What happens on closing day and afterward?

On the date of closing the lawyer takes the purchasers money and the mortgage money and puts it into the trust account. She then draws the appropriate cheques to pay the vendor, the land transfer tax and the registration charges. She conducts a subsearch to ensure nothing has been registered against the property since the title search was done, checks for judgments against purchasers and vendors, delivers the cheques to the vendor's lawyer and gets back the deed, the keys and other documents signed by the vendors. The lawyer or his conveyancer then registers the deed and the mortgage and the transaction is complete. The client picks up the keys, usually from the lawyer's office, but sometimes they are left at the registry office with the conveyance and the client picks them up there. The client can then move in.

At that point the purchaser should attend at the property to ensure everything has been left in good order and that the vendors have not made off with things they were supposed to leave. If anything is missing, the lawyer will notify the vendor's lawyer right away, however if the vendor does not correct the problem, the purchaser's only option is to sue the vendor.

The lawyer will send out reporting letters to the client and bank a couple of weeks after closing and at that point the file is closed from the purchaser's point of view.