COMMERCIAL INVESTMENT REAL ESTATE
14 July | August 2017
Savvy Gifting
T
he charitable gifting of real estate can provide fi nancial
benefi ts to all parties involved: the donor; the recipient
charitable organization; and the professionals involved
in handling the transaction. This occurred recently
when Richard Juge, CCIM, SIOR, learned of the potential tax
deduction that he could obtain by donating real estate he owned
in Haynesville, La., to the CCIM Foundation.
"I owned a vacant property that had been on the market for
some time," says Juge, chief executive offi cer for RE/MAX
Commercial Brokers in Metairie, La., in the New Orleans metro
area. "Instead of keeping it on the market, I decided to donate
it for a tax deduction. I contacted the CCIM Foundation to
determine its interest."
Upon making that contact, the CCIM Foundation began its
review process, which is used every time a real estate donation
is offered to the Foundation. The process involves a preliminary
review by its real estate gifting team headed by Duncan Pat-
terson, CCIM.
The process begins with a signed letter of intent from the
donor, stating a willingness to give property to the Foundation.
Then a real estate broker's opinion of property value is obtained,
and a real estate questionnaire is completed. Questions asked
include the type of property; whether it has a mortgage or if there
are liens and encumbrances on it; whether there are leases; and
questions about environmental issues.
The real estate gifting team reviews the proposed gift and
information, and decides whether it is a gift the Foundation may
be interested in accepting. If it is, the information is presented to
the Foundation's Board of Directors for approval to move forward
and commence due diligence.
cranach/GettyImages
A case study about how donating property to the CCIM Foundation
gives back to those involved.
by Mary Stark-Hood, JD, CFP
FINANCING
FO C U S