Seller journey · Guide 8 of 8
What Happens After You Accept an Offer in Ontario?
3 min readPublished
Quick answer
Once you accept an offer in Ontario, the buyer pays the deposit, usually into the listing brokerage's trust account, and has the agreed number of days to satisfy or waive any conditions. When the conditions are met in writing, the deal is firm. Your lawyer then prepares the closing, pays out your mortgage on closing day, and sends you the balance once the keys are released.
The agreement and the deposit
An offer becomes a binding agreement of purchase and sale once it is signed by both sides and the acceptance is communicated as the agreement requires. The buyer then pays the deposit set out in the agreement, often within a short time of acceptance. It is usually held in trust by the listing brokerage and credited to the buyer on closing.
Ontario has no cooling-off period for resale homes. (Cooling-off periods apply to some new-home purchases, not to a resale house or condo.)
The conditional period
Many offers have conditions: the buyer's financing, a home inspection, a lawyer's review of a condo status certificate, or occasionally the sale of the buyer's own home. Each condition has a deadline in the agreement. During this time the home is sold conditionally, and the buyer may ask for access for an inspector or appraiser.
When the buyer fulfils or waives each condition in writing before its deadline, the deal is firm. If a condition is not met, the agreement usually ends and the deposit is returned, with both sides signing a mutual release.
- Financing: the buyer confirms their mortgage
- Inspection: the buyer's inspector reviews the home; the buyer may ask for a price change or repairs
- Status certificate: for condos, the buyer's lawyer reviews the condominium's finances and rules
- Sale of the buyer's home: often with an escape clause that lets you keep marketing your home
Once the deal is firm
- Send the agreement to your lawyer, with your mortgage details
- Ask your lender for a payout statement for the closing date
- Keep your home insurance in place until closing
- Leave every item listed as included in the sale, and keep the home in the condition the agreement requires
- Allow the buyer's visits set out in the agreement
- Book movers and arrange final utility readings
What your lawyer does
Your lawyer answers the buyer's lawyer's questions about title (called requisitions), prepares the closing documents, and works out the adjustments for property tax, utilities and, for condos, fees. On closing day the lawyers exchange documents and money electronically, the transfer is registered, your mortgage is paid out, and commission and fees are paid from the proceeds.
Closing day
Once the transfer is registered and the funds are released, the keys are handed over, usually through the lawyers or agents. Your lawyer then sends you the balance and a statement of the adjustments. Leave the home clean and empty of anything not included in the sale.
If something goes wrong
If a buyer fails to close on a firm deal, the deposit is not simply returned, and you may have other legal remedies. If you need to change a date or term, both sides must agree in writing through an amendment. Either way, speak to your lawyer before you act.
This guide is general information, not legal advice.
Key takeaways: what happens after a seller accepts an offer in Ontario
- The buyer pays the deposit after acceptance; the listing brokerage usually holds it in trust.
- Conditions have deadlines; the deal is firm when they are fulfilled or waived in writing.
- Resale homes in Ontario have no cooling-off period.
- Keep insurance and included items in place until closing.
- Your lawyer pays out the mortgage and sends you the balance on closing.
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What happens after a seller accepts an offer in Ontario: frequently asked questions
Can a buyer back out after an offer is accepted in Ontario?
A buyer can walk away if a condition in the agreement is not met by its deadline. Once the deal is firm, backing out is a breach of the agreement, and the seller may keep the deposit and have other remedies. There is no cooling-off period for resale homes.
Who holds the deposit when you sell a house?
Usually the listing brokerage, in its trust account, as the agreement states. The deposit is credited toward the price on closing.
What does sold conditional mean?
You have accepted an offer, but the buyer still has conditions to satisfy, such as financing or an inspection. It becomes sold firm when those are fulfilled or waived in writing.
When do I get the money from selling my house?
On or shortly after closing day. Your lawyer receives the buyer's funds, pays out your mortgage, commission and other costs, and sends you the balance with a statement of adjustments.
Sources
Published by Summitly, the website of Coldwell Banker Summit Realty, Brokerage, registered with the Real Estate Council of Ontario (RECO); an independently owned and operated Coldwell Banker franchise. Broker of Record: Waqar Afzal. Questions or corrections: our contact form. How we write and check these pages: editorial policy.
Cite this guide
Summitly Editorial. (2026, September 29). What Happens After You Accept an Offer in Ontario?. Summitly (Coldwell Banker Summit Realty, Brokerage). https://www.summitly.ca/guides/after-accepting-an-offer-ontario
Guide URLs never change. Section links are stable too.
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