Stage 4 of 4 · Buyers & Sellers
Firm to Keys
Written by the Turner Realty Team · Reviewed August 2026
A firm deal isn't the finish line — there's a final round of paperwork between here and the day you get the keys. Here's what it covers.
Why we have to ask for ID
Canada's anti-money-laundering rules, enforced by FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada), require real estate professionals to verify the identity of everyone involved in a transaction — on both sides of the deal — and to keep records of that verification. This applies to every real estate transaction in the country; it isn't a Turner Realty policy or something specific to your deal, and it doesn't change based on how well your agent knows you.
Alongside ID verification, brokerages are also required to keep a Receipt of Funds Record documenting where the money in a transaction came from. Neither step is optional, and both are treated as a hard gate before closing can complete. The good news: doing this early in the process — rather than scrambling at the last minute — means it never actually holds anything up.
What happens off to the side, before closing day
While your agent's office is wrapping up the real estate side of things, your lawyer is preparing the legal side of the transfer. That typically includes:
- The Statement of Adjustments — reconciling costs like property tax between buyer and seller as of the closing date, so each party pays only their fair share for the portion of the year they actually own the property
- The deed or transfer document, which formally transfers ownership and gets registered
- Mortgage documents, if the purchase is being financed
A licensed NL real estate lawyer is required to close a purchase or sale in this province — this isn't work your real estate agent does or is permitted to do. For a full breakdown of the actual dollar costs involved at this stage, see our NL Closing Costs Guide. And if a legal term along the way doesn't make sense, our Real Estate Glossary covers terms like Registry of Deeds, statement of adjustments, and holdback in plain English.
Making the sale official
Once a sale completes, the listing brokerage files a Sold Notice with the Newfoundland and Labrador Association of REALTORS®. This is how a completed sale officially enters the sold record on MLS® — the same sold history that becomes visible on our own sold listings page once you register. It's a back-office step handled by the brokerage; nothing here requires anything further from you as a buyer or seller.
Behind the scenes at the brokerage
A few more things happen quietly in the background while your lawyer handles the legal closing — worth knowing about, even though none of it requires anything from you directly. Your agent's brokerage prepares a commission statement, which goes to the lawyer's office as part of the closing paperwork. And your deposit, which has been sitting in the brokerage's trust account since the offer was accepted, gets formally accounted for and released as part of closing. We mention it here not because it's something you sign, but because it's part of being transparent about everything that happens between an accepted offer and the day you get the keys.
That's the full picture. From your first Listing Agreement or offer, through conditions, to the paperwork on this page — every form exists to protect someone in the deal. If anything about your own transaction is still unclear, that's exactly what your Turner Realty agent is there for.
Common questions
Why do I need to show ID to buy or sell a home?
It's a federal law requirement, not a Turner Realty policy. Canada's anti-money-laundering rules, enforced by FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada), require real estate professionals to verify the identity of everyone involved in a transaction — on both sides of the deal — and keep a record of that verification. It applies to every real estate transaction in Canada, regardless of how well the brokerage knows the client. Taking care of it early avoids any last-minute delay at closing.
What does my lawyer do that my real estate agent doesn't?
Your agent negotiates and manages the real estate side of the deal; your lawyer handles the legal transfer of the property itself. That includes preparing the statement of adjustments, the deed or transfer document, reviewing or preparing mortgage documents if you're financing, and registering the change of ownership. A licensed NL real estate lawyer is required to close a purchase or sale in this province.
What is a Statement of Adjustments?
It's the document your lawyer prepares that reconciles costs between the buyer and seller as of the closing date — splitting things like property tax so each party pays only their fair share for the time they actually own the property that year. See our NL Closing Costs Guide for the fuller breakdown of what typically shows up here.
What is the NLAR Sold Notice?
It's the official notice filed with the Newfoundland and Labrador Association of REALTORS® reporting that a sale has completed. It's how a sale officially becomes part of the sold record on MLS® — the same sold history you can see on our own sold listings page once you're registered.
How soon after closing can I move in?
Typically on the closing date itself, once your lawyer confirms the transaction has registered and funds have been released — but the exact timing can vary by deal and is something your lawyer and agent will confirm directly with you as closing day approaches.
This page is provided for general education about the Newfoundland and Labrador real estate process and does not constitute legal, financial, or tax advice. Forms, requirements, and terminology described here are current as of the date this page was last reviewed and may change. Always confirm the specifics of your own transaction with your REALTOR® and a licensed NL real estate lawyer.