Charitable donation of inherited property
Dr. James from New Jersey had inherited a home in Chicago from his late uncle. The house came with an empty lot and a small cottage in the back. It was too much. The doctor couldn’t take care of the property long distance along with his many other obligations, and the costs of holding onto the property were adding up.
James decided to offer the home to Kars4Kids as a donation. In the course of the title process, however, it was discovered that a large sum of money was owed in unpaid property taxes.
Dr. James had not been aware of the magnitude of the debt when the house came to be his, because in the jurisdiction of the Chicago area in which the home was located, tax bills are sent in arrears.
The good news for Dr. James is that Kars4Kids stepped in to pay the outstanding amount at the time of the closing. We then put the home on the market. It wasn’t too long before we found a buyer, then sold the home for a slim profit—money that would go to fund charity.
All in all, the debt that came with this building could have been crushing. But Kars4Kids was able to turn loss into a small profit—money to benefit charity—and take a man’s burden away. We consider this a good real estate ending. (Wouldn’t you?)