Gifts of Real Estate

Due Diligence Review for a Retained Life Estate

Assessment Phase

Introduction of Thomas Charitable Advisors, LLC to the donor
Review the important framework of the Retained Life Estate with donor
Consult with the donor of a retained life estate gift
Conduct independent research on the property
Review public land records
Review tax assessment documents and data
Review market data online
Conduct necessary property inspections
Engage qualified building inspector to complete building inspection report
Schedule building inspector to visit and inspect the property
Engage a qualified appraiser to complete appraisal
Schedule appraiser to visit and inspect the property
Conduct Phase I environmental review with report as appropriate/necessary
Obtain a preliminary title report to the property
Identify 3-4 prominent real estate brokerage firms in the market or region
Have preliminary calls with each real estate brokerage firm
Issue request for broker’s opinion of value to each real estate brokerage firm
Schedule each real estate brokerage firm to visit the property
After receipt of broker’s opinion of value, conduct interviews with each real estate brokerage firm
Assimilate all information gathered and prepare an Executive Summary to the Charity
The Executive Summary will provide the details of the property and market conditions
The Executive Summary will provide best estimate of sales value projected
Conduct conference call with the Charity to decide on proceeding with retained life estate gift, any conditions and establishing expectations

Work with counsel for the Charity to prepare a Retained Life Estate Agreement for donor and to transfer title to the property to the Charity or other related entity

Allen F. Thomas, JD, CAP
Thomas Charitable Advisors

RESOURCES

Major Gifts LLC
Tampa, Florida

800.490-7090
484.680.7800 local
Succeed@MajorGifts.com

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