Category: First-Time Buyer Guide | Reading Time: ~5 min
One of the biggest sources of stress for first-time buyers isn't the search itself — it's not knowing what happens next. You find a home you love, you make an offer, and then... what? What are all those steps between "offer accepted" and keys in hand?
Consider this your road map. Here's the full buying process, laid out in plain language from start to finish.
Step 1: Get Pre-Approved
Before anything else, financing first. Your pre-approval tells you exactly how much you can borrow, locks in your interest rate, and signals to sellers that you're a serious buyer. Without it, you're shopping blind.
(We covered this in detail in Blog Post 1 of this series — it's worth a read if you haven't yet.)
Step 2: Start Your Search
With your pre-approval in hand and a clear budget established, the search begins. Your realtor will set up an MLS search tailored to your criteria and alert you to new listings as they come on the market.
During this phase, attend showings with an open mind but a clear list of your non-negotiables. Keep notes on each property. It's easy to blur the details after you've seen a dozen homes. Your realtor is also watching and evaluating alongside you — pointing out things that might not be obvious at first glance.
Step 3: Make an Offer
You've found the one. Now your realtor pulls comparable sales to help you determine a strong, strategic offer price. They draft the Contract of Purchase and Sale — including the purchase price, deposit amount, conditions, inclusions, completion and possession dates, and the offer expiry.
The offer is presented to the seller, who can accept, counter, or reject. If there's a counter, you negotiate until both parties agree or walk away. When both sides sign? You have a deal — conditional or firm, depending on what's in the contract.
Step 4: Pay Your Deposit
Once the offer is accepted, your deposit is due — typically within 24-48 hours of acceptance. This is a certified funds payment (bank draft or wire transfer) made payable to the seller's brokerage, held in trust until closing. It forms part of your down payment.
This deposit demonstrates your commitment. If you walk away from the deal without valid grounds (i.e., outside of your conditions), you may forfeit it. Don't let that scare you — it's a normal, expected part of every real estate transaction.
Step 5: Work Through Your Conditions
Most first-time buyer offers include at least two conditions: financing and home inspection. This is your due diligence period, and it's important.
Financing condition: Your mortgage broker submits your full application to the lender for final approval. They verify your income, employment, down payment, and the property itself. When the lender issues a commitment letter, your financing condition is satisfied.
Home inspection condition: You hire a certified home inspector to walk through the property and assess its condition. You attend — always. Your inspector will walk you through everything they're seeing in real time, and you'll receive a written report afterward.
If the inspection turns up issues, you have options: you can ask the seller to address them, negotiate a price adjustment, or in some cases, walk away. Your realtor will help you decide the right move based on what the report shows.
When both conditions are satisfied, your lawyer prepares the waiver documents and your deal becomes firm.
Step 6: Connect With Your Lawyer
Once your deal is firm, it's time to engage a real estate lawyer or notary if you haven't already. They handle the legal side of the transaction: title searches, reviewing the purchase contract, preparing the transfer documents, and coordinating the exchange of funds on closing day.
Your lawyer will reach out to you in the days before closing with a statement of adjustments — a breakdown of all the final numbers and exactly what certified funds you need to bring. Review this carefully and ask questions if anything is unclear.
Step 7: Do Your Final Walkthrough
Usually scheduled 24 hours before closing, the final walkthrough is your last chance to confirm the home is in the same condition as when you agreed to buy it. You're checking that agreed-upon repairs have been completed, that included items (appliances, fixtures) are still there, and that nothing has been damaged during the seller's move-out.
If anything looks off, tell your realtor immediately. This is the time to raise concerns — not after the title has transferred.
Step 8: Close the Deal
On closing day, you meet with your lawyer to sign the final documents, transfer your certified funds, and complete the legal transfer of ownership. Your lawyer registers the title in your name with the Land Title Office.
Once the registration goes through and the seller's side confirms receipt of funds, your realtor gets the call to release the keys.
Step 9: Get the Keys
This is the part everyone pictures. Your realtor hands you the keys, you take a photo you'll keep forever, and you walk into your home — your home — for the first time as its owner.
Everything you did to get here was worth it.
A note on timing: From accepted offer to keys, most transactions take 30–90 days depending on the completion date in your contract. The condition period is typically 5–10 business days. The total buying journey — from pre-approval to possession — varies, but most buyers find themselves in their new home within 3–6 months of starting the process seriously.
Every transaction is a little different, and things don't always go perfectly smoothly — but that's exactly what your realtor and your lawyer are there for. You don't have to figure it out alone.
Have more questions about how the process works? I'd love to walk you through it. No commitment, no pressure — just a real conversation. — Cassie Schellenberg, Personal Real Estate Corporation
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