The buyer will have met with their lawyer a few days before the possession date and turned over the required cash and mortgage instructions (from the bank/lender).  The seller will meet with their own lawyer and turn over one set of keys to the house.nnOn (or just prior to) possession date, the two lawyers exchange the keys for the money, all in trust, and the buyer receives their key that way.nnThe sellers lawyer will then take all the money, pay out the sellers mortgage (if any) pay any liens against the home, pay the real estate agents and also pay him/herself (legal fees).  The remaining money will be sent to the seller according to their instructions (direct deposit, cheque in the mail, etc).