Contract To Closing

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Who We Are

Our Firm

Law Office of Mayra M. Rios, LLC was formed in April, 2004 and has evolved to a firm focused mainly on real estate law; both residential and commercial matters. We represent lenders, consumers and homeowners in purchases, sales and refinances. Our mission is to provide professional legal representation and protect buyers and sellers from contract to closing. In doing so, we adhere to CFPB Rules and Regulations and follow The ALTA’s Best Practices.

A real estate transaction can arguably be one of the biggest investments in a lifetime. In order to accomplish this goal, a team of skilled professionals (realtors, brokers, lenders, title companies, and insurance agents) must work cohesively to ensure a smooth and successful closing. Contact us today to discuss how the Law Office of Mayra M. Rios, LLC can become a part of your team and start working to meet your needs.

About Mayra

Mayra M. Rios, Esq. was born and raised in Stamford, CT to Colombian immigrant parents.

Mayra has been admitted to practice law since 2002. After graduation she practiced Immigration Law in NYC and then decided to return to her native Stamford to provide legal services in the community she was raised.

Mayra’s core belief and business model is that the best client is an educated and involved client. She strives to not only hand over the keys to your new home as seamlessly as possible but also empower each client with information and an understanding of the entire process. She communicates promptly and regularly with clients to review strategies and projected costs in all endeavors undertaken on behalf of her clients.

Mayra is often asked to participate in seminars, in both English and Spanish, with various lenders on a range of real estate matters including workshops for first time homebuyers. Mayra’s background and experience affords her the unique ability to explain the process in the language prospective buyers understand.

Contact her today to discuss how she can assist you in your path to homeownership.

FAQ

Frequently Asked Questions

do I need to hire a lawyer?
For most real estate transactions, the Buyer and Seller will use a real estate broker. To sell your home, the real estate broker will want a listing agreement signed. You should consult a real estate lawyer before signing the listing agreement. It is a binding contract when signed by both parties. In the same way, the Buyer should understand the Buyer/Broker’s form before signing. This could potentially obligate the Buyer to pay all or some portion of the real estate commission.
What is a mortgage commitment letter?
The mortgage commitment letter is the most important document a borrower receives from the lender prior to closing. It informs the borrower of the loan application approval and the commitment of the funds for the loan. There are often conditions outlined in the letter that require fulfillment prior to or at the closing of sale. The commitment should also set forth the basic terms of the loan, as well as the fees associated with the lender and charges to the borrower.
What is a binder?
A “binder” or offer to purchase is a written agreement entered into between the Buyer and the Seller. A binder deposit, normally one percent of the purchase price, is tendered from the Buyer to the Seller. The offer to purchase is designed to hold the property from sale pending the preparation by Seller’s counsel of a formal contract. In some areas in Connecticut, the Buyer proceeds immediately to an offer/contract provided by a real estate broker. It is definitely advisable to have this document reviewed by an attorney if there is not going to be a formal contract.
At what point is a binding formal contract of sale entered into by the Buyer and the Seller?
After the offer to purchase or binder is entered into, the next step is for the Seller’s attorney to draft a formal contract of sale. This contract is sent to the Buyer’s attorney. It describes the property and contains the necessary terms of sale in order to provide a valid and enforceable contract. Moreover, the Buyer is normally required to pay further deposit monies at the signing of the contract. A total of ten percent of the purchase price is the standard down payment.
What Should I Expect at Closing?
The final stage of the real estate transaction is the closing. This is the stage at which the parties sign all documents in connection with the sale and mortgage and the balance of the purchase price is paid to the Seller. The Seller produces all documents necessary for the title transfer and delivers a deed conveying title to the Buyer.
What does title insurance cover?
Title insurance is required by lenders to be purchased by the Buyer at closing. Title insurance provides two types of coverage. First, it will pay to legally defend the insured’s title, and, secondly, it will pay the cost for the removal of a defect in title on behalf of the insured to the extent of the policy limits. Title insurance protects the Buyer from hidden defects not revealed in a title search, such as lost or forged deeds, deeds executed by incompetents, mis-indexed deeds, or improperly probated wills.
What does the Seller of the real estate have to disclose to the Buyer about the condition of the premises?
There have been recent developments designed to achieve full disclosure by the Seller. The Seller must provide the Buyer with a signed property disclosure report prior to entering into the contract. However, the Buyer is still responsible to uncover any and all problems regarding the condition of the property. The Buyer should arrange for a professional building inspection, and review the results of this inspection prior to entering into the contract. Examples of some common inspections are: pest, radon, septic, well water, lead, and building.
What does the Seller of the real estate have to disclose to the Buyer about the condition of the premises?
There have been recent developments designed to achieve full disclosure by the Seller. The Seller must provide the Buyer with a signed property disclosure report prior to entering into the contract. However, the Buyer is still responsible to uncover any and all problems regarding the condition of the property. The Buyer should arrange for a professional building inspection, and review the results of this inspection prior to entering into the contract. Examples of some common inspections are: pest, radon, septic, well water, lead, and building.
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