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Ways to Give: Gifts of Real Estate

Almost any type of real property can be given to WPI, including a personal residence, a vacation home, a farm or ranch, a commercial building, a subdivision lot, or an undeveloped parcel of land. Gifts of real estate generally should be free of indebtedness, although outright gifts of mortgaged property subject to so-called "bargain sale" rules (part sale/part gift) may be accepted. The gift may also be an undivided fractional interest (i.e., 25 percent) rather than the entire property.

Three methods of transfer may be used:

• Outright deeding of the property to WPI;
• Gift of property with retained life income through a trust;
• Gift of a personal residence to WPI with retained life tenancy.

Current IRS regulations explicitly place the responsibility for determining the fair market value of real property on the donor. Donors considering such a gift should secure an appraisal from an independent, qualified real estate appraiser. WPI may also seek an independent appraisal, inspection and a Phase 1 Environmental Audit. The university also reserves the right to accept only property it deems usable and/or marketable.

If you are interested in this type of gift to WPI, please contact the WPI Planned Giving Office (planned-giving@wpi.edu or toll-free at 1-888-974-4438) to discuss WPI's gift acceptance policies with regard to real estate.

 

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Last modified: March 07, 2007 08:18:07