The 1-2-3s of selling your land

Many people lose thousands of dollars when they transfer property, because they fail to take advantage of the available tax benefits.

The transfer process can seem intimidating, even frightening, but it does not have to be. Consider involving a charity organization such as the Foundation in the transfer of property. There are strong advantages in taking such a step. With the right professionals on your side, your property can be put to work for you in ways that may be unknown to you.

Your choice to include United Methodist causes can mean more support for your church or favorite ministry’s mission and more money in your pocket.

Here are some points to consider.

  • Never sell any of your land without investigating charitable opportunities. Once the property is sold, there are fewer choices available.
  • While you may have a buyer “waiting in the wings,” it is important to not make any agreement to sell (oral, written, or understood) until you speak with your attorney.
  • Almost all property transactions involve a deed, which is a document filed with the county clerk’s office, showing who owns the property and how he or she owns it. A trust arrangement may also be involved. Either way, your attorney can walk you through the steps to make this less complicated.
  • Almost all transfers or sale of property (especially farmland) need to be appraised. The Foundation can help you find qualified appraisers or other experts to help establish the value of your land, as well as identify any environmental issues.

Call the Oklahoma United Methodist Foundation at 800-259-6863, or visit them on the web at www.okumf.org.