Each potential gift of real estate is unique and will be evaluated according to the CREF’s Gift Acceptance Policies.  Consider the following questions as you prepare to use your real estate asset to benefit the community:

Is the property marketable? The CREF will sell the property as soon as possible, with the proceeds going to fulfill your charitable objectives.

Has there been a professional appraisal of the property within the last six months? The IRS requires an appraisal to substantiate the value donors will claim as a charitable deduction. The CREF requires that the appraisal be done by an appraiser who holds MAI membership (conferred on those who are experienced in the valuation of commercial, industrial, residential and other types of properties). It is the donor’s responsibility to procure and pay for the appraisal.

Are there any unknown contaminates? Certain real estate gifts may require a preliminary environmental review. Environmental review costs are the responsibility of the donor.

Is there debt on the property? Generally, the donated property should be free of debts, liens, mortgages and other encumbrances. Sometimes debt can be discharged during the sale of the property. The CREF reviews each prospective donation on a case by case basis.

What about transactional costs? The costs associated with the donation, management, and sale of the property come from proceeds of the sale prior to distribution to the charitable purpose defined by the donor. Examples include brokers’ fees, title insurance, inspection costs, property taxes, upkeep, and maintenance.

Copies of the following documents are needed before the Charitable Real Estate Foundation can evaluate your property:

• MAI appraisal
• Current deed and legal description of the property
• Property leases (if applicable)
• Property tax bill for most recent year
• Property insurance policy
• CC&R and association agreements (if applicable)
• Landowner liability insurance
• Preliminary title report

To schedule a meeting or inquire about a potential gift of real estate, contact Erin Stephenson at (205) 327-3805.