diff --git a/serialx/platforms/serial_win32.py b/serialx/platforms/serial_win32.py
index 625b170..d8c046e 100644
--- a/serialx/platforms/serial_win32.py
+++ b/serialx/platforms/serial_win32.py
@@ -484,22 +484,37 @@ def __init__(
         self._closing: bool = False
         self._connect_in_progress: bool = False
         self._connection_made_waiter: asyncio.Future[None] | None = None
+        self._pending_connection_lost_exc: Exception | None = None
 
     def serial_close(self) -> None:
-        """Close the serial port."""
+        """Release the handle off the event loop, then report connection lost."""
+        if self._close_future is not None:
+            return
 
-        def _close_then_notify() -> None:
-            assert self._serial is not None
-            exc = None
+        serial = self._serial
+        self._serial = None
+        self._handle = None
 
-            try:
-                self._serial.close()
-            except Exception as e:
-                exc = e
+        if serial is None:
+            self._call_protocol_connection_lost(self._pending_connection_lost_exc)
+            return
 
-            self._loop.call_soon_threadsafe(self._call_protocol_connection_lost, exc)
+        self._close_future = self._loop.run_in_executor(None, serial.close)
+        self._close_future.add_done_callback(self._on_serial_closed)
+
+    def _on_serial_closed(self, fut: asyncio.Future[None]) -> None:
+        # Consume the future's exception so it does not surface later as a noisy warning
+        if (exc := fut.exception()) is not None:
+            self._loop.call_exception_handler(
+                {
+                    "message": "Unhandled exception while closing the serial port",
+                    "exception": exc,
+                    "transport": self,
+                    "protocol": self._protocol,
+                }
+            )
 
-        self._close_future = self._loop.run_in_executor(None, _close_then_notify)
+        self._call_protocol_connection_lost(self._pending_connection_lost_exc)
 
     def serial_shutdown(self, how: int) -> None:
         """Shutdown the serial connection."""
@@ -527,8 +542,8 @@ def protocol_connection_made(self, transport: asyncio.Transport) -> None:
             self._connection_made_waiter.set_result(None)
 
     def protocol_connection_lost(self, exc: Exception | None) -> None:
-        """Forward connection_lost to the protocol."""
-        self._call_protocol_connection_lost(exc)
+        """Stash the connection-lost reason, `serial_close` dispatches it."""
+        self._pending_connection_lost_exc = exc
 
     def protocol_pause_writing(self) -> None:
         """Forward pause_writing to the protocol."""
diff --git a/tests/test_async_lifecycle.py b/tests/test_async_lifecycle.py
index 71dd3b8..9ca6a18 100644
--- a/tests/test_async_lifecycle.py
+++ b/tests/test_async_lifecycle.py
@@ -116,6 +116,18 @@ def total_received(self) -> bytes:
         return b"".join(self.data_received_chunks)
 
 
+@pytest.fixture(autouse=True, params=["lazy_tasks", "eager_tasks"])
+async def task_factory(request: pytest.FixtureRequest) -> None:
+    """Run every lifecycle test under both the default and eager task factories."""
+    if request.param == "eager_tasks":
+        if sys.version_info < (3, 12):
+            pytest.skip("Eager task factory requires Python 3.12+")
+        if sys.platform == "emscripten":
+            pytest.skip("Pyodide's WebLoop does not support custom task factories")
+
+        asyncio.get_running_loop().set_task_factory(asyncio.eager_task_factory)
+
+
 # --- Successful lifecycle: callbacks fire exactly once ---
 
 
@@ -138,6 +150,38 @@ async def test_lifecycle_normal_close_callbacks(serial_pair: SerialPair) -> None
     protocol.assert_clean()
 
 
+async def test_lifecycle_port_released_before_connection_lost(
+    serial_pair: SerialPair,
+) -> None:
+    """connection_lost must not fire until the port-releasing syscall returns."""
+    loop = asyncio.get_running_loop()
+    protocol = RecordingProtocol()
+
+    close_targets = ["os.close"]
+    if sys.platform == "win32":
+        close_targets.append("serialx.platforms.serial_win32.CloseHandle")
+
+    transport, _ = await create_serial_connection(
+        loop, lambda: protocol, serial_pair.left, baudrate=115200
+    )
+
+    with patch_slow(*close_targets) as (started, proceed, _completed):
+        transport.close()
+
+        if not await loop.run_in_executor(None, started.wait, 1.0):
+            pytest.skip("Backend close path does not go through a patched syscall")
+
+        # The releasing syscall is mid-flight, so the handle is still held. The
+        # protocol must not have been told the connection is lost.
+        assert protocol.state is ProtocolState.MADE
+
+        proceed.set()
+
+    await transport.wait_closed()
+    assert protocol.state is ProtocolState.LOST  # type:ignore[comparison-overlap]
+    protocol.assert_clean()
+
+
 async def test_lifecycle_abort_callbacks(serial_pair: SerialPair) -> None:
     """Connect + abort: traverses INIT -> MADE -> LOST."""
     loop = asyncio.get_running_loop()