Every stage of buying a home, and every piece of paperwork, explained in plain language.
Buying a home is one of the biggest transactions most people ever make — and it comes with real legal paperwork, real deadlines, and real money changing hands. This guide walks through the whole process, start to finish, in plain language: what happens at each stage, what the documents actually say, and what to expect.
It complements our First-Time Buyer Guide (financing programs and affordability) and our Buyer Closing Checklist (the day-to-day to-do list once you’re under contract) — this page is the full picture in between.
In Newfoundland and Labrador, the seller pays the commission on a home sale — so working with a REALTOR® as a buyer typically costs you nothing directly. What you get in exchange:
Before you start touring homes, talk to a mortgage lender or broker about pre-approval. A pre-approval tells you (and any seller you make an offer to) how much you can actually borrow, and locks in an interest rate for a period of time while you search.
For a deeper look at down payment minimums, CMHC insurance, and the government programs available to first-time buyers (the FHSA, the RRSP Home Buyers’ Plan, and the GST/HST New Housing Rebate), see our First-Time Buyer Guide.
With your budget in hand, this is the part most people picture when they think of buying a home — touring properties, narrowing down neighbourhoods, weighing trade-offs. A few things worth knowing going in:
Once you’ve found the home, your agent prepares an Agreement of Purchase and Sale (APS) — the legal contract that becomes binding once the seller accepts it. This is where the real paperwork starts.
| Term | What it means |
|---|---|
| Purchase price | What you’re offering to pay for the property. |
| Deposit | The amount you’ll put down within 24–48 hours of acceptance, held in trust until closing. |
| Closing date | The date ownership transfers and you get possession. |
| Conditions | Anything that has to happen before the deal is binding — financing, inspection, and others (see below). |
| Included items | What stays with the home — appliances, fixtures, window coverings. |
| Irrevocable date | The deadline for the seller to respond before your offer expires. |
Conditions are attached on a separate document called Appendix A (sometimes “Schedule A”), which spells out exactly what needs to happen and by when.
Before you sign, your agent will review an Agency Disclosure with you — a form explaining how real estate representation works in NL (buyer’s agency, seller’s agency, or dual agency when one brokerage represents both sides) and confirming who represents you.
The seller can accept your offer as written, reject it, or respond with a counter-offer changing price, dates, or terms. This typically goes back and forth once or twice before both sides agree — once you do, the offer is accepted.
Once your offer is accepted, the deal is conditional — binding only once every condition is satisfied or formally waived. Your deposit is due now, held in a licensed trust account until closing.
Buyer Closing ChecklistThe full day-by-day list of what to do during this stage — the deposit, financing, inspection, FINTRAC ID, and closing-week logistics.If anything changes during this period — price, dates, terms — it’s handled through a signed Amendment to the original agreement, not a new contract.
Once every condition is satisfied or waived, the deal becomes firm — fully binding on both sides. This is the point of no return: withdrawing after this stage without cause can have real legal and financial consequences, so it’s not a decision either side takes lightly.
Between firm sale and your closing date, your lawyer takes over the legal side of the transaction.
| Cost | What it covers |
|---|---|
| Legal fees | Your lawyer’s fee for handling the transaction. |
| Land registration / transfer fees | Paid to register the property in your name. |
| Adjustments | Reimbursing the seller for anything prepaid — property tax, oil in the tank — covering the period after closing. |
| HST | Applies on new construction; ask your lawyer if it applies to your purchase. |
| Home insurance | Required in place before your lender releases funds. |
Your lawyer finalizes the transaction and registers the property in your name. Keys are handed off on possession day — timing is coordinated between the lawyers and agents, and can vary by a few hours depending on when funds and registration go through.
See the Buyer Closing Checklist for the full closing-week list — utility transfers, address changes, and the final walk-through.
Want the full breakdown of every form you'll sign, stage by stage? See The Paperwork, Explained.
Your REALTOR® is your best resource through every stage of this process — from your first conversation to the day you get your keys.
Let me know if you have any questions — at any point in this process.
Royal LePage Turner Realty (2014) Inc.
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