The last ―and potentially most fast-paced― step of the process is closing the deal. When an offer is accepted, the closing date is part of that agreement. This date is the day you, as the buyer, get the keys to your new house, all the taxes and lawyer’s fees are paid and the property is officially yours.
Get ready for a bit of a bill on closing day. There are "closing costs" associated with finishing all of the requirements for your home purchase: all land transfer taxes and lawyers' fees must be paid. The MLS website has a calculator for land tax payments. The amount you pay is directly related to the price of the home you buy and is due on closing day.
One thing to remember is that you cannot close on a weekend because offices must be open to finish all of the paperwork that makes your purchase official. If you are planning on moving on closing day, make sure the date on which you book the movers or the moving truck lines up with when you get the keys to your new home. I usually suggest a Friday closing so that you have the Saturday and Sunday of the weekend to move.
Another thing to watch for if you are selling a house and buying another is that the closing day for the house you are buying should happen before the closing day for the house you are selling. You do not want to be in a situation where you have to leave your house before you have a new one to move into!