Your offer has been accepted. That moment feels significant — because it is. But it’s also the beginning of a process that has several important stages between acceptance and actually holding the keys.
Here’s what happens next, in sequence, and what you need to do at each stage.
The Complete Post-Acceptance Timeline
Pay Your Deposit
Your deposit — typically 5% of the purchase price — is due within 24 hours of your offer being accepted, unless your offer specified a different timeframe. It goes to the listing brokerage to be held in trust. Have the funds accessible and ready before you make any offer. Being slow with the deposit creates a poor impression and can technically put you in breach.
Retain Your Real Estate Lawyer
Your lawyer needs your Agreement of Purchase and Sale as soon as possible to begin their review and start the title search. If you haven’t already chosen a real estate lawyer, do it immediately after acceptance. Your agent can recommend one if needed. The earlier your lawyer is in the loop, the more time they have to do their work properly.
Complete Your Conditions
If your offer included conditions, this is the period to satisfy them. A financing condition means confirming your mortgage approval for this specific property with your lender. A home inspection condition means booking an inspector — do this on day one of the conditional period, not day four. A status certificate review (for condos) means your lawyer reviews the building’s financials and rules. Complete each condition properly. Don’t rush it just to get to firm.
Waive Conditions or Walk Away
If everything checks out — mortgage confirmed, inspection satisfactory, status certificate acceptable — you waive your conditions in writing and the sale becomes firm. If something is unsatisfactory and you can’t resolve it with the seller, you can terminate the agreement and receive your deposit back. This is the last point at which you can exit without penalty.
Firm Sale — Point of No Return
Once conditions are waived, the sale is firm. Both parties are legally committed to completing on the closing date. From this point, walking away means losing your deposit and potentially facing legal action from the seller. The focus now shifts entirely to closing preparation.
Closing Preparation
Several things need to happen between going firm and closing day. Arrange home insurance — your lender requires proof of insurance before releasing mortgage funds. Confirm your mortgage is in order with your lender. Avoid any major financial changes (new debts, job changes, large purchases) that could affect your mortgage approval. Your lawyer will conduct a title search, review all documents, and prepare for the closing transaction.
Final Walkthrough
Schedule a final walkthrough of the property a few days before closing to confirm the home is in the same condition as when you made your offer, that all agreed-upon inclusions are present, and that nothing has been damaged or removed. Any issues discovered here should be communicated to your agent and lawyer immediately.
Closing Day — Keys
Your lawyer receives the mortgage funds from your lender, pays the seller’s lawyer, and registers the title of the property in your name. Once registration is complete — typically by mid-to-late afternoon — the keys are released. The timing varies by transaction. Plan your moving arrangements with flexibility built in.
The biggest mistake between offer acceptance and closing is making a major financial change — a new car loan, a new credit card, a job change. Any of these can affect your mortgage approval right before the finish line. Keep your financial profile stable until after you close.
Book your home inspector on the same day your offer is accepted — good inspectors book up fast. Waiting until day three of a five-day conditional period leaves you no time to respond to findings or negotiate with the seller.
The period between offer acceptance and closing has more moving parts than most buyers expect. The buyers who navigate it smoothly are the ones who move quickly at each stage — deposit paid, lawyer retained, conditions fulfilled properly — rather than letting time pressure build toward the end.
Legal disclaimer: This blog is for educational purposes only and does not constitute legal advice. Real estate transactions in Ontario involve legally binding agreements and specific legal requirements. Always retain a qualified real estate lawyer and work with a licensed real estate professional for guidance on your specific transaction.
Frequently Asked Questions
How long is the conditional period in Ontario real estate?
The conditional period is negotiated as part of your offer — there is no fixed legal minimum or maximum. Typically it runs five to ten business days, though it can be shorter or longer depending on what was agreed. Use the full period if you need it. Do not rush your conditions just to go firm faster.
What does it mean when a sale becomes firm in Ontario?
A sale is firm when all conditions have been satisfied and waived in writing, or when an unconditional offer is accepted. Both buyer and seller are legally obligated to complete on the closing date. Walking away from a firm sale means losing your deposit and potentially facing legal consequences. This is the point of no return in an Ontario real estate transaction.
What do I need to do between a firm sale and closing day?
After going firm, you need to arrange home insurance, confirm your mortgage funding with your lender, complete a final walkthrough of the property, and ensure your closing funds are in place. Avoid making any major financial changes during this period — new debts, large purchases, or employment changes can affect your mortgage approval right before closing.
Can I still back out after my offer is accepted but before it goes firm?
If your offer includes conditions that cannot be satisfied, you can terminate the agreement during the conditional period and receive your deposit back — without penalty. Once you waive conditions and the deal goes firm, you are legally committed. Backing out of a firm sale puts your deposit at risk and may expose you to legal action.
What time will I get the keys on closing day?
Keys are released when the title registers in your name — which depends on when your lawyer completes the transaction and when the land registry processes it. This typically happens by mid-to-late afternoon, but the exact timing varies. Plan your moving arrangements with flexibility rather than booking movers for early morning. Your lawyer can give you a realistic window as closing approaches.
Sales Representative · Zolo Realty Brokerage · Licensed in Ontario (RECO #5035461)
Toronto real estate agent specializing in first-time buyers and families across the GTA. 80+ five-star reviews · 100+ clients · $25M+ in completed transactions.