When do I receive my money after selling?
Want your money fast? Here’s exactly when you’ll get paid after selling your Milton home — the exact timeline, who holds the cash, and how to speed the payout.
The short answer
Most sellers in Milton, ON, receive their net proceeds either on closing day or within 1–3 business days after closing. That depends on the lawyer’s trust account process, mortgage payoff timing, and how you asked to receive the money (e-transfer, wire, or certified cheque).
Why the timeline varies — the mechanics behind the money
Selling a home in Milton follows Ontario’s closing process. The buyer’s lawyer and the seller’s lawyer (or licensed paralegal) exchange funds and documents on closing day. But money doesn’t magically appear in your bank account the minute keys are handed over. Here’s what happens behind the scenes:
- Lawyer trust accounts: Both sides use trust accounts. Money is deposited, verified, and used to pay off obligations.
- Mortgage payout: Your lawyer requests a mortgage payout statement and sends funds to the lender. That payoff must clear before the lender releases title.
- Registration and title transfer: The buyer’s lawyer registers the deed and mortgage at the land registry (electronically in Ontario). Sometimes title registration holds up funds until completed.
- Adjustments and closing statement: Property taxes, utility adjustments, and condo fees are calculated and deducted before the net proceeds are released.
- Bank clearance and transfers: E-transfers and wires clear at different speeds. Wires are fastest; e-transfers can be instant or take a day depending on amounts and bank policies.
Typical timeline you can expect in Milton, ON
- 7–10 days before closing: Submit any requested documents (ID, banking info) to your lawyer. Provide mortgage details and final utility readings.
- 1–3 days before closing: Your lawyer prepares the closing statement showing net proceeds, pays off the mortgage on closing day, and arranges for funds from the buyer’s lawyer.
- Closing day (morning to afternoon): Documents and certified funds are exchanged. In many cases the seller’s lawyer will have the net proceeds ready to disburse the same afternoon once the mortgage is cleared and registration is authorized.
- Closing day (late afternoon to next business day): Many seller payments arrive this window — especially if the lawyer issues an e-transfer or wires the funds. Some banks hold large deposits for clearance, adding an extra day.
- Up to 3 business days after closing: If there are complications (title issues, buyer financing delays, outstanding judgments, or last-minute adjustments), funds can be delayed up to a few business days.
Ontario specifics every Milton seller should know
- Electronic registration: Ontario uses an electronic land registration system. Once registration completes, lawyers release funds from trust.
- HST and land transfer tax: If applicable, these get handled at closing. Any holdbacks related to tax or adjustments will be shown on your closing statement.
- Mortgage portability vs. discharge: If you had a second property or transferred mortgage obligations, payout timing can change.
Common causes of delay (and how to avoid them)
- Missing or incorrect banking info: Provide a void cheque or accurate wire instructions early.
- Outstanding mortgage items or lender demands: Get a final mortgage statement and confirm lender requirements at least a week before closing.
- Title or lien issues: Clear any judgments or liens early. Your lawyer can run title searches to spot surprises.
- Buyer financing hiccups: If the buyer’s mortgage funding is late, the transaction stalls. Good offers with confirmed financing reduce risk.
- Large deposit holds: Banks sometimes place holds on unusually large deposits. Ask your lawyer to wire funds to avoid bank holds.
How to make sure you get paid fast (do this now)
- Give your lawyer wire instructions and a void cheque at listing or as soon as the deal is firm.
- Clear your mortgage and ask your lender for a payout statement dated close to the closing date.
- Provide identification and updated contact info to your lawyer.
- Confirm with your lawyer how you prefer to receive funds: wire (fastest), e-transfer (convenient), or certified cheque.
- Ask for a closing statement in advance so you know your net proceeds and any last-minute adjustments.
Which payment method is best?
- Wire: Fastest and most reliable for large sums. There’s a fee, but wires minimize bank holds.
- E-transfer: Instant for many banks up to a limit, but large amounts can be delayed or blocked.
- Certified cheque from the buyer: Common for buyer funds, but seller payouts are usually via wire or trust account transfer from the lawyer.
Real examples — typical Milton scenarios
- Smooth sale: Buyer financing and title clear. Lawyer registers title in the morning, pays mortgage, and wires net proceeds the same afternoon. Money in your bank that evening or next business morning.
- Minor delay: Buyer funding clears late in the day. Lawyer can’t wire until next morning. Expect funds next business day.
- Complication: Title issue or lien discovered. Lawyer holds funds until issue resolved — could be 2–5 days longer.
What your closing statement will show
Your closing statement (statement of adjustments) lists:
- Sale price
- Mortgage payoff and discharge fees
- Real estate commission
- Legal fees and registration fees
- Property tax and utility adjustments
- Any credits or deposits (e.g., prepaid condo fees)
- Net proceeds to seller — this is the amount your lawyer will transfer to you after clearing deductions
Read it carefully. Don’t sign or accept figures without asking questions.
What if I need my money before closing? Can I get an advance?
If you need cash before closing, some firms offer a pre-closing advance against expected proceeds, but this comes with fees and risks. It’s rarely necessary with good planning. Talk to your lawyer or lender early.
How closing works if you don’t live in Canada or aren’t in Milton
Non-resident sellers must consider withholding tax rules and clearing those obligations before funds are released. Your lawyer can arrange a clearance certificate to avoid an unnecessary holdback. Provide power of attorney and ID in advance to avoid delays.
Final checklist to guarantee faster payout in Milton
- Provide void cheque/wire instructions early
- Order final mortgage statement 5–7 days before closing
- Clear liens and outstanding bills
- Confirm buyer financing is firm
- Review closing statement at least 24 hours before closing
- Choose wire transfer for the fastest receipt
Why choose a local Milton expert for closing guidance
Milton’s market moves fast. Local knowledge of lawyers, common title issues, municipal adjustments, and Halton Region procedures saves time and avoids surprises that delay your check. An experienced Milton agent coordinates with your lawyer, the buyer’s lawyer, and lenders to ensure the path from keys to cash is smooth.
Need help with your Milton closing? Contact the local expert
If you’re selling in Milton, Ontario and want the straight truth on when you’ll get paid — and how to make it happen faster — get professional, local guidance. Contact Tony Sousa for a clear closing plan and a timeline you can trust.
Tony Sousa — Milton real estate and closing specialist
Email: tony@sousasells.ca
Phone: 416-477-2620
Website: https://www.sousasells.ca
FAQ — Quick answers buyers and sellers in Milton ask about the closing payment
Q: When exactly do I get my money after closing?
A: Often the same day or within 1–3 business days. If all paperwork, mortgage payoff, and registration clear on closing day, your lawyer will usually wire funds that afternoon.
Q: Can funds be delayed beyond 3 business days?
A: Yes — if there are title issues, outstanding liens, buyer financing failures, or special tax holdbacks. Those situations are less common but possible.
Q: Will the buyer’s money go to my bank directly?
A: No. Buyer funds go to the buyer’s lawyer’s trust account, then to your lawyer’s trust account. Your lawyer pays off mortgages and liens, then transfers your net proceeds to you.
Q: How much will be deducted before I get paid?
A: Deductions include mortgage payoff, realtor commission, legal fees, HST (if applicable), land transfer tax adjustments, property taxes, and condo fees (if applicable). Your closing statement lists all deductions.
Q: What if I still owe money on the property?
A: Mortgage payoffs are deducted from the sale proceeds. If payoffs exceed sale proceeds, you’ll need to cover the shortfall before registration.
Q: What should I give my lawyer to speed up payment?
A: Provide wire instructions or a void cheque, government ID, a recent mortgage statement, and any power of attorney documents if you’re absent.
Q: Do banks hold large deposits?
A: Sometimes. To avoid holds, request a wire transfer from your lawyer. Wires clear faster than deposits from cheques or e-transfers for large sums.
Q: Does Milton have special rules that delay payouts?
A: Milton follows Ontario’s laws. What matters are clear title, mortgage payoffs, and buyer financing. Local municipal adjustments (property taxes, development charges) might be unique to your property.
Q: I’m out of the country — will my funds be delayed?
A: International wire transfers may take longer. Also ensure non-resident tax clearance if required. Provide international banking details and expect a slightly longer process.
Q: Who do I call if my funds don’t arrive?
A: Contact your closing lawyer first. If you can’t reach them, contact your real estate agent for help coordinating with the law firm.
If you want a personalised closing timeline and a clear plan for getting your net proceeds quickly in Milton, reach out now. The right local plan removes guesswork and gets cash in your account fast.
Contact: tony@sousasells.ca • 416-477-2620 • https://www.sousasells.ca
Author: Tony Sousa — Milton real estate agent and closing process specialist
