{"id":9233,"date":"2023-02-01T14:38:42","date_gmt":"2023-02-01T14:38:42","guid":{"rendered":"https:\/\/wahi.com\/ca\/en\/?p=9233"},"modified":"2025-10-13T13:07:40","modified_gmt":"2025-10-13T17:07:40","slug":"how-long-after-closing-does-the-seller-get-paid","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/sell\/after-closing-seller-receive-money\/","title":{"rendered":"How Long After Closing Does the Seller Get Paid?"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”55px||||false|false” da_disable_devices=”off|off|off” global_colors_info=”{}” custom_margin__hover_enabled=”off|desktop” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width=”95%” max_width=”100%” custom_margin=”||-24px||false|false” custom_padding=”55px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_breadcrumb _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_breadcrumb-link title=”Real Estate 101″ _builder_version=”4.18.0″ _dynamic_attributes=”link_option_url” _module_preset=”default” link_option_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjcyMiJ9fQ==@” global_colors_info=”{}”][\/wahi_breadcrumb-link][wahi_breadcrumb-link title=”Sell” _builder_version=”4.18.0″ _dynamic_attributes=”link_option_url” _module_preset=”default” link_option_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjIxMDYifX0=@” global_colors_info=”{}”][\/wahi_breadcrumb-link][wahi_breadcrumb-link title=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IiIsImFmdGVyIjoiIn19@” _builder_version=”4.18.0″ _dynamic_attributes=”title” _module_preset=”default” module_text_color=”#686E6E” global_colors_info=”{}”][\/wahi_breadcrumb-link][\/wahi_breadcrumb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”12px||12px||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _dynamic_attributes=”content” _module_preset=”default” header_font_size=”3.5rem” header_line_height=”4.5rem” header_font_size_tablet=”42px” header_font_size_phone=”3rem” header_font_size_last_edited=”on|phone” header_line_height_tablet=”4.5rem” header_line_height_phone=”3.2rem” header_line_height_last_edited=”on|desktop” global_colors_info=”{}”]@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IjxoMT4iLCJhZnRlciI6IjwvaDE+In19@[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||9px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_socialsharing _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/wahi_socialsharing][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”6px|||||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”24px” text_line_height=”1.5em” custom_margin=”||32px|||” global_colors_info=”{}”]<\/p>\n

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We outline the closing process in Canada and when to expect payment following a real estate transaction.<\/span><\/p>\n<\/div>\n

[\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”1.13rem” text_line_height=”1.18rem” custom_margin=”||5px|||” global_colors_info=”{}”]By Emily Southey<\/a> | 10 minute read[\/et_pb_text][et_pb_post_title title=”off” author=”off” date_format=”M j” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|phone” max_width_tablet=”” max_width_phone=”100%” max_width_last_edited=”on|phone” custom_padding=”21px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/wahi.com\/wp-content\/uploads\/2023\/01\/AdobeStock_241222742@0.25-e1675267148555.png” title_text=”AdobeStock_241222742@0.25″ align=”center” force_fullwidth=”on” _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”2px|||||” border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|phone” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” min_height=”866.2px” custom_padding=”23px||14px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” global_colors_info=”{}”]<\/p>\n

If you are selling a house in Canada, you\u2019re probably wondering how long after closing you will receive your money. The reality is that it could take up to a week for a home seller to receive the funds. The time it takes ultimately depends on several factors.\u00a0<\/span><\/p>\n

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Closing Day in Real Estate<\/strong><\/h2>\n

Closing day, or the closing date, is the date that final payments on the home are made and the property ownership gets transferred from the seller to the buyer. This day typically involves the seller, the buyer, and their respective REALTORS\u00ae. The purpose of closing day is to facilitate the completion of the sale. See what to expect on closing day below.\u00a0<\/span><\/p>\n

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What to Expect on Closing Day?<\/strong><\/h3>\n

On closing day, sellers and buyers both should expect to sign all kinds of paperwork, such as the house deed, the bill of sale, and any settlement or closing statements. To prepare for the signing of these documents, the seller should take care to bring valid photo identification, the keys and security codes to the home, receipts of renovations or repairs made after the home inspection, and any other paperwork your REALTOR\u00ae recommends.<\/p>\n

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Closing day is also when the buyer will make the final payments (for example, the rest of the deposit or down payment). Although final payments are often made on this date, it can still take some time for the funds to be deposited into the seller\u2019s bank account. Further, the seller will not receive all of the proceeds, as some of it will go toward paying off their remaining mortgage, REALTOR\u00ae commissions, and closing costs. However, the seller will receive a settlement statement on closing day that outlines the final take-home amount so that they know what to expect.<\/p>\n

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When Does the Seller Get the Money?<\/strong><\/h2>\n

As mentioned, just because the buyer transfers the remaining funds to the seller on closing day doesn\u2019t mean that the seller gets the money on this day. The reality is that several factors can impact when the seller receives the money.<\/p>\n

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For example, since the payment process involves settling existing debts, like mortgages or REALTOR\u00ae commissions, before the seller receives their money, it can take some time. The sale proceeds must first go toward paying any encumbrances on the title, as well as commissions owed to the REALTOR\u00ae and any other expenses, such as the amount owing for title insurance. Once these have all been paid, the net proceeds are ready to be released to the seller. However, they can only be released on a business day when the banks are open, so if your closing day takes place on a Friday or during the weekend, or after the banks have closed on a weekday, this can delay payment.<\/p>\n

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In addition, the payment method you choose can also impact how long it takes to receive your money. Two popular options are by wire transfer or cheque, but some sellers have special requirements like having the funds deposited directly into their bank accounts or going directly toward interim financing they received to support the purchase of their next homes. If you don\u2019t have any special requirements, then you will likely receive your money by cheque or wire transfer. Wire transfers typically take between 24 and 48 hours to process but once processed, should appear in your account within one business day. In contrast, a physical cheque might be available immediately after closing, though it will need to be deposited and cleared.<\/p>\n

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Lastly, with so many parties involved in the closing process, such as REALTORS\u00ae, the title company, real estate attorneys, the buyer, and the seller, delays are not uncommon, which is yet another factor that can impact how long it takes for the seller to receive their money.<\/p>\n

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How to Prepare for Closing Day<\/strong><\/h2>\n

To ensure closing day goes as smoothly as possible and to increase your odds of getting your funds shortly after closing, the experts at Wahi have put together a list of tips on how to prepare for closing day..\u00a0<\/span><\/p>\n

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