HOME BUYING: WHAT HAPPENS AFTER YOUR OFFER IS ACCEPTED IN ONTARIO

You've found the right home. You've submitted an offer. And then you hear the words every buyer hopes for.

"Congratulations, your offer has been accepted!"

It's an exciting moment, but many buyers are surprised to learn that there are still several important steps before they receive the keys. If you're buying a home for the first time, here's what happens after your offer is accepted and before closing day arrives.

Step 1: Celebrate (And Then Read The Fine Print)

An accepted offer is a major milestone and absolutely worth celebrating, but before you start planning furniture layouts, take some time to review the details of your Agreement of Purchase and Sale with your REALTOR®. Important dates, conditions, and timelines will guide the next phase of the transaction.

Step 2: Complete Any Conditions

Many offers include conditions that must be satisfied before the sale becomes firm.

Common conditions may include:

• Financing approval

• Home inspection

• Review of condominium documents (if applicable)

During this stage, your REALTOR® will help coordinate timelines and ensure all necessary steps are completed before condition deadlines.

Step 3: Finalize Your Mortgage

Once your offer has been accepted, you'll work closely with your lender or mortgage professional to finalize your financing.

You may be asked to provide additional documentation, including:

• Employment verification

• Updated bank statements

• Down payment documentation

• Identification

  
  

It's important not to make major financial changes during this period.

Step 4: Hire a Real Estate Lawyer

Your lawyer will help manage the legal side of the transaction. They'll review documents, conduct title searches, arrange title insurance, prepare closing paperwork, and coordinate the transfer of funds. Most buyers connect with their lawyer shortly after the offer becomes firm.

Step 5: Arrange Home Insurance

Before your lender releases mortgage funds, you'll typically need proof that the property is insured. Contacting an insurance provider early helps ensure everything is in place well before closing day.

Step 6: Prepare for Moving Day

As closing day approaches, it's time to start preparing for your home.

Some things to consider include:

• Booking movers

• Transferring utilities

• Updating your address

• Scheduling internet installation

• Packing and organizing belongings

Starting early can make the transition significantly less stressful.

Step 7: Meet With Your Lawyers Before Closing

A few days before closing, you'll typically meet with your lawyer to review and sign final documents. You'll also receive a statement outlining the funds required to complete the purchase, including your down payment and closing costs. This time is when you'll usually arrange the transfer of funds needed to close.

Step 8: Closing Day Arrives

On closing day, the legal transfer of ownership takes place. Your lawyer, the seller's lawyer, lender, and other parties work together to complete the transaction. Once everything has been finalized and funds have been transferred, you'll receive confirmation that the home is officially yours, and that's when the excitement begins!

When Do I Get The Keys?

This is one of the most common questions we hear. In most cases, keys are released after the transaction has officially closed. The timing can vary depending on the transaction, but your REALTOR® and lawyer will keep you updated throughout the day.

What If Something Goes Wrong?

The good news is that most transactions proceed smoothly. Occasionally, there may be minor delays related to paperwork, funding, or administrative processes. Having experienced professionals guiding you through the process is so important. Our job is to help anticipate challenges, communicate clearly, and make sure you always know what's happening next.

You're Closer Than You Think

Once your offer is accepted, it can feel like there's still a long road ahead. In reality, you've already completed one of the biggest steps in the journey. The days between acceptance and closing are about completing the final details, staying organized, and preparing for life in your new home.

Before long, you'll be standing at the front door with keys in hand, ready to begin your next chapter, and we'll be here to help every step of the way!