courier fees.
- Adjustments: property taxes, utilities, condo fees (if applicable) pro-rated to closing date.
- Outstanding liens or judgments: these must be paid before funds are released.
Your lawyer provides a closing statement (statement of adjustments) showing every dollar. Review it before closing or ask your agent to confirm the numbers.
Common reasons for payout delays in Georgetown — and how to avoid them
- Missing or incorrect paperwork: ID, direction for proceeds, mortgage discharge instructions. Action: sign and return documents ASAP.
- Buyer financing hiccups: lender delays approval or wiring mistakes. Action: confirm the buyer’s financing is firm before removal of conditions.
- Bank wire cutoffs and weekends: banks have cutoff times and don’t process some transfers on weekends. Action: expect a one business-day lag if you close on Friday.
- Outstanding liens or unpaid municipal charges: these block registration. Action: clear liens before listing or be ready to negotiate holdbacks.
- Title registration errors: incorrect legal description or missing signature. Action: pick an experienced Georgetown lawyer who closes deals smoothly.
How to speed up your payout — smart, practical moves
- Use an experienced local lawyer: They know Teranet and local lenders. That reduces mistakes and speeds registration.
- Confirm your payout method early: wire is fastest, e-transfer can be quick for smaller amounts, certified cheque is slower. Tell your lawyer how you want your funds.
- Close early in the week: avoid Friday closings if you want funds same day — banks can delay weekend processing.
- Clear mortgages and liens in advance: order payoff statements so they’re ready on closing.
- Ask for a preliminary statement of adjustments: gives you a clear picture of expected net proceeds before closing.
What to expect on Closing Day — checklist
- Your lawyer will confirm identity and instructions for the funds.
- Lender payoffs and registration instructions are submitted.
- Buyer’s funds are deposited to buyer’s lawyer.
- Title is registered electronically.
- Once registration and cleared funds are confirmed, your lawyer sends your net proceeds by wire/e-transfer/cheque.
Expect a call or email from your lawyer or realtor when funds are on the way. If you don’t hear by late afternoon, call your lawyer.
Example realistic timeline (typical Georgetown resale)
- Monday morning: final signed documents are emailed to both lawyers.
- Monday afternoon: buyer’s lender wires funds to buyer’s lawyer; title registration submitted and accepted.
- Monday late afternoon: seller’s lawyer receives proof of funds and registration confirmation, pays mortgage and disburses net proceeds by wire. Seller receives funds same day.
If funds arrive late or on Tuesday morning, the seller will typically receive funds on Tuesday.
What to watch for if you’re moving out before closing
If you’ve already moved out, you still get your money once the legal registration and funds clearing are done. Moving out early doesn’t speed up payment. If buyers take possession early or there are keys/occupancy agreements, make sure possession and closing dates align to avoid disputes.
Who to call when something goes wrong
- Your lawyer first: they control the trust accounts and will tell you the hold-up.
- Your realtor second: your agent coordinates between lawyers and lenders.
In Georgetown you want a lawyer who routinely closes sales in Halton Region and a realtor who communicates clearly.
Why working with a local expert matters
Local experience shortens the timeline. Lawyers and agents familiar with Georgetown municipal processes, local lenders, and Teranet avoid simple mistakes that cost days. A high-volume local realtor will push for clean documentation and aggressive follow-up.
Bottom line
You should expect to receive your net proceeds the same day as closing or within 1–3 business days. To make that happen, use an experienced Georgetown lawyer, confirm wire/e-transfer instructions early, and clear mortgages/liens ahead of time. Most delays are avoidable with preparation.
Frequently Asked Questions — Closing Process & Receiving Money in Georgetown, ON
Q: Will I get my money on closing day if I close on a Friday?
A: Possibly, but banks and lenders often delay wire processing over weekends. If prompt payout matters, avoid Friday closings.
Q: How will I receive the money — wire, e-transfer, or cheque?
A: Most sellers get a bank wire. Smaller amounts sometimes come as an e-transfer. Cheques are slower. Tell your lawyer your preference in advance.
Q: Can a buyer’s financing delay my payout?
A: Yes. If the buyer’s lender delays wiring funds or clearing conditions, the seller’s funds are delayed. Confirm buyer financing is firm before closing.
Q: What if I still owe mortgage penalties?
A: Your lawyer will calculate the exact mortgage payoff, including penalties. That amount is paid from sale proceeds before your disbursement.
Q: Are there taxes withheld at closing?
A: For typical resale homes in Georgetown, there is no HST on the sale price. Municipal property tax adjustments are pro-rated. If you sold a newbuild or commercial property, tax implications differ — ask your lawyer.
Q: What if there’s an unexpected lien on title?
A: Liens must be cleared before funds are released. That can delay payout until the lien is paid or resolved.
Q: How much will I actually get after fees and commissions?
A: Your lawyer provides a statement of adjustments showing the exact net proceeds. Typical deductions include mortgage payoff, realtor commission (commonly 4–5%), legal fees, and pro-rated taxes.
Q: Who can I call for help with my Georgetown closing?
A: If you need clear answers and fast closings in Georgetown, contact Tony Sousa — local realtor who coordinates with top conveyancing lawyers in Halton Hills.
Contact Tony: tony@sousasells.ca | 416-477-2620 | https://www.sousasells.ca
If you want guaranteed clarity on timing and net proceeds for your specific sale, call Tony. He’ll explain exact payoff numbers, recommend trusted local lawyers, and keep the bank wires moving.
