Gifts of real estate (other than land located at Rungan Sari or Wisma Subud, Indonesia) are typically liquidated to a cash asset Such a gift may include land both improved and unimproved, detached single-family residences, condominiums, apartment buildings, rental property, commercial property, farms, and gifts subject to a retained life estate. Plots located at Rungan Sari will be transferred to Yayasan Muhammad Subuh (YMS) domiciled in Indonesia, with which MSF has a mutually supportive relationship.
Upon review and approval of the MSF Endowment Advisory Committee, the Foundation may accept ownership of outright gifts of real estate with a minimum appraised value of USD 15,000 when undeveloped and USD 50,000 when developed.
Several documents are necessary prior to any real estate being considered:
- A title insurance commitment showing marketable title in the donor’s name, free and clear of unacceptable encumbrances, issued by a title insurance company deemed acceptable by the Foundation,
- A qualified up to date appraisal of the property,
- A phase one environmental audit by a qualified engineer indicating that ownership will not expose the Foundation to any environmental liabilities including asbestos,
- A market feasibility study for the property,
- A structural engineering report,
- A disclosure statement for the property including any mineral, oil or gas rights,
- A survey of the property by a registered land surveyor,
- A review of any leases and corresponding documents including but not limited to proof of tenant’s insurance, and
- If the property is in the USA, evidence of compliance with Americans with Disabilities Act
It is the responsibility of the donor to pay all costs incurred in the transfer of the property, including the cost of compliance with any of the Foundation’s requirements outlined above.