FAQ

Corporate Law:

What is a 'limited' corporation?

The liability that shareholders of a 'limited' corporation face is limited to the money they paid to buy the shares. In contrast, a sole proprietor or partnership carries unlimited personal legal responsibility for debts incurred by the business.

Wills & Estates:

What is enduring power of attorney?

An Enduring Power of Attorney is a legal document that appoints someone to make financial and legal decisions on your behalf. If you are the one passing the authority to someone else then you are referred to as the donor. The person you pass the authority to is called the attorney. A Power of Attorney is "enduring" because its power continues after the donor becomes mentally incapacitated or it can take effect after the donor becomes mentally incapacitated.

What is a personal directive?

The Personal Directives Act defines a personal directive as a legal document that allows you to name the person(s) you trust to make decisions on your behalf in the event that you lose mental capacity. It will list the areas in which they have decision-making authority. Examples include health care and residential issues. You can include instructions that you want followed such as a desire to refuse blood products, as long as it does not include anything illegal. You can also outline your wishes about other important personal matters like the temporary care and education of any children you have that are under the age of 18.

Real Estate:

What do I need to bring for my appointment to sign real estate purchase documents?

• Two pieces of ID including:
• At least one piece of government issued photo identification, birth certificate, SIN card or Passport
• Credit card
• VOID cheque or pre-authorized debit pad form stamped and signed by your bank
• Proof of Home Insurance with first loss payable to your mortgage lender
• Balance of your down-payment (cash to close) and closing costs

I’m a first time home buyer. I have signed the purchase agreement. What do I do now?

Once you have completed the real estate purchase agreement with your realtor and have arranged a mortgage with your lender:

• Give the contact information for Nigro Manucci to your realtor and your mortgage lender.
• Secure insurance on the new property. Ask us for the information your insurance agent will require.
• Arrange with your financial institution to have access to the funds for your downpayment about one week prior to the Possession Date. Remember that there may be delays in transferring funds from your investments to an account where you can directly access the funds.

When can I move into my new home?

Keys to the new property are usually released around noon on the possession date.

On the possession date, Nigro Manucci will send the cash to close (this is the amount of the purchase price) to the seller’s lawyer around noon. When the seller’s lawyer receives the cash to close, the seller’s lawyer will contact the seller’s real estate agent. The seller's real estate agent will then contact your real estate agent to arrange for keys to be released to you. Do not expect to receive the keys prior to 12:00 pm on the possession date.

Who will give me the keys?

Your real estate agent will arrange for the keys to be released to you.

What can prevent me from getting possession?

You might not be able to get possession of the property on the scheduled possession date if your mortgage lender does not provide the mortgage funds to Nigro Manucci on time so that the funds are not available to pay the seller. Another possible delay is if the seller is not able to provide information or documents that are required to complete the deal prior to the possession date.

If we anticipate a delay, you will be notified. If we are unable to close the deal on the possession date, you may still be able to move in under a tenancy arrangement. This option will be discussed with you if needed.

When do we meet to sign the documents?

We will meet one week to one day before the possession date to sign the documents.

When do I receive a copy of the title to my new property?

You will receive a copy approximately one month after the possession date. It will be mailed to you with all of the documents. Keep this for your records. Contact us regarding any questions you have after you have received the documents.