When will I know if charity is willing to accept my donation?
Upon the initial inspection, our professionals will be able to determine if property is an acceptable donation. From there, we will make a recommendation to the charity.
What if my property is not accepted?
After the property inspection, Donating Real Estate reserves the right to terminate the Donation Agreement and you as the donor along with Donating Real Estate shall have no further rights or obligations to each other.
Who pays the expenses?
Expenses incurred during the inspection period such as title insurance, property insurance, environmental testing, probate or tenant eviction issues and costs to secure the property are absorbed by Donating Real Estate if the property is not accepted. There is no charge to the donor or the charity.
How long does the donation process typically last?
The average donation period ranges from 30-120 days, beginning from the initial contact to the transfer of property title. However, the donation period may be extended on a case-by-case basis if any minor delays or issues arise regarding a specific piece of property.
What costs will I incur during the donation process?
You are responsible for all of the regular costs associated with the property until the acceptance of property by the charity. This includes all taxes, bills, and mortgage. You will also be responsible for property maintenance until charity closes donation transaction.
What if I am missing important paperwork?
Because the closing takes place through a title company or an attorney, a title search will be performed so that all the necessary paperwork will be obtained in order to proceed with the closing.
What is a simultaneous closing?
A simultaneous closing occurs when the donor conveys the property title to charity, and at the same time, the charity transfers the title to the new property owner.
Do I have to attend the closing?
No, by the time of the closing, you will have already signed the necessary paperwork. On occasion, there may be additional issues that need to be taken care of usually in regards to the title search. Usually if this occurs, it is just a matter of signing additional paperwork and the issues can be resolved before the actual closing.
At what point am I no longer responsible for the property?
The donor’s responsibility ceases at the end of acceptance of the property by the charity.
Can I make a partial donation?
Yes, some of our donors have found it more beneficial to give a percentage of the property to the charity.
The next line down Who Can Donate? then click and find the following: Who Can Donate to Charities?
Who Can Donate?
- Those that want to help charities.
- Anyone that desires an IRS tax write-off.
- Businesses with abandoned properties.
- Fully depreciated properties Uninsured catastrophes.
Types of Real Estate Property and Note Donations
What Kind of Real Estate Can be Donated?
- Any Type of Mortgages
- Properties Subject to Life Estates
- Vacant Land
- Any Type of Land Contract
- Sandwich Leases