Q: ⇒ What the first thing I should do?
Donors should go the CCLBA’s website and complete and submit the Pre-Qualification Donor Form. This gives us some basic information on the property(s) being donated and helps us in the review process.
Q: ⇒ How long will it take you to review my offer and make a decision?
Given that we have all necessary information, no longer than 30 days. You will be notified once a decision is made.
Q: ⇒ If I am approved, how long will the donation process take?
The donation process varies from property to property. Every effort is made to ensure that it will be as simple and as timely as possible. Please note that the Donor is typically responsible for ordering the title commitment and survey as well as preparing all of the documents required for closing.
Q: ⇒ Who pays the expenses and what will they be?
All expenses incurred during the process are generally the responsibility of the Donor. The most common expenses are listed below:
- Title Commitment/Policy
- Escrow Services
- Title and Closing Fees (Water Certification, Deed Recording, Etc.)
- Legal Fees
- Appraisal Environmental (for commercial/industrial properties only)
- Feasibility Study (for commercial/industrial properties only)
Q: ⇒ What about Real Estate Taxes?
The Donor will be responsible for paying past, current, and their pro-rata share of future real estate taxes. They will also be responsible for paying real estate transfer stamps.
Q: ⇒ What basic documentation do I need to have?
- Copy of the deed from when you acquired the property.
- Copies of any property tax statements.
- Completed Pre-Qualification Donor Form
- Copies of any known building code violations.
Q: ⇒ How will title be conveyed to the CCLBA?
CCLBA will accept a Warranty Deed, Special Warranty or Quit Claim Deed, in the name of Cook County d/b/a Cook County Land Bank Authority.
Q: ⇒ Does the property have to be lien-free?
Yes. Liens can also be paid off at the closing so that the CCLBA can take the property lien-free.
Q: ⇒ Does the property need to be vacant/un-occupied?
Yes. The CCLBA only accepts vacant properties.
Q: ⇒ Do I need a lawyer?
CCLBA recommends that all Donors have their own legal representation.
Q: ⇒ Is an appraisal required?
For commercial and industrial properties, an appraisal is required. For residential (1-4 family) properties, that decision is made on a case-by-case basis. However, please note that the Donor is responsible for substantiating the value of the property/gift in order to receive a charitable tax deduction from the Internal Revenue Service (IRS). Please consult an attorney for more details.