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Closing Process

Understand the closing process in Canadian real estate, including key steps, who is involved, and how legal ownership is transferred to the buyer.

Closing Process

May 22, 2025


What is a Closing Process?

The closing process is the final phase of a real estate transaction, during which legal ownership of the property is officially transferred from the seller to the buyer.

Why a Closing Process Matter in Real Estate

In Canadian real estate, the closing process involves a series of legal, financial, and administrative steps coordinated by the buyer’s and seller’s legal representatives. It typically includes:
  • Finalizing mortgage arrangements
  • Completing a title search
  • Paying outstanding adjustments and fees
  • Registering the transfer of title with the land registry
  • Releasing funds to the seller

The buyer’s lawyer or notary ensures all documents are signed, funds are transferred, and legal obligations are met. On the agreed-upon closing date, the buyer receives the keys and legal title to the property.

This phase is crucial because any delays or errors can affect possession timelines, moving plans, or mortgage terms. Understanding the closing process helps buyers plan accordingly and avoid missteps that could lead to penalties or disputes.
While the process can vary by province, legal guidance is always recommended to navigate local regulations and requirements.

Example of a Closing Process

On closing day, the buyer’s lawyer registers the title, transfers the purchase funds, and confirms the buyer is now the official owner of the home.

Key Takeaways

  • Final stage of a real estate transaction.
  • Involves legal, financial, and administrative steps.
  • Includes title transfer and fund disbursement.
  • Buyer receives keys and ownership at completion.
  • Managed by legal professionals on both sides.

Related Terms

Additional Terms

CCAA

The Companies’ Creditors Arrangement Act (CCAA) is a federal law that allows large insolvent corporations in Canada to restructure their debt and. more

Bankruptcy and Insolvency Act

The Bankruptcy and Insolvency Act (BIA) is a federal law in Canada that governs the legal process for personal and business bankruptcies,. more

Accessibility Standards

Accessibility standards are building design and construction requirements that ensure people with disabilities can safely and independently access. more

Sale and Investment Solicitation Process (SISP)

A Sale and Investment Solicitation Process (SISP) is a formal court-supervised method of marketing, selling, or refinancing distressed assets during. more

Retail Zoning

Retail zoning is a land use designation that permits commercial activities such as stores, restaurants, and service-based businesses to operate in. more

Ingress and Egress

Ingress and egress refer to the legal rights of access into (ingress) and out of (egress) a property, particularly important in commercial real. more

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