February 28th, 2009:
Ethics in Real Estate
“To the General Public:
“For some businesses, simply doing what is legal may be good enough; but I have bound myself to a higher standard because my vocation is central to the interests of the nation and its citizens. The practice of real estate helps provide housing, places of commerce, industries and farms while preserving a healthful environment. For this reason, the practice of real estate imposes a grave social responsibility and a patriotic duty upon myself and others who practice real estate agency and brokerage. With them, I share a common responsibility of integrity and honor.
“As your realtor I have dedicated myself to the high ideals of a code of ethics which compels my best adherance to competency, fairness, and high integrity. No inducement of profit and no instruction from clients ever can justify departure from that dedication. The National Association of REALTORS has described that code of ethics at Realtor.org.
“Documents therein and elsewhere specify duties and best practices of real estate brokerage and agency. These rules describe the requirements of disclosure of agency, financial arrangements, following the law of the land, marketing practices, negotiation methods, how clients are charged for services, how offers are presented, confidentiality, and more.
“You could read that entire document, but the spirit of those ideals can be summed up fairly easily.
- The Golden Rule: ‘Whatsoever ye would that others should do to you, do ye even so to them.‘
- Primum non nocere — A latin phrase meaning ‘first do no harm’.
- Strive for excellence — By meeting on-going educational requirements, I continually hone my competency.”
Sincerely,
Will Nesbitt
Fort Hunt Overview
The Neighborhoods of Fort Hunt Road
The nieghborhoods surrounding Fort Hunt Road are generally low-crime, high-income and well-maintained. Despite these commonalities, there are many differences between these neighborhoods depending upon the geology, location and builders in that neighborhood. This information is provided to give one an idea of the many choices offered along Fort Hunt Road, as well as give you an idea of what sort of activities are available here.
Neighborhoods
- Belle Haven — Belle Haven is one of the Northern Virginia’s most prestigious neighborhoods because of it’s proximity to services, high quality of construction and commanding position near Fort Willard.
- New Alexandria — Between the Belle Haven Country Club, Belle Haven Marina and Mount Vernon Rec Center, you’ll find New Alexandria. This one little neighborhood includes garden apartments, cottages, houses, townhouses and luxury homes.
- River Towers — River Towers is a one of a kind place near the marina, the Metro and shopping, but surrounded by 26 acres of park lands.
- Bucknell — “Bucknell” includes both Bucknell Manor and Bucknell Heights, and is a neighborhood of Cape Cods, duplex townhouses situated on the uplands behind Fort Hunt Rd. Some of the most affordable homes along Fort Hunt Road are found in Bucknell.
- Villamay — Villamay, Westgrove and Marlan Forest are situated half-way down Fort Hunt Road along the Potomac. The homes here are general upscale, but lacking pretension.
- Mason Hill — Mason Hill was one of the last subdivisions to be developed along Fort Hunt Road and as such its homes are generally newer than most neighborhoods in the area.
- Hollin Hills — Hollin Hills is yesterday’s vision of tomorrow. This is one of Northern Virginia’s most remarkable neighborhoods because of its unique setting and architecture.
- Hollindale — Sometimes called Hollin Hall because if its proximity to the Hollin Hall Shopping Center. Hollindale is mostly traditional single family homes on rolling wooded lots.
- Waynewood — Americana at its best. Tree-lined streets, churches and schools frame a community where families are welcome.
- Arcturus — Estate homes, manors and luxury houses are most common along the Potomac in Collingwood and around Arcturus. There are a few more modest homes as well in Wellington and Collingwood.
- Stratford — The last stop on Fort Hunt Road neighbors Mount Vernon. Large river homes with excellent views are found here.
- Area Shopping — The area is well served by a wide range of shops and services.
Contingencies in Real Estate Sales Contracts
Real estate contracts often have contingencies. A contingency is a clause in a contract that gives either the buyer or seller a way to get out of the contract if certain conditions or timelines aren’t met. A contract could be contingent on anything a buyer and seller agree to, but there are a few very common contingencies. Typical contingencies are:
- financing
- sale of home
- home inspection
- appraisal
Generally, a contingency only last for a period of time and the contingency expires. After a contingency expires, either the contract expires or the contingency expires depending upon the terms of the sales agreement.
For example, Mary needs to needs to sell her present home before being able to get financing on a new condo she wants to buy. So Mary makes her offer contingent upon the sale of her existing home. If Mary is able to sell her home sold within that time period specified by the contingency, she can go forward with her purchase of the new condo. But if she fails to sell within the specified time period, the condo seller has the option of getting out of the deal.
Whenever possible, seller’s prefer offers that don’t have contingencies. This is becuase sellers usually believe that they can find another buyer capable making a purchase without contingencies. However, in today’s market, sellers are more willing to accept contingencies than they have been in years. So contingencies, like appraisal and home inspection, are quite common and meet with little resistance from sellers.
The exact terms of a contingency, like everything else in a real estate contract, are negotiable. As your agent I can help guide you to make sure your contract has the right contingencies.
