What Happens After You Accept an Offer in Ontario? A Hamilton Mountain Seller's Step-by-Step Guide to Closing

Step 1: The Deposit Arrives (Within 24 Hours)

Within 24 hours of a signed APS, the buyer must deliver the deposit — typically 2% to 5% of the purchase price. On a $700,000 Mountain home, that is $14,000 to $35,000. The deposit is held by the listing brokerage in a trust account, not by the seller directly. In Ontario, deposits of up to $200,000 are protected by RECO deposit insurance, so you have coverage if something goes wrong on the brokerage side.

The deposit is credited toward the buyer's down payment at closing. If the deal falls through after conditions are waived, the buyer typically forfeits the deposit. If the deal falls through during the conditions period (and the buyer is acting in good faith), the deposit is generally returned in full. The size of the deposit is one signal of buyer commitment — a larger deposit tells you the buyer has financial depth and is unlikely to walk away over minor issues.

Sources: Arthur Zhao, REALTOR® — "Who Holds Your Deposit, and Where? Ontario's Trust Account and Deposit Rules Explained" (2026); RECO, Deposit Insurance Information.

Step 2: The Conditions Period (Days 1 to 7 or More)

This is the most active period of the closing process. Most offers include conditions — also called clauses or contingencies — that give the buyer time to complete specific checks before committing fully. In Ontario, the most common conditions are:

During the conditions period, your role as a seller is straightforward: cooperate with access requests (inspections, appraisals) and keep your schedule flexible. Delaying access can delay the waiver and create friction with the buyer. Your agent will coordinate all appointments.

Step 3: Waivers — The Moment the Deal Goes Firm

This is the single most important milestone between the accepted offer and closing. When the buyer removes their conditions, they sign a Waiver (OREA Form 123) for each condition. Once all conditions are waived in writing, the deal becomes firm — both parties are legally committed to the transaction. If the buyer walks away now, they forfeit their deposit. As a seller, you can no longer accept other offers or back out of the deal.

Waivers happen one at a time. A buyer may waive the inspection condition on day 3 but keep the financing condition open until day 7. Your agent should track every deadline in a calendar and confirm receipt of each waiver document. A verbal agreement to remove a condition has no legal force in Ontario — everything must be in writing.

If the buyer cannot or will not waive a condition by the deadline, the deal is off. The APS lapses, the deposit is returned, and your home goes back on the market. While this is disappointing, it happens, and it is better to know early than to carry a shaky deal through to closing.

Sources: Cassidy Real Estate — "What Happens After Your Offer Is Accepted in Ontario?"; OREA Form 123 — Waiver; R&H Real Estate — "What Happens After Your Offer Is Accepted in Ontario."

Step 4: The Interim Period — What Your Agent and Lawyer Do Behind the Scenes

Once the deal is firm, the real work shifts to the professionals. Between the waiver date and closing day (typically 30 to 90 days, with 60 days being the most common on the Mountain), here is what is happening:

Step 5: The Final Walk-Through

Typically 24 to 72 hours before closing, the buyer (and often their agent) will do a final walk-through of the property. This is not a second inspection — it is a check to confirm that the property is in the same condition it was in when the offer was accepted, that any agreed-upon repairs have been completed, and that nothing has been removed that should have stayed (like agreed-upon appliances, window coverings, or light fixtures).

As the seller, you should aim to have the home empty (or at least substantially cleared) and clean for the walk-through. Nothing derails a closing faster than a buyer walking into a property that is damaged, dirty, or missing items that were included in the agreement. I always advise my sellers to do their own walk-through before the buyer arrives, just to catch any issues.

Step 6: Closing Day

Closing day is the day legal title transfers from you to the buyer. It is an administrative milestone more than a physical one. Here is how it typically unfolds:

One important note: closing day does not always mean you have to be out by midnight. In Ontario, the standard practice is that possession transfers at 6:00 PM on the closing date, unless otherwise specified in your APS. Some agreements include a "vacant possession" clause requiring the seller to be out before closing. Your agent and lawyer will confirm the exact timing.

Sources: Greater Toronto Home Pros — "Offer Accepted in Ontario — What Happens Next?"; Cassidy Real Estate — "Accepted Offer to Closing Day Ontario" (2026).

Common Questions From Hamilton Mountain Sellers

The Bottom Line: Stay Organized and Trust Your Team

Selling a home on the Hamilton Mountain is a process with many moving parts, but every step is predictable and manageable when you know what to expect. From the deposit arriving within 24 hours to the conditions period and through to closing day, the key to a smooth transaction is simple: stay organized, respond quickly to requests, and work with a team of professionals who communicate with each other.

I have helped sellers across every pocket of the Mountain — from Ancaster to Binbrook, East Mountain to Upper Stoney Creek — navigate every stage of this process. If you are considering selling your home and want a clear picture of what the journey looks like from start to finish, I would love to walk through it with you over a complimentary cup of coffee or a Zoom call.