The Wooster Mercer Lofts are located in Rosslyn in Arlington County Virginia
As with any home purchase, location, size and price are important. With a condominium you'll also want to understand the ownership scheme. This type of information is found in the "condo docs" or condominium documents. Most states, and the Commonwealth of Virginia, require condo doc disclosure before any purchase contract is finalized.
The condo docs will contain detailed information on the ownership and property rights of the condo and its owners. The rules of the homeowners association are generally explained in the condo docs in plain English and not in legal jargon. It's important to read the condo documents to understand the annual maintenance and upkeep fees, as well as to obtain a full understanding of exactly how much control the association has over the regulation of the property.
Condominiums can be found all over the country, with more being developed each year. Condominiums are quite common in Northern Virginia and the National Capitol area. Some condos are new construction and a few are apartment buildings that were rental apartments before making the switch. In newly constructed condos, it's common to find a sales office onsite at the condominium.
The outside of the building during summer
Nesbitt Realty is licensed in Virginia.
SB 158 Wet Settlement Act; lender's disclosure of charges for appraisal and valuation. Sponsor: A. Donald McEachin
Wet settlement act; lender's disclosure of appraisal information. Requires any lender providing a loan secured by a first mortgage on real estate containing not more than four residential dwelling units to disclose on the settlement statement any fee charged to the borrower for an appraisal and any fee charged to the borrower for a valuation or opinion of value prepared using an automated or other mechanism prepared by a person who is not licensed as an appraiser.
HB 1098 Wet Settlement Act; adds to definition of settlement. Sponsor: Mark D. Sickles
Wet Settlement Act. Provides that a determination by a settlement agent that prerecordation conditions in a real estate purchase contract have been satisfied shall not control the rights and obligations of the parties under the contract.
The Commonwealth of Virginia has passed HB 720 sponsored by G. Glenn Oder to address landlord and tenant with a definition of application fee, etc. and manner of serving notice to tenants.
This new law adds, among other things, a definition of "application fee." Application fees are now capped at the fee at $50, and provides that such fee is nonrefundable. The bill also defines "written notice" as notice, including any representation of words, letters, symbols, numbers, or figures, whether (i) printed in or inscribed on a tangible medium or (ii) stored in an electronic form or other medium, retrievable in a perceivable form, and regardless of whether an electronic signature is affixed. In other words, landlords and tenants can now give legal notice via email, Facebook or other electronic media, even without an electronic signature.
In cases where a tenant pays rent with a bad check, the bill also allows a landlord to seek an award of costs or attorney fees or the lesser of $250 or three times the amount of the bad check, draft or order as part of the damages requested on an unlawful detainer action, provided the landlord has given notice. The bill allows such notice to be included in the five-day termination notice at the option of the landlord. The bill contains specific provisions if the dwelling unit is a public housing unit or other housing unit subject to regulation by the Department of Housing and Urban Development.
You, as a potential renter in {Location_Name}, need to know what you need. Some people are simply looking for a place to eat, sleep and shower while others are looking for a lifestyle or a space that will accommodate various activities, such as working, entertaining and hobbies. Think about what the space needs to do for you and make a list of your specific requirements. For example, do you need built in kitchen appliances? Is a washer and dryer essential or is there a laundry nearby? Do you need easy access to the metro or do you need parking for a car? These are questions only you can answer. And then of course there is the all-important budget. What will your money get you and what are you prepared to sacrifice to stay within budget?
Remember when you assess your requirements to differentiate between wants and needs because unfortunately you will most likely have to compromise somewhere. Your needs are the things you cannot do without and your wants are those little extras that make your life more comfortable but are not essential. Take your list of requirements and mark your wants and needs in different colors and then rank them in order of importance. Remember your needs are always more important than your wants. [Read more about rental agents]
Here's a list some of the typical concerns for real estate purchases, with specific notes for the condominium purchaser. Some of these (like Home Inspection) are optional, and a few of these are only required from some buyers (like PMI).
Nesbitt Realty never makes any money from your loan. This frees us to make the most objective recommendation possible.
Bank costs, including application fee, credit report, appraisal or inspection fee, processing, bank attorney fee. These fees are related to the acquisition of the loan and thus an expense of the buyer and usually paid by the buyer. These fees include discount points and origination points. Each point is 1% of the mortgage amount. Discount points reduce the interest rate. Origination points are paid to the bank or broker to make the loan.
Attorney fee for representation of Buyer interest at settlement. In some states, a lawyer is paid to negotiate the interests of the buyer, but in the Commonwealth of Virginia, a settlement agent (who is often an attorney) works to ensure that the contract is followed. The settlement agent makes no representations or opinions about the deal that was negotiated. Rather the settlement agent ensures that all parties are fairly treated with regard to the contract presented.
Property tax escrows are usually moneys held by the lender to pay property taxes on the behalf of the owner. The seller is usually responsible for taxes up to the point that the sale closes and the buyer pays taxes during his ownership. The settlement agent reconciles this to the penny to determine who owes what taxes at closing.
Buyers often have to pay prorations to the seller for taxes, oil, water, sewer, rents or condo fees. The prorations are are paid to reimburse the seller for items that were paid in advance by seller. For example, if the condo fee due on the first covers the entire month, but the sale happens on the 15th, the buyer owes the seller for half of a month of condo fees.
Both the buyer and the seller have to pay fees for recording deed and mortgage. This is a nominal fee paid to the settlement agent.
Buyers must pay for their fire and liability insurance policy. Lenders usually require that this is prepaid for six months or a year. Condo owners rarely pay this fee as the policy is often included in the condo fee.
When the sale doesn't close on the first of the month, the buyer prepays a fraction of a month's interest.
Buyers who have a minimum down payment may have to pay Private Mortgage Insurance (PMI) premium.
Realtor
Many lenders require the purchaser to obtain (and pay for) a survey. This is rare for condo buyers, but condo buyers have to pay for "condo docs", the documents that spell out the condominium rules and finances.
Buyers who want a home inspection must pay for one.
Most usually, the seller pays the realtors.
Lenders require that buyers purchase title insurance to insure their interest against claims and fraud.
Buyers and sellers should be aware that almost all closing costs are open to negotiation, meaning several things. Firstly, sometimes the seller pays all or some of the closing costs. Sometimes the seller pays only the seller's closing costs. Furthermore the amount of some of these fees are negotiable. So while in any given contract, any expense can be paid by either the buyer or the seller; there are costs that typically related to the purchase, and those are paid by the buyer. Likewise there are costs related to the sale and those are most usually paid by the seller.
If this seems like a lot for a first time buyer to remember, don't worry, That's why you have professionals to help you along the way. Your agent, settlement agent and mortgage broker or lender will help you make the transition smooth and easy. In Northern Virginia, if you have questions or need further help, please contact Will Nesbitt.
See Also
Julie Nesbitt
Nesbitt Realty has access to important information on real estate values, taxes, utility costs, COA fees, municipal services and facilities. Nesbitt Realty uses this information to filter properties and then shares this information with you so that you can make your most informed decision possible. Nesbitt Realty researches your housing needs in advance through the Multiple Listing Service - even if you are relocating from another city. We also understand the traffic patterns of the Metro area and why some areas are more desirable than others.
Nesbitt Realty has no emotional ties to the homes or condos you may be considering. As such, we can be objective about the property and can point out advantages and disadvantages while answering your questions. Your Nesbitt Realty agent represents you, the buyer, in the transaction. Nesbitt Realty will negotiate the most favorable price and terms on your behalf. Nesbitt Realty can tell you if local law requires an attorney at closing and can provide you with a list to choose from if you don't have one.
Nesbitt Realty will help familiarize you with the closing process by explaining it all in advance. And your Nesbitt Realty agent will be there with you at closing to make sure that everything proceeds properly.
Nesbitt Realty is part of a network of professional colleagues, such as appraisers, home inspectors, mortgage lenders, contractors and insurance agents - through which you may be more completely served.
Nesbitt Realty shows you only those homes best suited to your needs - size, style, features, location, accessibility to schools, transportation, shopping and other public facilities.
Contact Us
Call 703 765 0300 or email us. We'll care about you.
Retired USMC Master Sergeant Ronald Ginyard has been a licensed real estate agent since 1995.
Fort Ward is in the West End of Alexandria
During the U.S. Civil War, Fort Ward was the fifth largest fort defending the Capitol and thus deterred Confederate forces who never attacked its earthen walls. The Union Army abandoned the Fort in December 1865, and shortly thereafter any salvageable materials were sold at auction. The land is now owned by the City of Alexandria. During the time of the war, the fort was a dusty (at times muddy) place, stripped of vegetation and armed with cannons. Today, it is a manicured oasis of greenery in the city of Alexandria.
On the grounds of old Fort Ward, Fort Ward Museum and Historic Site serves as a park, educational center and cultural remembrance for those who served here. The museum has exhibits on general Civil War topics as well as interpretive programs specific to Fort Ward and Alexandria during the Union occupation. Fort Ward can be entered at 4301 West Braddock in Alexandria, Virginia.
The Fort is located relatively close to Inova Alexandria Hospital and Episcopal High School. The surrounding area is a mixture of very high end housing, middle class housing and is located not far from Skyline and the condos near I-395. To search the surrounding area check out West End Alexandria.
Carlyle Towers is one of many locations where Nesbitt Realty currently manages rental units.
Property management is a business in and of itself. If you want to invest in real estate, but you don't want to be a property manager, the solution is really quite simple: employ the services of Nesbitt Realty. Our property managers are experienced individuals who will manage the day-to-day operations of your property. We manage residential properties, multi-family properties and even homeowners and condo associations.
A big value-add provided by your Nesbitt Realty property manager is "separation". This to say, your Nesbitt Realty property manager maintains a level of separation between the landlord and the tenants and the property. As you may already know, it's important to invest in real estate without emotionally investing in tenants or property. Your Nesbitt Realty property manager helps ensure that you always make the best decision for your family, rather than making the best decision for the tenant's family.
So, your Nesbitt Realty rental property manager serves as a buffer between the owner and his tenants. Nesbitt Realty can help you find tenants, handling repair projects and maintenance, oversee improvements, collect rent, and even pay some expenses and taxes. The specific tasks we handle vary based upon upon the needs and wishes of the property owner.
Nesbitt Realty Property Management also handles commercial properties such as office buildings, freeing the owners from the day to day responsibilities. Additionally, a competent Nesbitt Realty property manager gives you protection from certain liabilities.
Nesbitt Realty usually charges a percentage of the rents collected. Every aspect of Nesbitt Realty property manager's responsibilities will be outlined in a contract signed by both Nesbitt Realty and the landlord. This agreement details financial responsibilities and specifies the types of financial reports the landlord can expect.
Your Nesbitt Realty property manager will stay current on new laws and condo regulations which may be relevant to your situation. Nesbitt Realty Property Management takes a lot of the burden off of owning rental real estate. Most Nesbitt Realty property managers are themselves landlords. They know your needs.
This lovely kitchen is in Woodbridge in close proximity to Wegmans at Potomac Branch.
Stabler Leadbeater Apothecary Museum
The Stabler-Leadbeater Apothecary Museum was opened by a Quaker pharmacist Edward Stabler in 1792 and is one of the oldest pharmacies in the country. Located on 105-107 South Fairfax Street Alexandria, Virginia in the heart of Old Town Alexandria.
In addition to being a pharmacist, Stabler was dedicated to the abolition of slavery and the expansion of educational opportunities. Among other accomplishments, Stabler purchased many slaves for the express purpose of granting their freedom. Edward Stabler died in 1831, but his son continued to run the business for many years after.
This particular building served and survived through many important events in United States history such as the War of 1812. The pharmacy was of great importance during the Yellow Fever Epidemic of 1821. During the Civil War the apothecary furnished medicines for the Union. The pharmacy also served during the Spanish-American War of 1898, and World War I.
Finally, in 1933 the shop closed due to the Great Depression. At that time the contents of the shop were sold, and the money that was raised was used to preserve the property as a museum. In 1939 the shop re-opened as a museum and 43 years later Stabler Leadbeater Apothecary Museum was placed on the National Register of Historic Places.
With over 8,000 objects-- gold-leaf labels, hand-blown medicine bottles, pill rollers, show-globes, mortars & pestles-- the museum provides visitors with a wide, fantastic collection. The first floor is in the Gothic Revival style from 1835. On the second floor names of herbs and medicine are in their original hand writing placed on the walls and shelving of the interior. The Apothecary is home to many important artifacts, journals, receipts, ledgers, and invoices, and also include many historical figures names in documents, Martha Washington, James Monroe, and Robert E. Lee.The purpose of the Stabler-Leadbeater Apothecary Museum is to promote the history and educate people about the values of Edward Stabler. More importantly, the museum promotes a better knowledge of historic public health issues of the past. It was a center of daily life in Old Town Alexandria, and as a museum the apothecary is still having an positive impact today.
This museum is just one of the many features that make Old Town an attractive destination for tourists and a highly prized location for residents. Parking can be a hassle in Old Town, but the problem can be avoided by taking the Metro and the King St. Free Trolley, which stops near the museum.
Foreclosure filings continue their downward spiral, dropping to the lowest level in January since April 2007, according to RealtyTrac's latest report.
Filings — which include notices of default, scheduled auctions, and bank repossessions — dropped 28 percent in January year-over-year.
"We're now well past the peak of the foreclosure crisis," says Daren Blomquist, spokesman for RealtyTrac.
Still, the foreclosure problem has a ways to go: Filings remain at double the pace of 2005, and foreclosure auctions are on the rise in 26 states.
"It's likely that by this time next year, we'll start to see 2005-type, pre-crisis numbers again," Blomquist says.
The decrease in foreclosure starts in January was largely attributed to California, which saw a significant drop last month. Due to a new law in California that offers borrowers in default more protection, the state saw foreclosure filings fall 62 percent in January. The big drop made it the first month since January 2007 that California was not the leader in the nation in foreclosure filings — that state has been replaced by Florida.
Meanwhile, RealtyTrac also reported that bank repossessions were down 24 percent in January from year-ago levels, reaching their lowest ebb since February 2008 and putting it below half of the record amount set in September 2010.
Source: RealtyTrac and “Foreclosure Filings Fall to Lowest Level Since 2007,” CNNMoney (Feb. 14, 2013)
The historic Carlyle House in Old Town Alexandria is more than 250 years old.
Everything built by man requires some maintenance at some point.
Even so-called maintenance-free homes require some attention. So when making the transition from renting to buying, one aspect of home ownership that must be considered carefully is maintenance.
Renters enjoy few advantages over buyers, but one benefit of renting is that in most cases renters needn't worry about the expense maintaining a property. Many first time buyers aren't ready to take on the hassles and expenses of yard work, gutter cleaning, painting and so on, and for this reason condos are a viable and interesting alternative.
In the case of a condo, maintenance can be separated into two categories: owner's responsibilities and association responsibilities.
These exact nature of these duties and responsibilities will vary from condo to condo, but there are a few rules of thumb. For example, certain retirement communities provide maid service as part of the condo, but most often the condo owner is responsible for cleaning his own unit.
In most cases, the condo owner must clean the condo interior, including all windows which are reachable from the interior. The condo owner must clean of his or her private balcony or patio. Most renters are accustomed to this type of arrangement already.
An updated kitchen in a Belle View condo.
Unlike renters, condo owners own the appliances in the unit. Thus, the condo owner cleans and maintains all the appliances, but the condo owner also pays for repairs and replacements as needed. A condo owner has the power to pick his own appliances, but with that benefit comes the duty of maintaining that unit.
In most older condos, the association supplies the heating and cooling to the unit, and the condo owner owns the convector or radiator (heat transfer appliance) in the unit. In new condos, the owner typically owns the HVAC (heat pump / air conditioner) that heats and cools his unit.
Plumbing and electrical concerns remain for owners of single family homes and townhouses, but in all but a few rare cases the condo owner need only worry about systems that are outside the walls. For example, the condo owner typically owns the bathroom vanity and the pipes supporting that vanity, but not the pipes which supply water and take sewage away from the bathroom. A condo owner owns his kitchen cabinets, but not the electrical wires inside the wall that bring power to his kitchen appliances.
In general, the condominium owner is responsible for his personal space, but the condo association is responsible for all common areas. This includes maintaining and operating the elevators and outside doors. In most cases this includes the windows. Most always, the association maintains the lawns, flowers and shrubs. The condo association maintains the roof.
While the owner of a single family home must maintain his own driveway, a condo parking lot is maintained by the condominium association. The parking garage can be private, common, or common with assignments. If the parking garage is common, with or without assignments, the condo association will clean and maintain the parking. A private garage is the domain of the condominium owner.
Parking Grounds at Montebello
Review your docs
Ultimately, you'll want review your condo documents, charter and by-law to determine exactly how your condo association interprets its domain. Rest assured, a condo owner will have more to maintain than a renter, but significantly less responsibility than the owner of a single family residence or townhouse.
The Commonwealth of Virginia has passed HB 720 sponsored by G. Glenn Oder to address landlord and tenant with a definition of application fee, etc. and manner of serving notice to tenants.
This new law adds, among other things, a definition of "application fee." Application fees are now capped at the fee at $50, and provides that such fee is nonrefundable. The bill also defines "written notice" as notice, including any representation of words, letters, symbols, numbers, or figures, whether (i) printed in or inscribed on a tangible medium or (ii) stored in an electronic form or other medium, retrievable in a perceivable form, and regardless of whether an electronic signature is affixed. In other words, landlords and tenants can now give legal notice via email, Facebook or other electronic media, even without an electronic signature.
In cases where a tenant pays rent with a bad check, the bill also allows a landlord to seek an award of costs or attorney fees or the lesser of $250 or three times the amount of the bad check, draft or order as part of the damages requested on an unlawful detainer action, provided the landlord has given notice. The bill allows such notice to be included in the five-day termination notice at the option of the landlord. The bill contains specific provisions if the dwelling unit is a public housing unit or other housing unit subject to regulation by the Department of Housing and Urban Development.
You, as a potential renter in {Location_Name}, need to know what you need. Some people are simply looking for a place to eat, sleep and shower while others are looking for a lifestyle or a space that will accommodate various activities, such as working, entertaining and hobbies. Think about what the space needs to do for you and make a list of your specific requirements. For example, do you need built in kitchen appliances? Is a washer and dryer essential or is there a laundry nearby? Do you need easy access to the metro or do you need parking for a car? These are questions only you can answer. And then of course there is the all-important budget. What will your money get you and what are you prepared to sacrifice to stay within budget?
Remember when you assess your requirements to differentiate between wants and needs because unfortunately you will most likely have to compromise somewhere. Your needs are the things you cannot do without and your wants are those little extras that make your life more comfortable but are not essential. Take your list of requirements and mark your wants and needs in different colors and then rank them in order of importance. Remember your needs are always more important than your wants. [Read more about rental agents]
Source: RealtyTrac and “Foreclosure Filings Fall to Lowest Level Since 2007,” CNNMoney (Feb. 14, 2013)
