Buying your first home can feel overwhelming.
Many buyers focus only on finding the right house.

But in reality, the most important part isn’t choosing the property — it’s preparing your finances and understanding the process.

Here’s a clear breakdown of what you should expect, step by step, from before your offer to closing day.

Step 1: Before the Offer — Prepare Your Funds First

Before you start viewing homes or submitting offers, the first thing to confirm is your financial structure.

It’s not just about having a down payment.

You should be ready for:

• Down payment

• Closing costs

• Land transfer tax

• Legal fees

Important:
Banks don’t only check if you have the down payment.
They need to confirm you can complete the entire transaction without funding issues.

Being fully prepared gives you confidence — and makes your offer stronger.

Step 2: Offer Accepted — First Major Money Deadline

Once your offer is accepted, things move quickly.

In most Ontario transactions:

You must submit a 5% deposit within 24 hours.

This deposit goes directly into the listing brokerage’s trust account.

After the deal becomes firm, this money is non-refundable and forms part of your down payment.

This is why I always tell buyers:

If your funds aren’t ready, don’t rush into making an offer.

Step 3: The 5 Business Day Condition Period — Inspection + Financing

This is the most important safety window in the entire process.

During these few days, you must complete:

✔ Home inspection
✔ Formal mortgage approval from the bank

This period protects you.

If something goes wrong, you still have options.

For example:

• Negotiate the price

• Ask the seller to repair issues

• Or walk away from the deal

Knowing how to negotiate or exit properly is critical — and often where professional guidance really matters.

Step 4: Conditions Cleared — Signing the NOF

If both your financing and inspection are satisfactory, you sign the Notice of Fulfillment (NOF).

From this moment:

✔ The deal is firm
✔ The purchase is legally binding
✔ You cannot back out without serious consequences

Now the process moves toward closing.

Step 5: Lawyer Stage — Second Major Money Deadline

This stage makes many first-time buyers nervous, but it’s completely normal.

About 3–7 days before closing, your lawyer will contact you to sign documents and request the remaining funds.

You’ll need:

• Remaining down payment (minus the 5% deposit already paid)

• Land transfer tax

• Legal fees

Typically, this is paid via bank draft or certified cheque.

If the funds aren’t ready on time, it could delay closing — or even put the deal at risk.

Preparation is key.

Step 6: After Firm — Buyer Visits

Many buyers don’t realize you can still visit the home after the deal becomes firm.

You usually get 2–3 buyer visits to:

•  Check property condition
• Take measurements
• Plan renovations or furniture
• Do a final walkthrough before closing

Each visit serves a different purpose and helps you avoid surprises.

Step 7: Closing Day

From firm to closing, the timeline is usually 60–90 days.

On closing day:

• Lawyers transfer funds

• Ownership is registered

• You receive the keys

And officially, the home is yours.

Final Thoughts: Three Things Every First-Time Buyer Should Remember

Buying your first home doesn’t have to be stressful if you prepare properly.

Remember:

1. Prepare your money early — never last minute
2. Two deadlines matter most:
     • 24 hours after offer (deposit)
     • 3–7 days before closing (final funds)
3. A knowledgeable agent saves you more than just money — they protect your process

If you’re planning to buy soon and feel unsure about timelines or budgeting, it’s always worth speaking with someone who can walk you through each step clearly.

Because buying your first home should feel exciting — not confusing.

Contact The Fisher Group – Your Real Estate Experts in Oakville and the GTA

Fisher Yu
📱 647.598.8488
📧 [email protected]
🌐 thefishergroup.ca