Articles and Advice

What Happens Between Offer Acceptance and Closing

Your offer has been accepted. It's a significant milestone — but if this is your first time buying or selling a home, you might be surprised by how much still lies ahead. The period between offer acceptance and closing day is one of the most activity-filled stretches of the entire real estate process. Understanding what to expect helps you move through it with confidence.

The Deposit

Shortly after your offer is accepted, you'll be required to submit your deposit. Think of it as putting your money where your mouth is; it tells the seller you're serious and committed to seeing the transaction through. In Canada, the deposit is paid to the listing brokerage and held in trust until closing, and the amount can vary widely depending on where you're buying. A few important details to keep in mind:

Deposit amounts vary by province and local market conditions
Funds are held in trust by the listing brokerage and not released until closing
Walking away without a valid condition to rely on could mean losing your deposit entirely

Home Inspection

If your offer included a home inspection condition, you'll arrange for a qualified inspector to assess the property shortly after acceptance. They'll examine the structure, roof, foundation, electrical, plumbing, and heating systems, among other elements. Based on the report, you may choose to:

Proceed with the purchase as-is
Negotiate repairs or a price adjustment with the seller
Exercise your condition and walk away if serious issues are uncovered

Financing Confirmation

If your offer was conditional on financing, your lender will need time to finalize your mortgage approval. Meeting your financing condition deadline is critical — missing it can put the entire transaction at risk. During this stage, expect your lender to:

Verify your financial documentation and employment
Order an appraisal to confirm the property supports the loan amount
Issue a formal mortgage commitment (firm approval)

Title Search and Title Insurance

As part of the closing process, a real estate lawyer or notary reviews public records to ensure the seller has the legal authority to transfer ownership. You'll also typically obtain title insurance, which protects you against potential future claims on the property. A clear title search verifies:

There are no outstanding liens on the property
Ownership is free of disputes
There are no easements or encumbrances that could impact how you use the home

Final Walk-Through

Before closing, you'll typically have the opportunity to do a final walk-through of the property. This is your chance to confirm:

The home is in the condition outlined in your agreement
Any negotiated repairs have been completed
The seller has vacated and removed their belongings as agreed

Closing Day

On closing day, also called the completion date, your lawyer or notary will oversee the exchange of funds and legal documents and register the transfer of title with the appropriate provincial land registry. Once the transfer is complete, the home is yours. You'll generally receive the keys once the seller's lawyer has confirmed the funds.

The road from accepted offer to completion date typically spans 30 to 90 days in Canada, though your province, the terms of your agreement, and the occasional curveball can shift that timeline in either direction. There's a lot happening behind the scenes during those weeks, and things can move faster than expected. Staying responsive, keeping your documents in order, and maintaining open communication with both your agent and your legal representative go a long way toward ensuring nothing slips through the cracks.

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