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What follows is a best-practice scenario—your organization may well have similiar policies and procedures that differ in certain respects.
Your donor's accountant and/or legal counsel likely is involved in very few bargain sales over the course of their career. Your organization's counsel or gift planning office will need to be involved in this gift early on. Be ready to work closely with all parties involved and, if possible, allow a minimum of six weeks for the transaction to happen.
From a documentation perspective, these are the required elements:
What else can there be to do besides graciously accept the gift and say thank you?
The core traits of an estate gift can be summed up in terms of benefits to a) the donor and b) your organization.
Charitable giving of real estate offers donors two big advantages: