The Differences between the Watergates

Watergate of Alexandria is very different from Watergate at Landmark

Watergate Apartments
The original Watergate
Watergate is perhaps one of the most famous real estate names in North America.  The original Watergate complex was built in Washington DC along the Potomac, sited in a location that made it ideal for members of Congress and Executive Branch staff.  Watergate in DC is most famous for the burglary that occurred at the Democratic National Committee headquarters. Ties to this break-in is what led to the downfall of Richard Nixon and what put the word "Watergate" in every newspaper in America, if not the world. As the original Watergate was nearing completion, plans were made and land was purchased to build another Watergate in Old Town Alexandria. Old Town Alexandria had approved a sleek and modern complex known as the Alexandria House, so it was assumed that the Watergate of Alexandria would be welcomed by the city.  However, the City of Alexandria balked at the modernization of Old Town, forever changing the trajectory of Old Town.
Watergate of Alexandria
colonial elegance at the Watergate of Alexandria
The Watergate of Alexandria evolved into a condominium community that better fit with the surrounding neighborhood. The Watergate of Alexandria has architecture and a design style that echoes Old Town Alexandria. The condominiums here are townhouse style, sited around a courtyard and gardens as one my expect from a traditional Alexandria home. Watergate of Alexandria is a far cry from the original Watergate concept. Watergate was not sleek and modern. There is no pool at the Watergate of Alexandria, and there are no tennis courts. But Watergate of Alexandria is a gem in its own right. It's location in Old Town and the colonial /Federal style of architecture fits nicely with Old Town. Watergate of Alexandria is not far from the Braddock Road Metro Station. After failing to get approval for the type of complex they were seeking in Old Town, the developers of Watergate then proceeded to build the Watergate at Landmark. Landmark is in West End Alexandria and thus, not really near the water at all.  But Watergate at Landmark is truer to the original Watergate brand. Watergate at Landmark has a bevy of amenities including indoor and outdoor pools, racket ball courts, and much more. The community provides shuttle service to nearby Van Dorn Metro.
exterior
Watergate at Landmark
Watergate at Landmark is a large complex of 5 high-rises. Watergate at Landmark is a gated-community with 24 hour security. Homes here range from 1 bedroom to 3 bedroom condos.  Each condo at Watergate at Landmark has a balcony. Watergate at Landmark has both surface and garage parking depending upon the unit. As you can see, Watergate at Landmark and Watergate of Alexandria are very different from each other and in many ways they are both very different from the original Watergate apartments in Washington DC. Watergate of Landmark has become representative of some of the best condos that West End Alexandria has to offer. Watergate of Alexandria has melded into the community of Old Town Alexandria.

Homes for Sale at Watergate at Landmark

Homes for Sale at Watergate of Alexandria

Properties in Watergate of Alexandria

photo credit: Mr. T in DC

A Financial Plan for Your Home

You probably already have a financial plan for yourself in place. Most likely you sat down with an advisor at some point to set up a budget and diversify your investments. Or maybe you did it yourself online or at the dining room table. Either way, smart move. But what about your home specifically, probably the biggest investment you'll ever make in your life? Did you really take everything into account: repairs and upgrades, the mortgage, insurance, and taxes? Probably not. Your house requires a financial plan of its own. Spend a weekend creating one. Once you have a handle on your home's expenses you can devise a long-term strategy that'll let you live there for years with maximum enjoyment and minimum anxiety. These are the four central elements you need to address.

The mortgage: Paying it---and then some

Yes, you already shell out a lot for your mortgage, but can you pay more? Even a little extra each month can add up. Let's say you have $200,000 outstanding principal and a 20-year fixed-rate mortgage at 5%. Your monthly payment is $1,319.91. But if you can manage to pay another $100 a month, you'll save $14,887 in interest. Run the numbers for yourself. Alan D. Kahn, a financial planner in Syosset, N.Y., likes the idea of early payoff because lowering debt leaves you free to spend money elsewhere later on. There's an emotional benefit as well. It can feel awfully good to own your house outright as soon as possible. And don't fret too much about losing the mortgage interest deduction come tax time. Toward the tail end of the life of a loan most of your payment is going to the principal, not the interest. Nevertheless, the same extra $100 might also go into a retirement plan every month, or be put aside for the inevitable home repairs (more on those later). Michael Kay, a financial planner in Livingston, N.J., says while a debt-free life may be enormously important to your peace of mind, an extra $1,200 toward your child's college fund every year may feel even better. It's about what's ultimately important to you, both emotionally and financially.

Insurance: Protecting your property

You'll want homeowners insurance with full replacement coverage in case your house is burned to the ground. This sounds simple, but be careful on the calculation. Remember that you own a house as well as the land on which it sits. So even though you bought your home for $300,000, it may cost only $100,000 to rebuild it. Your policy limits should reflect this. The differences are regional. Where land is at a premium, like much of Southern California, a higher percentage of the purchase cost is for the property rather than the structure. Where land is cheap, like much of North Dakota, most of the value of a new house is the house itself. Don't be deceived by shifts in market values. You may have bought a $1.2 million townhouse in Florida during the boom that now may only sell for $600,000. But the replacement cost of the townhouse hasn't changed much, so you can't cut insurance costs that way. Do, however, try to cut costs by asking your insurance agent about discounts. Making structural improvements, such as adding storm shutters, can lead to lower rates. Membership is certain groups, such as AARP or veterans' organizations, entitles some policyholders to breaks on premiums as well.

Repairs and renovations: By choice or necessity

Throughout the life of your house, you'll be making two kinds of changes. The first is the fun kind, like a marble floor for the living room. The second is the essential, behind-the-scenes change: a new water heater. You don't have a choice about when you'll do the latter, but you can prepare for it financially. It's a good idea to have a rainy-day fund. Start with the inspection report you received when you bought the house. Did the inspector indicate that you would need a new roof in five years? A new furnace in 10? Get estimates on what these repairs will cost and start saving. Consider ongoing non-emergency maintenance too. Do you live in New England? Price a snow blower and get bids from plow services. Resist the temptation to take care of everything with home equity loans, which defeat efforts to pay off the mortgage early. As for the discretionary upgrades, act prudently. Matthew P. Havens, a financial planner in Hingham, Mass., has seen too many people rationalizing lavish upgrades as an investment when they really were lifestyle decisions. According to Remodeling magazine, an upscale major kitchen upgrade, for example, could cost nearly $112,000, but only about 63% of that will be recouped in the home's resale value. This isn't to say you shouldn't upgrade. If you can afford to redo your bathrooms, go ahead. Just don't confuse your necessary repairs (new oil furnace---about $4,000) with your discretionary upgrades (Viking range---$6,000 and up).

Taxes: (Almost) no way around them

Taxes are an essential part of your home's financial plan. The bank that holds your mortgage may already handle your real estate taxes with an escrow account. If so the expense is built into your monthly mortgage payment. Check your statements or call the lender. Otherwise create a dedicated fund for property taxes, which can run into the thousands of dollars annually. You may be able to reduce your tax burden by getting a reassessment. Do your homework first. Are comparable houses taxed less than yours? Ask the local assessor what formula is used to set tax rates. Kay, the New Jersey financial planner, researched and then challenged the assessed value of his own home and got a 15% rollback. If you're in a special group, you might get some help from state or local programs. Check around to see what's available in your area. New York State, for example, has its Star Program for giving senior citizens some relief from school-related property taxes. Richard J. Koreto is a freelance writer. He has been editor of several professional financial magazines and is the author of "Run It Like a Business," a practice management book for financial planners. He and his wife own a pre-Civil War house in Rockland County, N.Y.

Year in Review Market Analysis for Northern Virginia Real Estate

Here are a few interesting year end facts about Northern Virginia real estate
  • November's average sales price is UP 1.3% from 2008 to $428,481
  • In January 2009, the average sales price was down 22.51% to $376,669
MRIS data indicates that the Total Sold Dollar Volume is up 44.3% over November 2008. Similarly the Total Units Sold is up 43.45% over November 2008. According the Northern Virginia Association of Realtors and MLS data from the MRIS, "The market is shifting and slowly recovering; we're coming back. average sales prices for real estate in Northern Virginia The average sales prices for Northern Virginia real estate is up from 2008. listings sold in Northern Virginia The number of listings sold in Northern Virginia is up to levels not seen since 2006!

Listings of homes and condos for sale in Northern Virginia

Are you searching for real property in Northern Virginia? Then you’ve come to the right place.
Condos
Condo Alexandria is Northern VA's condo expert
Condo-Alexandria.com is the official site of Nesbitt Realty . Our real estate agents provide this site to help educate and assist home buyers with their real estate needs. Please don't hesitate to take advantage of our  comprehensive real estate guides, real estate news, mortgage calculators, links to real estate market conditions, and wisdom from our team of skilled realtors. If you’re in the market for homes for sale or if  you're seeking a condo in Northern Virginia, Condo-Alexandria.com is the real estate website for you. Condo-Alexandria.com puts real estate listings for thousands of homes and condos for sale at your fingertips in communities across Northern Virginia. We provide focused hyperlocal information taken about communities and condo associations right here in Northern VA. We also provide listings from one of the largest MLS providers in the country. Our listings from the Multiple Regional Information System can access every single home listed for sale or rent in Northern Virgina. We are realtors and real estate agents that care about hour clients need and we believe in sharing (not hording) information.  As such, Condo-Alexandria provides the means to search by map, by community, by mls or just browse by text listings. We even provide a page where you can find condo listings and homes for rent. So whether you’re looking for Alexandria VA real estate or detailed Arlington real estate listings, look no further than Condo-Alexandria.com. Each real estate listing provides comprehensive details about the property so you have a clear picture of what features and amenities are included. Condo-Alexandria.com goes beyond real estate listings, however, with access to real estate tools and resources such as calculators, moving guides, real estate buying tips. Our site doesn't provide information for everyone.  We cater to folks who are interested in Northern Virgina, Alexandria, Arlington, Fairfax County, Crystal City and Kingstowne. If you are moving to Northern VA, Condo-Alexandria.com provides you with everything you need to find the perfect home for you.
Nesbitt Realty
Nesbitt Realty sells homes in Northern VA

I’m not complaining but …

Sometimes it sucks to be a realtor. I'm not complaining though. Most days are like this: Will Nesbitt On days like this, I love my vocation. I get to meet new people, look at interesting real estate and gossip with folks on my blog. I like driving around Alexandria, Arlington and Fairfax County. I like seeing people realize their dreams. The pay is not bad, but the hours are long. Still, I like what I do ... Except ... A couple of days a year, when being a realtor feels like this: Will Nesbitt Yesterday I was sick as a dog. But I had time sensitive documents that had to be taken care of. I dragged myself to the office and took care of business. I'm feeling better today ... but yesterday was one of those days.
Will Nesbitt About the Author --- Will Nesbitt is the principal broker of Condo Alexandria and Nesbitt Realty. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.

The customer is always right … but the client is not.

It doesn't happen often, but about once a year I anger a potential client.  Usually it's a prospective renter. I throw this story out to my fellow realtors and real estate agents, because I don't like it when people get mad at me and I like to re-examine what I did so that the next time this won't happen.

About Me and My Business

Nesbitt Realty focuses largely on condominiums.  We sell all types of real estate, but a large part of our business is condominiums. As I often tell people, Dairy Queen sells hamburgers and McDonald's sells ice cream. Once you're in the door, they'll sell you what you need. It is the same with us. We are focused on condos because our office is located on the first floor of a residential high-rise condominium community called River Towers. To folks who don't know anything about condominiums or real estate, River Towers looks a lot like an apartment building. About a year and a half ago---the last time I dealt with an angry renter---I followed up with an article that explained the differences between apartments and condos, and I posted it prominently on our website. Because our building looks like an apartment building, our office might seem like a rental office to some people. I say all that in fairness to the prospective renter that I angered.  We look like a rental office, but we're not a rental office. As for my personal state of mind, I've been working back-to-back-to-back seven-day weeks for a pretty good stretch now.  I purposefully did not schedule any appointments yesterday because I've been so busy and wanted a little break.  However, without any appointments scheduled and with the phones a little quieter than usual, I slipped into the office to get a tiny bit of work done. I didn't shave. I was wearing shorts.  I even paused to play a computer game. It was quite nice.

Enter Jane

That's when this lady, we'll call her "Jane", walked in.  I was a little surprised to see her because visitors at our building have to be buzzed in. Jane said, "I'm here to take a look at rentals." Nesbitt Realty in Alexandria VAI said, "When are you moving?" Jane said, "November or December." This is September. I told her, "Anything you will see now will be rented before November or December. This is a condominium community, not an apartment complex---"  I wanted to explain to her why we only assist prospective renters who have an immediate or very specific need.  We're not in the business of giving world tours to renters who might rent a few months. This might sound tough to some, but many agents won't help renters at all. Jane didn't want to hear about this or why we do business the way we do business. Instead, she interrupted me.   What she wanted me to know as that she was here to look at places and by golly she wanted to see some places. I was too exhausted, too tired, to really sugar-coat my response. I told her, "I'm happy to answer all the questions you'd like. I'll tell you prices. I'll show you pictures, but I'm not going to wander around showing you places that you won't rent." Jane was indignant and shocked.  I tried to explain to her more. I tried to explain to her why I was telling her this but she didn't want to hear it.  She demanded to see some "samples". I replied, "There are no samples. These are condominiums." Condominiums are individually owned and thus each condo is unique. Because she was so insistent, I agreed to show her around, "I'll be happy to show you something but you'll have to pay a $100 retainer.  If you rent something you can apply this money to your rent. If you don't rent that's the charge for seeing a unit."

Jane gets angry

That was enough to push Jane from upset to angry. She crossed her arms and demanded to see units in River Towers. My wife, who has a desk nearby injected herself into the drama.  Julie told her, "I'm sorry for him. He's been working for more than 30 days straight, what's he's trying to say is --- " Jane cut her off. My work schedule is not her problem.  In fact, Jane wanted me to know that she works hard too. Julie Nesbitt --- Condominium Mortgage I understand that sentiment and I don't blame her for feeling that way. In fact, I told my wife, "She doesn't care how hard I work. Nor should she.  The important thing to understand is why this business works this way."

The resolution

I then tried to begin to explain how rental agency works, but Jane was too angry at this point to listen.  She demanded to speak to my boss.  I was perhaps a bit of a smart-ass when I reached across my desk and handed her one of my cards. Jane said, "I don't want to talk to you! I want your boss." If I wasn't so tired, I would have thought fast enough to refer her to my wife, but instead I told her the truth. "I own the company, ma'm." Well, this is an outrage.  She's never seen anything like this in her life. She was now tirading. But at this point, it was my turn to interrupt her, "Ma'am if you really are off from work, you're just wasting your precious time by yelling at me.  That shopping center over there has a Wiechert office with agents that will be glad to help you." I sort of felt guilty for the newbies working desk duty at Wiechert, but maybe she will rent something off of them so maybe I did them a favor.

The lesson

In retrospect, I know where we had our disconnect but I'm not sure how to avoid it in the future. Jane had been trained by her experience in retail to believe that the customer is always right. What she doesn't understand is that the customer is always right, but the client is not always right. By that I mean, customers make purchases from retailers.  I am not a retailer.  I am a professional providing a service to my clients.  My clients come to me because they want my advice and expertise.  I often give my expertise away, but I am not required to give my expertise away. Furthermore, I can't give you the benefit of my expertise if think that I'm a retailer. Whether they are renters, buyers, sellers or landlords, I provide my clients with honest, direct and factual advice. I explain to them as best as I can the facts as I understand them. I let my clients make their own decisions. I can't make their decisions for them. But I have been around too long to have a client use me as a personal door-opener in their quest to find what they seek. I've learned the hard way that folks who insist on seeing things that aren't what they want are a waste of my extremely valuable time.  If you tell me you want something specific and then I tell you that what you want to see isn't what you want, then I know that you are either not telling me the truth about your needs or you have no respect for my opinion and time.  I cannot help a client who wants to use me as a tool rather than as a professional. This is most especially true when that potential client is a renter, which means they are very small potatoes for me.
Will Nesbitt About the Author --- Will Nesbitt is the principal broker of Condo Alexandria and Nesbitt Realty. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.

Should I wait for prices to drop before purchasing?

National trends may be continuing to decline, but in Alexandria, Arlington, and nearby parts of Northern Virginia real estate is showing two signs of a comeback.  According to an MRIS Press Release: "Selling prices remain flat metro wide in the Greater Washington DC region, but the central jurisdictions---DC, Alexandria, and Arlington and Montgomery counties---continue to buck the trend." John McClain, Senior Fellow at George Mason University's School of Public Policy, was quoted by them as saying, "Prices continue to rise in the central jurisdictions. They're in a much better price position due to their premium location." The most dramatic is an increase in prices of home sales, but equally important is the shortening of time properties are on the market.  These two combine to reduce the available inventory available to buyers.  Waiting can be a shortcut to loss, so holding off in anticipation of falling prices can leave you kicking yourself for missing good deals.

Legacy Lost at River Bend Farm

 

What happens when your greatest wish is to preserve a piece of land?

My Aunt Alice was the owner of River Bend Farm, an approximately 5000 acre piece of real estate located south of Front Royal VA between the Shenandoah River and Rt. 340 Stonewall Jackson Highway. The manor of the farm was built in 1752 and came into our family in the late 1920's. Aunt Alice loved River Bend Farm and her greatest desire was to preserve the land as she knew it. This is the story of what happens when you write a will that restricts the choices of your heirs.

My Pepaw and his sisters.

When my grandfather was young he was forced to be the man of the house after his father passed away. He had supported his sisters when times were tough and he and his sisters always remained close. My grandfather and his sisters Virginia and Hattie were interesting characters in their own right, but this story is mostly about Aunt Alice. By all accounts Alice was a beautiful woman and after a youth of struggle and hunger she married an older man who had quite a bit of money. Eventually her husband passed away, leaving her alone on this enormous farm. The struggles of Alice's youth must have girded her loins, for she took well to the challenge of managing an enormous farm. She loved the solitude that she enjoyed at River Bend Farm and all by herself she managed the domestics and farm hands that made this a working enterprise.

When my father was a boy ...

Fortune had smiled on the pretty girl with the Irish Catholic roots, but my Aunt Alice never forgot how her younger brother Frank helped support the family when she was young. Her brother Frank had five children one of whom was my father. In those days, Frank Nesbitt had five children, a factory job at Viscose in Front Royal and all the responsibility he could handle. But Aunt Alice helped out in many ways. She paid the tuition so that my father and his brother Frank could attend Randolph Macon Academy, a military private school. Furthermore, to help the family and to perhaps to groom an heir, she brought my father to River Bend to raise him as her own on her farm. I was never told why my father was selected to be Aunt Alice's. Maybe he was her favorite. Maybe he was a bit rowdier than the others and the farm might do him good. I think those siblings left in town with their parents were jealous of his station, but I also think he was jealous of those left in town. Still, my father always had fond memories of this great farm down by the Shenandoah. My grandfather and father both enjoyed fishing here and nearby at the boat landing at Karo. When I was a child, we visited Aunt Alice from time to time.

When Aunt Alice died ...

It was a sad day for my grandfather when his sister died. He rightly predicted that his other sister and he would follow not long after. Alice's possessions were parted out among family members, and what wasn't wanted by anyone was sold at auction. I distinctly remember the items that came from her estate because of their generally high quality and good taste. More than any possession, my Aunt Alice loved River Bend Farm. It was her greatest wish that this farm never be broken up. To accomplish this desire, she wrote her will with very specific instructions. My grandfather Frank and his sister Aunt Hattie would inherit the farm, but with restrictions. They were not allowed to chop pieces of the farm off to sell. They were not allowed to split the farm between themselves. River Bend was to remain River Bend Farm. Unwittingly, Aunt Alice ensured that River Bend Farm was no more. I'll tell you how. My grandfather and Aunt Hattie were only a few years younger than Alice, but they were from a little different generation. The last thing my grandfather wanted was to manage an enormous farm. He had worked himself into a leadership position at the factory at Viscose. He loved his house in town just as much as Aunt Alice loved her farm outside of town. Aunt Hattie was an older widow with a house in town as well. She didn't want the responsibility of managing a farm. My grandfather and Aunt Hattie didn't own farms, because they didn't want farms. Furthermore, there was only one house at River Bend Farm. River Bend was an enormous piece of land, with barns and outbuildings, springhouses and smokehouses, but there was only one house. Even if they did want a farm, Pepaw (as I called my grandfather) and Aunt Hattie weren't going to move-in together. They got along well because they knew how to stay out of each other's hair. Yes, they both liked to visit Aunt Alice --- even if they complained about the dirt road and cattle guard on the way to her house. They loved playing bridge together. But they didn't want to live in the same house. That was out of the question. So, when Aunt Alice passed away she stipulated in her will that the farm could not be broken up. So instead of dividing the property, my grandfather and Aunt Hattie, sold the property whole to a developer, who later started building houses on the farm. Aunt Alice herself ensured that the property was going to be developed by demanding that her relatives keep the property together.

River Bend unseen.

The manor at River Bend was always hidden away. It was at the end of a long private drive, tucked between a steep ridge and a bend in the Shenandoah. The house is in a perfect location if you want solitude. So, for years after the sale of the property, the original house was hidden from view in a meadowy glen on the property at the end of a long private drive. This weekend, Julie and I were in Front Royal and I decided for some unknown reason to drive to my old school Wakefield Country Day School. It was a lazy Sunday afternoon and I wasn't paying attention so I accidentally went down the wrong road. Rather than turning back, I told her, let's drive out to River Bend Farm. I haven't been there in more than thirty years. As luck would have it, the remnants of the original farm is now for sale, so we drove down the private road to have a look at how time has been to the old homestead. I'm so glad I made a wrong turn and glad that I had the chance to see the old place. As you can see it is a stone structure with a metal roof. The stone has held up well. The windows look like they were last replaced by Aunt Alice. I peaked in the window and to my amazement and delight saw that the wall-papers of Aunt Alice were still in place. The old wood floors were in excellent condition, positively historic. The roof and trim needs paint. The landscaping needs some attention, but ultimately it was a shock how little has changed since Aunt Alice's day.

A life that might have been.

I look at the house and I see a heritage lost. This breaks my heart. I look at the house and I see work as far as the eye can see and as long as the day is long. So, I certainly understand why Aunt Hattie and Pepaw didn't want to live here. I look at the new houses that have been built on the old farm and I see the possibility of a different life. I see a life where my cousins are my neighbors and where we all live together at the river's bend. When I visited I took pictures in such a way as to block out the new houses and buildings. I wanted to see the property the way it was, and I wanted my pictures to be there for my cousins and relatives and friends to see. In the picture at the start of this article, the house looks stately and the photo hides the flaws that the naked eye can clearly spot. In this picture, the rust on the roof is a little more evident, hinting at the restoration that the home really needs. It's bittersweet to visit this place, but I'm glad I stopped by.

The Lesson of Aunt Alice

There is a lesson there for those who have gifts to bequeath to family members. That lesson is: don't bind your family with restrictions, covenants and instructions. If my Aunt Alice could see her legacy, she would be heart-broken. The farm is no more. I didn't see any cattle or horses while I was there. The houses are perched on her best hills and in her cow-fields down by the river bend. But if she had allowed her brother and sister to do as they wish, things may have turned out a bit differently. Instead of strangers living on her farm, my cousins and my family might have been in those homes instead. Sure, many family members would have rather moved elsewhere, but those who wanted to stay near the homestead could have.   This was Alice's front yard. There are three trees here that symbolize what became of her place. To the left, at the corner of the fence is a dead tree. In the center is a very old flowering apple tree that Aunt Alice would recognize. To the right is an ornamental tree that was planted after her death and no doubt after the death of one of her fruit trees.   The Blue Ridge Mountains can be seen in the background behind my wife Julie. Beyond the fence hidden in the trees is one of the closest houses. The land has been chopped down from 5000 acres to 15, but it's still a great piece of land. To see the listing for the home check here.  
Will Nesbitt About the Author --- Will Nesbitt is the principal broker of Nesbitt Realty and maintains Condo Alexandria. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.

Why I recomend MBH and Ryan Stuart for title and settlement needs

MBH title
MBH is in Old Town

What is a settlement company?

A settlement company processes and records transactions such as home sales or mortgages and refinances. One such settlement company is MBH Settlement Group L.C. Ryan Stuart of MBH tells me, "The settlement company's primary role is to insure the conveyance of clear and marketable title from the Seller to the Purchaser.  Further, as a settlement service provider, the settlement company prepares documentation incident to the closing, conducts the settlement, records the deed and necessary loan documentation in the land records, and disburses all funds in accordance with the HUD-1 settlement statement."

Who do you recommend for settlement?

MBH in Alexandria VA is located on Washington St. in a historic structure in Old Town. When clients ask me for a recommendation for a title company I often suggest MBH because I've been pleased with the service at MBH.

Why did you choose MBH in the first place?

MBH title
Inside MBH
I met Ryan Stuart of MBH because a fellow realtor recommended Ryan at MBH to me. Ryan Stuart is counsel to MBH and handles many closings for them. My colleague said that Ryan had "the best closings in Alexandria". Not knowing Ryan at the time I really doubted this claim. Her endorsement was so enthusiastic, I almost wondered if she was taking a kick-back from him! Of course, I knew she was not receiving any such payment from MBH or Ryan. It's important for consumers to understand that enticements and payments for endorsements like these are illegal in the Commonwealth of Virginia. The colleague that recommended MBH and Ryan is a highly ethical agent who works for a reputable brokerage. I knew I had to give MBH a try.

Why do you tell your client's about MBH?

MBH title
MBH is in Old Town
My brokerage makes nothing off of settlement, and so long as the transaction is smooth and professional, I personally could care less who does your title work. The client has a right to choose any company for settlement and I encourage clients to take advantage of that right. However, most clients ask me for a suggestion when it comes time to pick a title company. I tell them the truth. The services provided by the title companies are nearly identical anywhere you go. (More on this later.) There is very little difference in pricing on title work. What I like about MBH is that there is very little hassle dealing with them. I submit the title order to them and then forget it. But, I would expect no less from any title company. What I love about MBH is how Ryan handles a closing.

Ryan Stuart of MBH

Ryan at closing
Starting a closing with Ryan Stuart
From the time Ryan settles in to the time the last document is signed, it's obvious that that Ryan is a professional. He knows exactly where the money is going and where it's coming from and it's all spelled out on the documents. One of the duties of a settlement agent is to explain the transaction in a way that the layman can understand the paperwork. I find that many settlement agents use industry terms that make perfect sense to myself or other real estate professionals, but Ryan goes one step further. He breaks down the transaction using simple English that anyone can understand and this is his real value add. He doesn't get frustrated with questions, and he doesn't rush the signers. He will work with the client until there is a full understanding by all parties at the table.
closing with Ryan Stuart
settlement agent
I asked Ryan, why do property owners need title insurance. He told me, "A title insurance policy contains a statement of the condition of ownership of real property. A title policy indemnifies you against loss or damage incurred as a result of title defects on your property. In the event of a lawsuit challenging your ownership interest, the title insurance company provides a legal defense for the policyholder and, if the suit is lost, pays all valid claims or losses insured by the policy." For example in a recent closing, a property was sold with only the signature of one spouse. Years later, heirs or the missing spouse could come back to make a claim against the title. Title insurance protects against this kind of a claim.
Jane is relieved
When settlement is over, Jane is relieved.
It's a huge relief when all the ducks finally line up and the property is yours.

Will Nesbitt About the Author --- Will Nesbitt is the principal broker of Nesbitt Realty and maintains Condo Alexandria. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.