Steps to a Bargain Sale

STEP 1 – Preliminary Valuation & Proposal

Seller and/or Broker provides Welfont detailed information regarding the property.  Welfont will then analyze the property and create an offer and present it to the Seller and/or the Broker.

STEP 2 – Seller Executes the Letter of Intent (LOI)

If the proposal fits the Seller’s needs, the Seller will execute a non-binding Letter of Intent with the Buyer.

STEP 3 – Purchase and Sale Agreement (PSA)

Welfont will draft a PSA based on the LOI and provide to the Seller and/or Broker for the Sellers signature.

STEP 4 – Due Diligence

The Buyer will collect and review due diligence items. An appraisal is performed and if the asset meets the buyer’s requirements and expectations, closing is scheduled.

STEP 5 – Closing

The closing takes place with a title company or an attorney based on state requirements and the asset is transferred from the seller to the non-profit.

Disclaimer: Welfont is not a legal, financial, investment adviser or tax accounting firm and does not offer any legal, financial, or tax services or advice. Although the information contained herein is presented in good faith and believed to be correct, it is general in nature, so those considering transactions related to the Internal Revenue Code should consult their own tax counsel and/or tax professional or both.  Furthermore, the information contained herein may not be applicable or suitable to some parties.