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BuyThe Summitly buying process

From first viewing to keys-in-hand.

Coldwell Banker Summit Realty, Brokerage · Updated October 2026

Nine clear steps, realistic timelines, and what to watch for at each stage. Built for Ontario buyers.

Talk to a buyer agentSee the nine steps

Total time from offer accepted to closing: typically 30–90 days.

Step by step

Nine steps to closing

  1. Get pre-approved

    1–3 days

    A lender confirms how much you can borrow and locks an interest rate for 90–120 days. Zara can refer you to Mortgage Squad Advisors, an independent mortgage brokerage whose licensed agents compare lenders for you (Summitly may be compensated for referrals).

    Watch: Pre-approval ≠ commitment to lend. Final approval happens after offer-accepted.

  2. Representation agreement and your search

    1–4 weeks

    Before your agent represents you, review RECO’s Information Guide and a written buyer representation agreement covering services, term and commission. Then lock area, budget, must-haves, and dealbreakers. Save searches on Summitly so Zara alerts you soon after new listings hit MLS®.

    Watch: Tour broadly at first. You may refine your criteria after several viewings.

  3. View properties

    2–8 weeks

    Open houses on weekends, private viewings during the week. Your agent books viewings, reviews any disclosures the seller provides, and walks the property with you.

    Watch: Always check: roof age, furnace age, water in basement, neighbour noise.

  4. Run a Zara strategy brief

    Same day

    Before writing an offer, Zara assembles: comparable solds, $/sqft band, seller motivation signals, days-on-market, and a recommended offer + ceiling.

    Watch: Comparable sales help you assess value; they do not guarantee the price or reveal a seller’s intentions. Your agent explains the limits before you offer.

  5. Make an offer

    Same day–48 hrs

    Your agent drafts the offer (OREA Form 100 for freehold, Form 101 for a resale condo) with price, deposit, closing date and conditions (financing, inspection, status certificate for condos). New condos bought from a builder have a 10-day cooling-off period; resale homes and resale condos do not. Seller accepts, counters, or rejects.

    Watch: Conditions protect you. Never waive financing or inspection unless you've already vetted them.

  6. Home inspection

    5–10 days

    An independent home inspector walks the house. Ontario doesn't license inspectors, so ask about credentials (for example OAHI's RHI) and insurance. $400–$700 typical. Surfaces deferred maintenance, code issues, and ammunition for re-negotiation if material.

    Watch: Have the inspector on-site with you. Take their commentary in real-time.

  7. Final mortgage approval

    5–15 days

    Lender appraises the property and confirms approval. You sign the mortgage commitment. Funds get scheduled for closing day.

    Watch: Don't change jobs, don't buy a car, don't open new credit between approval and closing.

  8. Lawyer + title search

    2–4 weeks

    Real estate lawyer searches title, prepares closing docs, calculates land transfer tax, and arranges wire transfers. Typical legal cost: $1,500–$2,500 + disbursements.

    Watch: First-time buyers in Ontario get a Land Transfer Tax rebate up to $4,000 ($8,475 in Toronto).

  9. Closing day

    1 day

    Funds wire from lender → lawyer → seller's lawyer. Title transfers. Keys handed over. Your agent can introduce movers and a locksmith, and remind you to set up utilities.

    Watch: Do a final walk-through 24 hrs before. Confirm condition matches the offer.

Closing costs cheat sheet

What you'll actually pay on top of the price

Budget roughly 1.5%–4% of the purchase price on top of your down payment for closing costs. Typical ranges, not quotes.

Typical buyer closing costs in Ontario
ItemTypical cost
DepositOften due within 24 hours; your agreement sets the deadline. It forms part of your down payment, not an extra closing cost.5% of purchase
Home inspectionOne-time, due before condition removal$400 – $700
Appraisal (if required)Often covered by lender$300 – $500
Lawyer fees + disb.Due at closing$1,500 – $2,500
Land Transfer TaxDepends on price. Eligible refunds up to $4,000 provincial and $8,475 combined in Toronto.~1.1%–1.8% outside Toronto; ~2.2%–3.7% in Toronto
Title insuranceOne-time, recommended$300 – $500
Moving costsDepends on distance + volume$500 – $2,500

Closing help

We can help with the rest

Ask your agent for introductions to the people you need between offer and keys. You choose who you hire.

  • Real estate lawyer
  • Home inspector
  • Mortgage advisor
  • Movers
  • Locksmith
  • Move-in cleaners

Buyer guides

Keep going

All of Buy

Zara, your virtual agent · 24/7

Have a step-specific question?

Ask Zara anything from “what does a status certificate include?” to “how do I respond to a bully offer?”.

Coldwell Banker Summit Realty, Brokerage (905) 553-8500

Updated October 7, 2026 · Coldwell Banker Summit Realty, Brokerage

Reviewed by Waqar Afzal, Broker of Record ·

Brokerage services, representation, fees and disclosures. Mortgage, tax and legal information links to official sources and requires advice from the appropriate professional.

Your deposit is part of your down payment

A deposit is often 5% in the GTA and due within 24 hours, but the offer sets the amount and deadline. It is credited toward your purchase, rather than charged as an extra closing cost.

Learn more