Real Estate
Gifts of real estate are subject to the same general policies governing the acceptance of other gifts.
Appraisal Policy
Since costs and fees associated with gifts of real estate are tax deductible to the donor, High Point Public Library Foundation, Inc. will encourage donors to bear these as part of their gift.
Professional Remuneration
A letter of agreement will be required for the enactment of a retained life estate agreement. Unless otherwise stated, it will be assumed that the donor will be responsible for payment of taxes, capital repairs, maintenance, insurance and other fees related to the property which is donated.
Bargain Sales
Bargain sales of real estate (i.e., sales at less than fair market value) are subject to the same policies governing all other financial gifts and gifts of real estate.
Appraisal Policy
- All gifts of real estate shall be subject to appraisal by an independent and professional agent. In addition, High Point Public Library Foundation, Inc. shall require a satisfactory environmental appraisal of any potential real estate gift.
- The appraisal must, whenever possible, show documented valuation of comparable properties located in the same region. It must also be the result of personal visitation and internal inspection of the property by the appraiser.
- A formal appraisal should contain photographs of the property, tax map number, assessed value, current asking price, legal description of the property including historical and environmental characteristics and restrictions, zoning district and complete information regarding all mortgages, liens, litigation or title disputes.
- High Point Public Library Foundation, Inc. reserves the right to personally inspect any potential gift of real estate.
Since costs and fees associated with gifts of real estate are tax deductible to the donor, High Point Public Library Foundation, Inc. will encourage donors to bear these as part of their gift.
Professional Remuneration
- High Point Public Library Foundation, Inc. recognizes the right of fair and just remuneration for professional services. Real estate brokers are entitled to a commission for any property gifts which they help to negotiate.
- All professional commissions will be part of the gift negotiation process. High Point Public Library Foundation, Inc. will consider payment of brokerage commission if the gift merits such a commitment of High Point Public Library Foundation, Inc. resources. Otherwise, donors will be expected to incur these costs in addition to other costs and fees.
A letter of agreement will be required for the enactment of a retained life estate agreement. Unless otherwise stated, it will be assumed that the donor will be responsible for payment of taxes, capital repairs, maintenance, insurance and other fees related to the property which is donated.
Bargain Sales
Bargain sales of real estate (i.e., sales at less than fair market value) are subject to the same policies governing all other financial gifts and gifts of real estate.