Community of Christ

Checklist for Sale of Property

Legal - Checklist for Sale of Property

1. General

_____ Review the approval process.

_____ Inform the mission center officers and Legal Services of the congregation’s intent to sell.

_____ Congregation to hold business meeting to discuss and approve the sale of the building.

_____ Consult with mission center officers and refer to Use of Net Proceeds from the Sale of Capital Assets to plan the distribution of the proceeds from the sale.

2. Checklist for Listing a Property for Sale

_____ Interview multiple realtors and select one to serve as listing agent.

_____ Fax listing agreement to (816) 521-3099 or e-mail (legalservices@CofChrist.org) for review and approval PRIOR TO SIGNING.

_____ Inform realtor that all offers and/or counteroffers are to be reviewed by Legal Services PRIOR TO SIGNING and are subject to final approval by the Presiding Bishopric of Community of Christ.

NOTE: If the congregation has received an offer from an individual, without the use of a realtor, Legal Services will draft the real estate contract for review and signature.

3. Accepting an Offer

_____ Offer received from interested buyer must have the following contingency: “This offer is subject to final approval of the Presiding Bishopric.”

_____ Present the offer to the congregation at a congregational business meeting.  If the offer is accepted, forward a copy of the offer to Legal Services (legalservices@CofChrist.org), PRIOR TO SIGNING.

4. Closing the Sale

_____ Once an contract has been signed, Penny Edwards, paralegal, will work directly with the realtor, title/abstract company, or attorney to close the sale of property.

_____ Proceeds from the sale of church property will be wired directly to Fiscal Services and will be placed in an affiliate pool account for the benefit and future use of the congregation.

_____ The funds will be placed in a pool B account (cash account) unless congregation requests that it be placed in pool A (balanced fund).