Day 1: After Acceptance
Contact your lawyer immediately — give them the accepted Agreement of Purchase and Sale within 24 hours. They need to begin their portion of the work: preparing the transfer documents, responding to the buyer's lawyer's title search requests, and reviewing any conditions from your side. Also: confirm your mortgage lender (if you have a mortgage) that the property is sold and arrange for payout — your lawyer will need the exact payout amount.
The Conditional Period: Days 1–10
During the buyer's conditional period, your property is technically still available (you can accept backup offers under certain conditions in the APS). Respond promptly to all document requests from the buyer's agent — delays in this period can cause conditions to lapse and deals to fall apart. Once all conditions are waived, you have a firm deal and should communicate this to your tenants if they need to prepare for a change of ownership.
Tenant Notification Obligations
You must notify existing tenants of the sale and the new owner's information. This is legally required under the RTA. Provide: the new owner's name, address for service, and contact information. You should also provide the buyer with a formal written statement confirming the current rent amounts, lease terms, and first/last month deposit amounts being transferred at closing. Your lawyer will handle the formal transfer of these deposits as part of the closing statement.
Closing Day: Seller's Experience
On closing day, your lawyer receives the purchase funds from the buyer's lawyer, pays out your existing mortgage (if any), deducts their fees and adjustments, and deposits the net proceeds to your account. Funds typically arrive in your account by end of business on closing day, but timing depends on when transfer registration is confirmed. The property transfer is registered electronically — you don't need to be present. You do need to vacate the unit(s) you occupy (if any) and arrange key handoff.
Post-Closing: What Happens Next
Your tax obligations: report the sale on your tax return in the year it occurs. Capital gains (or losses) are reported in Schedule 3 of your T1. If you claimed CCA, recapture is reported as rental income. Consult your accountant — ideally before closing so you're not surprised. Also: cancel your landlord insurance (effective on closing day) and notify all utilities and municipality of ownership change.