“Donation of Property” How Long Does The “Real Estate Donation” Process Typically Last?

By
Real Estate Agent with National Real Estate Network, LLC

The donation process can last anywhere from a few weeks to a few months. It is largely dependent upon the type of real estate being donated. If the property is a typical single family residence the process can be relatively quick but if the property is a commercial building, industrial building, apartment building or a tract of vacant land it can take a little while longer.

The first thing that is done is that the donor signs documents showing their intent to donate. They must also disclose any liens or encumbrances on the property; taxes, water bills, special assessments, first mortgages and any junior liens. Once the documents are signed the charity will have a predetermined due diligence period to determine if the property is one that they would be willing to receive as a donation.

During the due diligence period the charity will have a physical inspection done on the property, typically by a local real estate professional. They will have a title search done to determine if the donors are actually the owners of the property and to make sure they have an interest in the property to donate. They will also have to get a determination of marketability to be as sure as possible that the gift can be liquidated and turned into cash.

If the property is a commercial building, industrial building, apartment building or a tract of vacant land they will also need to get an environmental study done and possibly, in some cases, soil samples. This can lengthen the time it takes to donate a piece of property but it usually will not add that much time to the process. Regardless of the type of property that is donated and the time it may take, typically it works out to be a very good thing for all parties involved, the donor and the charity. The donor will usually get rid of a piece of unwanted real estate while the charity will get an asset that can be turned into cash so they can further their mission statement.

Free CD on Donation Process: http://www.DonationProcess.com Or http://www.DonatingRealEstate.com

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Rainer
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Kerry Smyth
Newcomers Welcome Service

Thanks for the information.  I have a piece of property I have been thinking about donating and didn't really know where to start.  This is great!

September 13, 2008 10:33 AM
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Rainmaker
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Ralph Mark Maupin

Michigan Real Estate Investors Host
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