Your lawyer runs this stage, not your broker. The mortgage funds, title transfers, and you need more cash on the table than the down payment alone. The surprises here are almost always about that last part.
Pekoe Mortgages is licensed in Ontario (FSRA #13321) and Alberta (RECA). This stage page routes you to the answer. It does not replace it.
Nothing, if the earlier stages were done properly. Closing is execution. The work is making sure the cash is there, the documents are signed, and nothing has changed since the commitment was issued.
The costs differ sharply by province. Ontario charges land transfer tax, and Toronto charges a second one on top. Alberta charges no land transfer tax at all and uses Land Titles registration fees instead.
| Step | Who does it | What it produces |
|---|---|---|
| Instruct a real estate lawyer | You | The person who will actually close the transaction |
| Lender sends mortgage instructions to the lawyer | Lender | The terms the lawyer has to register and comply with |
| Title search and searches on the property | Your lawyer | Confirmation of what is registered against the title |
| Final income and credit re-verification | Lender | The last chance for a change to derail the file |
| Sign the mortgage and closing documents | You, with your lawyer | The executed paperwork |
| Deliver the balance of funds to your lawyer | You | Cash to close, which is more than the down payment |
| Funds advance, title registers, keys released | Lender and lawyers | Possession |
Do not take on new debt or change jobs between the commitment and this stage. Lenders check again before funding.
Running the stage. Searching title, registering the mortgage, handling the money, and explaining what you are signing.
Getting the cash to close to your lawyer in time, and changing nothing about your finances until it funds.
Issuing instructions, re-verifying, and advancing the funds on the closing date.
Mostly done, but still the person to call if the lender raises something late.
| Item | Why it is needed | What delays it |
|---|---|---|
| Cash to close, by certified funds or wire | Covers the balance of the down payment plus closing costs | Leaving the transfer to the closing date itself |
| Photo identification for the lawyer | Required before the lawyer can act | Expired identification |
| Proof of home insurance effective on closing | The lender will not advance without it | Insurers needing details on older or rural properties |
| Void cheque or banking details for the payments | Sets up the mortgage payment | Nothing, but it is commonly forgotten |
| Spousal consent where it applies | Required on a homestead property in Alberta under the Dower Act | A spouse who is unavailable to sign |
What closing costs. Closing costs in Ontario, in Alberta, and who pays the lender’s legal fees.
If the date slips. When closing gets delayed, who can actually move it, and what the gap costs while it is open.
Land transfer tax and registration. Ontario land transfer tax, the Toronto municipal tax on top, and why Alberta charges none.
New builds. Tarion warranty in Ontario, Alberta new home warranty, and interim occupancy.
Property taxes and assessment. MPAC assessment in Ontario, assessment in Alberta, and arrears in Ontario or Alberta.
The balance of your down payment plus closing costs. Those costs vary by province and by price, so run the calculator rather than assuming a percentage.
No. Alberta charges Land Titles registration fees instead, on both the transfer and the mortgage. Ontario charges land transfer tax, and Toronto adds a municipal one.
Yes. Income and credit are re-verified before funds advance, which is why taking on new debt or changing jobs between commitment and closing is risky.
You instruct your own real estate lawyer. They handle the lender’s registration requirements as part of closing.
Once funds have advanced and title has registered. That is a sequence of steps between the lawyers, not a fixed time of day.
It tells you and the lender the financial health of a condominium corporation. The lender reviews it before committing, which is a stage 4 step rather than a stage 5 one.
In Alberta, the Dower Act requires consent on a homestead property. Your lawyer will confirm what applies to your situation.
Stage 6, living with the mortgage, which covers payments, prepayment and what to do when something changes mid-term.
Pekoe Mortgages is a licensed brokerage in Ontario (FSRA #13321) and Alberta (RECA). This page is general information, not financial advice, and does not create a broker and client relationship.