The Closing Day Timeline: Hour by Hour
You've signed an offer, survived the home inspection, gotten your financing approved, and now it's the big day. Closing day. The day you get your keys and become a homeowner.
Except nobody tells you what the day actually looks like. So you spend it refreshing your phone, wondering if something went wrong, and asking your agent "have you heard anything?" every 45 minutes. Let me walk you through what's actually happening behind the scenes.
The week before
Your lawyer sends you a Statement of Adjustments. This is the final accounting of every dollar owed. It shows your down payment balance, land transfer tax, property tax adjustments, utility credits, and the total amount you need to wire. You'll also sign your mortgage documents, either in person at your lawyer's office or through a mobile signing service.
Once signed, your lawyer sends the mortgage instructions back to the lender for final review. The lender confirms everything matches and authorizes the funds to be released on closing day.
Closing day: the timeline
Your lawyer's office opens. They confirm with the lender that mortgage funds are being sent. They confirm with the seller's lawyer that all conditions are met. The wire from your lender is initiated (this is the big one, the actual mortgage money moving).
Your lawyer registers the deed (transfer of title) with the Ontario Land Registry. This is the legal moment when ownership officially changes hands. Meanwhile, funds are in transit between banks.
Funds arrive in the seller's lawyer's trust account. They confirm receipt. Both lawyers coordinate to confirm all money has landed and all documents are registered. This is usually when you hear nothing and worry the most. It's normal.
Once everything is confirmed, the seller's lawyer authorizes key release. Your agent gets the lockbox code or meets the seller's agent for the handoff. You get the call: "Come get your keys."
This is the most common key pickup window. Some deals close earlier (especially if there's no chain of transactions). Some close later. The legal deadline is typically 6:00 PM, but most lawyers aim for earlier.
Why delays happen
The daisy chain. If the seller is also buying a new home the same day (and their seller is buying a new home the same day...), every deal in the chain has to close in sequence. One hiccup at any point in the chain delays everyone downstream.
Wire delays. Banks process large wires in batches. If the mortgage funds don't arrive by a certain time, the seller's lawyer won't release keys until they're confirmed. This is the most common cause of late-afternoon closings.
Document issues. A missing signature, a name discrepancy on the deed, or a last-minute lender condition can all cause a scramble. These usually get resolved same-day but add hours.
What you should do on closing day
Have your phone charged and on. Your lawyer, agent, or broker may need to reach you for a last-minute signature or confirmation.
Don't panic before 3 PM. If you haven't heard anything by mid-afternoon, that's normal. If it's 4:30 and nobody has called, check in with your lawyer.
Have your utilities ready. Call your hydro, gas, water, and internet providers in advance to transfer service to your name starting on closing day. Don't wait until you're standing in an empty house with no WiFi.
Do a final walkthrough. Most purchase agreements give you the right to inspect the property within 24 hours of closing. Use it. Make sure the fridge is still there and the basement isn't flooded.
Closing soon?
The Mortgage Project coordinates directly with your lawyer to make sure funding is seamless on the day.
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