Toronto Condo Closing Process: Step-by-Step Timeline (2026)

Day 0–3: Offer acceptance

Your offer is accepted (signed back, or accepted clean). Conditions, if any, are live. The deposit is due within 24 hours of acceptance — certified cheque or wire to the listing brokerage's trust account, typically 5% of the purchase price.

Your lawyer is engaged (if not already). Your agent forwards the accepted APS, schedules, and any seller-provided documents (e.g. existing status certificate).

Days 3–10: Conditions period

If conditions are in the offer, this is the working window:

• Financing condition — your lender re-underwrites against this specific property. They order an appraisal. If the appraisal comes in low, the lender lends against the lower value and you renegotiate or cover the gap.
• Status certificate condition — your lawyer requests and reviews the certificate (max 10 days to deliver per the Condo Act). The review takes 1–3 days.
• Inspection condition (optional) — inspector tours the unit, delivers a report, you decide.

At the end of the condition window, you either waive conditions (signed waiver form), satisfy and proceed, or terminate (deposit returned).

Days 10–30: Lender approval and prep

With conditions waived, the deal is firm. Your lender finalizes the underwriting and prepares mortgage documents. You'll typically receive an "instruction package" with the lender 2–3 weeks before closing.

Property tax verification, condo fee verification, and insurance certificate (you must arrange homeowner's insurance for closing) all happen here. Some lenders require the insurance policy 30 days pre-closing.

2 weeks pre-closing: Mortgage signing

You sign the mortgage documents with your lender. For most major banks, this is in-branch or with a mobile mortgage advisor. Bring ID, void cheque, and any items the lender flagged in the conditions of approval.

This is also when last-minute changes (rate-drop requests, payment frequency, term selection) get locked in.

1 week pre-closing: Lawyer meeting

You meet your lawyer (in person or virtually where permitted). You sign closing documents:

• Statement of Adjustments — the final price breakdown including pre-paids.
• Trust ledger.
• Acknowledgements (title insurance, identity verification, etc.).
• The transfer / charge documents.

You provide a certified cheque (or wire) for the closing balance: down payment + closing costs - deposit already paid - any rebates. This figure should match your lawyer's itemized statement to the dollar.

Closing day

On closing day:

1. Your lender funds the mortgage — wires the loan amount to your lawyer's trust account in the morning.
2. Your lawyer wires the full purchase amount (loan + your closing balance) to the seller's lawyer.
3. The seller's lawyer confirms receipt; the transfer is registered with the Land Registry Office.
4. Keys are released to you — typically by the seller's lawyer or via the listing agent. Timing varies: sometimes by noon, sometimes not until 4pm or later.

For Toronto condos: book the building's move-in elevator the week BEFORE closing. Some buildings book up 2–3 weeks out. Property management can confirm the procedure.

Things that delay closing

The common delay causes:

• Lender re-pulls credit close to closing and finds new debt — do not finance furniture, a car, or anything else between offer and closing.
• Title issues discovered late — old liens, undischarged mortgages, registration errors.
• Appraisal value below contract.
• Funds wired to wrong account — check wire instructions twice, then check again. Wire fraud is real and aggressive.
• Seller hasn't fully discharged their existing mortgage.
• Condition of property at closing inspection — if the unit isn't in the contracted condition (significant damage, missing chattels), closing can be delayed pending resolution.

Most delays are 24 to 72 hours. Build buffer into your move plan.