Julie Nesbitt
One of the most complex and significant financial events in peoples' lives is the purchase or sale of real estate, be it a house, condo, townhouse or some other investment property. Because of this complexity and significance, people typically seek the help of real estate brokers and sales agents when buying or selling real estate.
Nesbitt Realty brokers and sales agents have a thorough knowledge of the real estate market in Northern Virginia communities. Our brokers and agents know which neighborhoods will best fit our clients' needs and budgets. Nesbitt Realty real estate agents are familiar with local zoning and tax laws and know where to obtain financing. Agents and brokers also act as intermediaries in price negotiations between buyers and sellers.
According to the Bureau of Labor Statistics:
Real estate brokers and sales agents often work evenings and weekends and usually are on call to suit the needs of clients.
A license to practice real estate is required in every State and the District of Columbia.
Although gaining a job may be relatively easy, beginning workers face competition from well-established, more experienced agents and brokers.
Employment is sensitive to swings in the economy, especially interest rates; during periods of declining economic activity and rising interest rates, the volume of sales and the resulting demand for sales workers fall.
You don't need to know everything about buying and selling real estate if you hire a real estate professional who understand real estate. Paraphrasing Henry Ford, when you hire people who are smarter than you are, it proves you are smarter than they are. A real estate broker or agent acts as an intermediary between sellers and buyers of real estate (or real property as it is known elsewhere) and attempts to find sellers who wish to sell and buyers who wish to buy real estate.
When buying real estate, you may have several choices as to how you want a real estate firm and its agents to work with you. For example, you may want them to represent only you (as a buyer's agent). You may be willing for them to represent both you and the seller at the same time (as a dual agent). Or you may agree to let them represent only the seller (seller's agent or subagent). Some agents will offer you a choice of these services. Others may not.
If you are selling real estate, you may want to "list" your property for sale with a real estate firm. If so, you will sign a "listing agreement" authorizing the firm and its agents to represent you in your dealings with buyers as your seller's agent. You may also be asked to allow agents from other firms to help find a buyer for your property.
For more information or to set up an appointment call Julie at (703)765-0300.
Condo life is a simplified way of living for those with active and busy lifestyles.
Elegant and Luxurious
There are a lot of reasons that people prefer to live in condos than in houses. Some condos do cost less than a traditional single family house, while offering many of the amenities/facilities that a person may not be able to afford on his own. And there are single family houses that cost the same as a condo, but of course do not have the amenities that the same costing condo can offer.
A simple condo would offer its residents a pool, a gym and a party room, but a similar priced house would not have these benefits. Condo owners share the cost of maintenance. Exterior maintenance and even lawn care is handled by the condo association, while the expenses to provide that care is already a part every condo unit owner’s monthly fee. There are certain condos that include the utilities included in the condo fee and other condos that share the cost of water but pay their own utilities. Basically, a condo owner can just step out of his room and enjoy a dip in the pool or a good workout at the gym, while the latter would be on the roof cleaning out gutters or frowning down on his bills and writing checks for pay all his utilities.
Therefore the question still remains to be “To Condo or Not to Condo?”
Condominiums are found in all shapes, sizes, prices and types. Are you looking for a high-rise condo, a mid-rise or a garden-style condo? Maybe you'd prefer a townhouse?
The term "garden-style" condo usually refers to a condominium residence in a building that has less than three stories. Most garden-style condos have balconies or patios for each residence. Many garden-style condos have a main entrance that opens to a common-area hallway. Additional common areas include the green space and "gardens" surrounding the structures. If you're interested in garden-style condos you'll have a lot of options in Northern Virginia.
From the suburban feel of Kingstowne to the central location of Bolling Brook from the vintage charm of Belle View to the chic feel of Carlyle Square, are just some of the many Northern Virginia condominium communities we feature.
Mid-rise condos are taller than garden-style condos, but smaller than high-rise condos. Mid-rise condos in Northern Virginia are 5 to 8 stories tall and are generally found close to or inside the Beltway.
High-rise condos have more than 9 floors. They are generally found inside the Beltway and are often located near Metro stations, public transportation, or major commuter traffic arteries like I-395.
When buying a condo or, realistically, almost any other large financial purchase, you can count on the fact that at least one (if not several) contracts will be involved in the process. However, many people may not know what a contract actually is.
Will Nesbitt is proud to be the principal broker of Nesbitt Realty.
Even if you do know what constitutes the basic elements of a contract, it helps to have a working knowledge of the legal terminology that is typically associated with general contracts in order to fully understand their rudimentary function. And while condo owners and those who maintain rental lease agreements may have more experience with contracts than those who don’t, contracts are nonetheless very much a part of every day life for most people (think: contracts with your cell phone company or signing a credit card slip after making a small purchase). What follows is intended to serve as an introduction to contract principals and, hopefully, provide some helpful information to individuals who want to know a little more about basic contract law.
What is a contract?
At its fundamental core, a contract is a legally binding agreement between two parties where a valid offer made by one party is accepted by the other, which is indicated by some mutual exchange of value. Under common contract law, this mutual exchange of value is called "consideration", which must be reasonably relied upon by both parties who agree to contract. Therefore, the three most fundamental elements of all legally valid contracts are offer, acceptance, and consideration.
What types of contracts are there?
There are a variety of legally viable contracts under current common law standards, not all of which must necessarily be in writing. A contract can be written, oral, or implied depending on the parties' actions at the time of the original contract formation. For example, a written document that claims to be a contract is often no more than evidence of the details of the contract, and not the contract itself. A valid contract offer must indicate a desire to enter into a contract (and thereby invite acceptance); should indicate a time period for acceptance; and must reasonably indicate that upon acceptance the contract will form without further approval from offeror. Here, it is the traditional practice in most situations to determine the details to which both parties agree and to transcribe the specifications into writing. This is particularly important if either party wishes to modify the contract at a later time.
In addition, signing a written document is not necessarily an act of acceptance that therefore creates a contract. If the parties have already reached an agreement the written document and signatures may be introduced to the courts as parole evidence of an already existing agreement, but may not determine the validity of the contract on its own. If, for example, the court determines that the original offer was in fact rejected or, if there was a counteroffer which was accepted but without any new consideration, the written and signed contract may prove not to be a contract at all.
Alternatively, if there is nothing in writing or if parts of a written contract are missing, a court may hold that there was an implied contract that existed between the parties and in this instance, a list of the complete terms is not always required. In real estate transactions, for example, an incomplete description of a property may still validate the terms of the contract where the intent of the parties would be used to clarify the specific obligations or missing information that was otherwise implied. On the other hand, to be enforceable, a property sales contract must be written in some form (even if it is incomplete) and oral agreements to sell real estate are not legally binding. In real property contracts, the contract must identify the buyer, the seller and the property itself, even if some details are omitted. Lastly, a real estate contract must establish a purchase price and the terms of the sale in order to validate the agreement.
Finally, a contract can be either unilateral or bilateral in nature. A unilateral contract is a promise for an act where acceptance of the offer is synonymous with the performance of the act and thus, a contract is only created when the act itself is done. Until then, the offeror reserves the right to withdraw the offer. For example, if I offer to pay you $20.00 to jump into the mud, you can either accept my offer by jumping into the mud and I would owe you $20.00 or, if I decide that I would rather keep the money, I can choose to withdrawal my offer so long as you have yet to jump in.
A bilateral contract, in contrast, is a promise for a promise where, as soon as promises are exchanged, both parties are instantly bound by each promise respectively. The vast majority of contracts are bilateral. Here, if I promise to give you $20.00 and you promise to jump into the mud, the contract is accepted by this exchange of promises and not by the performance of the promises themselves.
So...what did we learn?
While there are many, many other legal constructs that are fundamental to basic contract law (all of which are best left to a legal or other certified professional who can advise you of your rights and responsibilities), the golden principals of all contract law include an offer, acceptance, and some consideration that can be reasonably relied upon by both parties in order to make the contract legally enforceable. While there are different kinds of contracts which include oral, written and implied contracts, all jurisdictions within the United States require that certain kinds of contracts, such as those involving real estate transactions, must be in writing and, in such cases, must identify the buyer, the seller, and the property itself, as well as the purchase price for the property.
Lastly, a contract can be either unilateral or bilateral and knowing the distinction between the two outlines the liability and responsibility that each party may or may not assume. One
of the many benefits of living in a free market is that anyone who is legally competent to contract (save for juveniles and those who are legally defined as mentally incompetent) has the right to do so. This is a powerful right and one which must be used responsibly and knowledgeably. The more you know about these kinds of the contractual agreements, the more prepared you will be to make educated decisions when, and if, you decide to sign on the dotted line.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
Nesbitt Realty can help you buy and sell real estate in Fort Hunt.
For condo buying or condo selling in Northern VA call Nesbitt RealtyIn Northern VA, a condo is a great option for first-time home buyers, those who relish convenience and for empty-nesters looking to downsize. Buying a condo is very similar to buying any other real estate, but there are a few things you'll want to be mindful of. For example, before you buy, contact the condo board with the following questions. In the process, you'll learn how responsive --- and organized --- its members are. You'll also be alerted to potential problems with the property.
1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can't rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.
3. How much does the association keep in reserve? Plus, find out how that money is being invested.
4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs.To determine if the assessment is reasonable, compare the rate to others in the area.
5. What does and doesn't the assessment cover? Does the assessment include common-area maintenance, recreational facilities, trash collection, and snow removal?
Waterview condos are some of the finest luxury residences in Northern VA.
6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board's fiscal policy.
7. How much turnover occurs in the building? This will tell you if residents are generally happy with the building. According to research by the NATIONAL ASSOCIATION OF REALTORS(r), owners of condos in two-to-four unit buildings stay for a median of five years, and owners of condos in a building with five or more units stay for a median of four years.
8. Is the condo building in litigation? This is never a good sign. If the builders or home owners are involved in a lawsuit, reserves can be depleted quickly. Sometimes the litigation is minor. Sometimes the litigation is a show-stopper.
9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer's report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren't in good repair, they become your problem once you buy.
10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you're buying, may require separate assessments. For example, Stratford Place is a part of Kingstowne.
*** Error: Cannot find includes file ***
All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS(r) are properly called REALTORS(r). They proudly display the REALTOR "(r)" logo on the business card or other marketing and sales literature. All agents and brokers at Condo Alexandria are Realtors. REALTORS(r) are committed to treat all parties to a transaction honestly. REALTORS(r) subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR(r) again.
Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR(r).
Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…
Harbor Terrace covered in snow.Harbor Terrace is located north of the center of Old Town Alexandria between the George Washington Parkway and the Potomac River.
Condo at Oak Park is in Reston 20190
Oak Park is a community of condos in Fairfax County. The community is served by Lake Anne Elementary School, Hughes Middle School and South Lakes High School.
Oak Park was built around 1993. This is a pedestrian-friendly neighborhood where residents can walk to most daily needs.
Oak Park is close to Reston. The area is served by Reston Center Park & Reston North Park and not far from Dulles Access Road and Fairfax County Parkway.
If you are selling real estate, you may want to "list" your property for sale with a real estate firm. If so, you will sign a "listing agreement" authorizing the firm and its agents to represent you in your dealings with buyers as your seller's agent. You may also be asked to allow agents from other firms to help find a buyer for your property.
For more information or to set up an appointment call Julie at (703)765-0300.
When buying a condo or, realistically, almost any other large financial purchase, you can count on the fact that at least one (if not several) contracts will be involved in the process. However, many people may not know what a contract actually is.
At its fundamental core, a contract is a legally binding agreement between two parties where a valid offer made by one party is accepted by the other, which is indicated by some mutual exchange of value. Under common contract law, this mutual exchange of value is called "consideration", which must be reasonably relied upon by both parties who agree to contract. Therefore, the three most fundamental elements of all legally valid contracts are offer, acceptance, and consideration.
In addition, signing a written document is not necessarily an act of acceptance that therefore creates a contract. If the parties have already reached an agreement the written document and signatures may be introduced to the courts as parole evidence of an already existing agreement, but may not determine the validity of the contract on its own. If, for example, the court determines that the original offer was in fact rejected or, if there was a counteroffer which was accepted but without any new consideration, the written and signed contract may prove not to be a contract at all.
Alternatively, if there is nothing in writing or if parts of a written contract are missing, a court may hold that there was an implied contract that existed between the parties and in this instance, a list of the complete terms is not always required. In real estate transactions, for example, an incomplete description of a property may still validate the terms of the contract where the intent of the parties would be used to clarify the specific obligations or missing information that was otherwise implied. On the other hand, to be enforceable, a property sales contract must be written in some form (even if it is incomplete) and oral agreements to sell real estate are not legally binding. In real property contracts, the contract must identify the buyer, the seller and the property itself, even if some details are omitted. Lastly, a real estate contract must establish a purchase price and the terms of the sale in order to validate the agreement.
Finally, a contract can be either unilateral or bilateral in nature. A unilateral contract is a promise for an act where acceptance of the offer is synonymous with the performance of the act and thus, a contract is only created when the act itself is done. Until then, the offeror reserves the right to withdraw the offer. For example, if I offer to pay you $20.00 to jump into the mud, you can either accept my offer by jumping into the mud and I would owe you $20.00 or, if I decide that I would rather keep the money, I can choose to withdrawal my offer so long as you have yet to jump in.
A bilateral contract, in contrast, is a promise for a promise where, as soon as promises are exchanged, both parties are instantly bound by each promise respectively. The vast majority of contracts are bilateral. Here, if I promise to give you $20.00 and you promise to jump into the mud, the contract is accepted by this exchange of promises and not by the performance of the promises themselves.
