When the Lawyers Take Over
Up until this point, your agent has been guiding strategy, negotiations, and the overall process.
Once the Agreement of Purchase and Sale becomes firm, the responsibility shifts to your real estate lawyer.
From there, your lawyer manages the critical final steps behind the scenes. This includes:
- Verifying title and legal ownership
- Reviewing easements and any encumbrances on the property
- Calculating adjustments such as property taxes, utilities, and condo fees
- Coordinating your lender to ensure mortgage funds are ready
- Holding and transferring funds through a trust account
- Registering the property in your name
This is where the transaction is legally completed.
If anything unexpected comes up, this is also where having a strong, detail-oriented lawyer becomes essential. Most deals close smoothly, but when they do not, your lawyer plays a critical role in protecting your interests.
The Final Walkthrough
The final walkthrough typically takes place the day before or the day of closing. This is your opportunity to confirm that the property is being delivered exactly as agreed.
At this stage, you are verifying:
- The property is in the same condition as when you purchased it
- All agreed-upon fixtures and chattels are present
- Appliances are in working order
- No new damage has occured
- Nothing has been removed that should remain with the property
This step is often underestimated, but it is one of your last opportunities to identify issues while you still have leverage.
We have seen situations where appliances stop working, properties sustain damage from storms, leaks appear, or tenants fail to vacate on time.
If anything is off, it should be flagged immediately to your agent and lawyer. Once you take possession, resolving these issues becomes significantly more difficult.
What Can Go Wrong
Most closings go smoothly. However, issues do arise from time to time.
Some of the more common problems include:
- Appliances falling between firm and closing
- Flooding, leaks, or storm-related damage
- Tenants not vacating the property as agreed
- Repairs that were promised but not completed
- Last-minute complications with financing or paperwork
The goal is not to expect problems, but to be prepared for them.
If something does happen, the key is to:
- Identify the issue early
- Communicate quickly
- Work closely with your agent and lawyer
There are almost always solutions, but timing is critical. Addressing issues before closing gives you far more control than trying to resolve them after possession.
Insurance and Utilities: Do Not Leave This Late
INSURANCE
Home insurance must be in place before closing. Your lender will require proof of coverage before releasing mortgage funds.
Some insurance providers require detailed information about the property before issuing a policy. It is important to start this process to avoid delays.
UTILITIES
Utilities should be set up in your name effective on the closing date.
Depending on the property, this may include:
- Hydro
- Gas
- Water
- Internet and Cable
This step is straightforward, but it is often overlooked until the last minute.
If you are buying a condo, make sure to book the elevator early. This is a small detail that can quickly become a major inconvenience if ignored.
The Emotional Side of Closing
There is something many buyers are not prepared for.
As closing approaches, it is completely normal to feel a mix of excitement, anxiety, doubt, and even fear. Many first-time buyers find themselves asking, “Did I make the right decision?”
These feelings are part of the process.
You are taking on a mortgage, committing to a property, and stepping into a new level of responsibility. Even highly analytical and confident buyers experience this shift.
If you are moving from renting to owning, especially into a freehold home, there is often a moment where it fully sinks in:
Everything is now your responsibility.
Understanding that this emotional swing is normal can help you manage it more effectively.
Keys in hand starts here: Fox Marin First-Time Buyers Academy
The Reality of Ownership
One of the most common mindsets we hear is, “I do not want to pay maintenance fees.” Then someone buys a house.
And suddenly:
- The roof leaks
- The basement floods
- The furnace fails at the worst possible time
- Something always needs attention
There is no such thing as maintenance-free real estate.
You either:
- Pay a predictable monthly costs in a condo, or
- Face unpredictable expenses in a freehold home
Setting realistic expectations upfront can prevent a lot of stress later.
Closing Is Not the End
Closing day is not the finish line. It is the beginning of homeownership.
Like every other stage in the buying process, success comes down to preparation and mindset.
The best approach is to:
- Stay organized
- Stay informed
- Rely on the right professionals
- Avoid unnecessary stress
If you have done the work upfront and understand the process, closing day becomes far more manageable.
Final Thoughts
Closing day is where everything becomes real.
There are many moving parts, and for first-time buyers, it can feel overwhelming. However, with the right preparation and the right team, the process is straightforward.
At the end of it, you receive the keys to your home. That moment makes everything worth it.
Stay Ahead of the Market
Looking for more insights, strategies, and real-world advice? Explore from the Fox Marin team:
Contact Us (We’re Nice).
Fox Marin has earned its reputation as Toronto’s premier downtown luxury real estate team, backed by over *$580 million in sales, more than 1,000 successful transactions, and over 500+ glowing 5-star Google Reviews. Discover the advantage of working with a proven team with a track record for winning results.
(*Source: Jan. 1, 2018 – Sept 1, 2025, RE Stats Inc. & Exclusive)
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This article was written by Ralph Fox, Broker of Record and Managing Partner here at Fox Marin Associates. Ralph is a Torontonian native who recognized from an early age that the most successful people in life apply long-term thinking to their investments, relationships, and life goals. It’s this philosophy, along with his lifelong entrepreneurial drive and exceptional business instincts, that help to establish Ralph as a top agent in the real estate market in downtown Toronto.
