Buying and Selling a Home in Mississauga and Ontario

Whether you are buying your first home or selling one you have owned for years, most of the legal work happens in the weeks before closing day. At Law Wise, a residential real estate lawyer in Mississauga reviews your agreement, checks title, works with your lender and registers the transfer, for clients across the entire GTA and Ontario.

Buying a home: what your lawyer does

Once you and the seller sign an agreement of purchase and sale, the agreement comes to your lawyer. Much of what matters is in its schedules, which usually hold the conditions, the deadlines and the extra terms. The earlier we see the agreement, the easier it is to meet its dates. Better still, ask for a review before you sign, or make your offer conditional on a lawyer’s review.

1. Agreement reviewWe read the agreement and its schedules, explain the conditions and deadlines, and point out anything unusual.
2. Title and other searchesWe search title for mortgages, liens, easements and restrictions, check the property taxes and, for a condominium, review the status certificate.
3. MortgageYour bank or lender sends its instructions to our office. We prepare the mortgage documents and meet the lender’s conditions so that the funds arrive in time.
4. SigningYou meet the lawyer to sign. Bring two pieces of identification, one of them government-issued photo identification that is valid on the closing date.
5. ClosingFunds and documents are exchanged, the transfer and mortgage are registered electronically and the keys are released.
6. ReportYou receive a closing report with your registered transfer (the deed) and your mortgage.

Closing costs to plan for

The purchase price is not the only amount due on closing. These are the usual items for a resale home in Ontario.

• Ontario land transfer tax. 0.5% of the price up to $55,000, 1% from there to $250,000, 1.5% from there to $400,000 and 2% above $400,000. For a home with one or two single family residences, a further 0.5% applies to the part of the price above $2,000,000.
• Toronto’s municipal land transfer tax. A purchase in the City of Toronto also pays the city’s own tax. It does not apply anywhere else in Ontario.
• Title insurance, legal fees and disbursements. Disbursements are out-of-pocket costs such as search and registration fees.
• Adjustments. Your share of amounts the seller has prepaid, such as property taxes or condominium fees, set out in the statement of adjustments.
• Home insurance. A policy must be in place for closing day.

Once we have the statement of adjustments from the seller’s lawyer and the net mortgage advance from your lender, we give you the exact amount needed to close. Closing funds must reach our trust account before the closing date and can be sent by wire transfer.

Buyers who are not Canadian citizens or permanent residents should ask about Ontario’s Non-Resident Speculation Tax, which is 25% of the price for the buyers it applies to, and about the federal restrictions on purchases of residential property by non-Canadians, before signing an agreement.

First-time home buyers

Ontario refunds up to $4,000 of the land transfer tax to eligible first-time buyers. You must be at least 18, be a Canadian citizen or permanent resident, move into the home as your principal residence within nine months, and never have owned a home anywhere in the world. A spouse’s past ownership can also affect the refund. If you are buying with someone who does not qualify, ask us how the refund applies to your share.

Buying a newly built home raises different questions, including HST rebates, the builder’s warranty and deposit protection. See new construction purchases. For a unit in a building, see condominium purchases.

Title insurance and home insurance

Title insurance is a policy that pays for the title-related losses it describes, for you and for your lender. It is not mandatory. Your lawyer must explain the ways to assure title and you choose between them, although many lenders ask for a policy in their favour. Title insurance does not replace a title search and a lawyer’s review of title.

Home insurance, often called fire insurance, is a separate matter. A lender will not advance mortgage funds without proof that the home is insured, with the lender named on the policy. Arrange the policy before closing, to take effect on the closing date.

Selling a home

To prepare a sale we need the details of any mortgage on the property, your deed (transfer), the latest property tax bill and, for a house, the survey if you have one. We prepare the transfer, answer the title questions raised by the buyer’s lawyer, pay out and discharge your mortgage from the sale proceeds, and send you the balance with a report. If the property has more than one owner, the owners give written directions on how the proceeds are to be divided.

Tell us early if a seller lives outside Canada, because a sale by a non-resident has tax clearance requirements, or if someone will sign under a power of attorney. Keep your home insurance in place until the sale has closed, and notify your utility providers of the closing date.

Closing day and moving

On closing day the lawyers exchange funds and documents and register the transfer. Keys are released once that is done, which is often in the afternoon. If you can, plan your move for late in the day or the day after closing, so that a delay does not leave movers waiting. Moving into a condominium usually means booking the elevator with building management ahead of time.

How Law Wise helps

• reviews your agreement before you sign or while it is still conditional
• searches title and explains in plain language what the search shows
• explains the options for assuring title, including title insurance
• gives you a written closing figure once the lender’s and the other side’s numbers are in
• acts for the buyer or for the seller in a transaction, not for both

Your file is handled by a Law Wise lawyer licensed by the Law Society of Ontario. Service is available in English, Urdu, Punjabi and Hindi, and, if you retain the firm, fees are explained and confirmed in writing before work starts.

Common questions about buying and selling a home

This page is general legal information for Ontario, current as of 10 October 2026. It is not legal advice and does not create a lawyer-client relationship. For advice about your situation, please speak with a lawyer.