888-228-7320Real Estate Donation FAQ's - Easily Donate Real Estate to Charity
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A real estate donation significantly reduces your legal and tax liabilities on the properties you donate and more efficiently attain personal financial goals while also supporting Real Estate with Causes and our many charitable endeavors.
What Size Tax Deduction are We Talking About Here?
The size
of the tax deduction is determined by the current market value of the property,
as opposed to the cost of the property when it was purchased. So if
you purchased your property in 1968 for $92,000 and today in 2008 it is worth
$812,000, the current value is what you base your tax deduction on and in this
case it will be quite substantial.
Real Estate Tax Deduction
How complicated and how long will the charitable donation process take??
The real estate donation process varies from property to property. There are many factors that can affect this process. Among these are a number of encumbrances ranging from civil liens to unpaid property taxes. Every effort is made to ensure that this is as simple and timely as possible from beginning to the final transfer of property title.
Do I need to be present at the time of the closing??
No, at the time of the closing, all necessary paperwork has already been
completed. The actual closing itself will simply be a paper transaction that
occurs once all legal requirements for the transfer of you charitable donation
have been completed. If in fact there are any additional issues that arise,
usually in regards to the title search, all parties involved shall be properly
notified. Usually if this happens, it is just a simple matter of signing
additional documents and the issues can be resolved before the actual closing.
What if I am missing important documentation??
Because closing the transaction usually takes place through a title company
or another agent for the Donor such as an attorney, a title search will be
performed so that all the necessary paperwork will be procured in order to
proceed with the acquisition of the donation to Real Estate with Causes.
What Costs can I expect to incur during the donation process and who Pays?
All expenses incurred during the process are generally accepted as the
responsibility of Real estate with Causes. There are exceptions to this and
under certain circumstances, an agreement is made to share the expense of the
acquisition of your charitable donation. (I.E., Title insurance, property
insurance, environmental testing, probate or other issues and costs) Commonly,
the donor is responsible for all of the regular costs associated with the
property until the acquisition of the property by Real Estate with Causes. This
may include, but not be limited to all taxes, bills, and mortgage. There are of
course exceptions to this.
Every donation is considered on a case-by-case basis.
How will I know if Real Estate with Causes is willing to accept my property
donation and at what point will my responsibility to the Real Property end?
Upon the receipt of all documents and information, Real Estate with Causes
will be able to determine if property can be received as a charitable donation.
The donor's responsibility stops at the end of the acquisition process by Real
Estate with Causes.
What Do you do with the Proceeds you get from my Real Estate Donation?
Our organizations members are drawn from every ethnic and cultural
background, age group, and economic level.. We can proudly say that all proceeds
go directly towards supporting the programs and individuals
that honestly have no where else to turn.. We have hundreds of requests for help
every week, each situation unique in its own right. Without generous donors such
as yourself, we would never be able to help fulfill the needs of those seeking
our helping hand. Your
Donations Help Us Fill In The Gaps!
QUESTIONS?
888 - 228 - 7320