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Closing Checklist

After the Preservation Easement Application has been submitted and approved, the following documents are required from the easement donor in order to complete the donation of the preservation easement:

1) Acceptance Letter. When the Preservation Easement Application is approved, Preservation Easement Trust submits an Acceptance Letter that requires the easement donor’s signature.

2) Title Policy Report. A copy of the Title Policy Report, including the Property Legal Description, that was provided to mortgage lender, is sufficient.

3) Certificate of Insurance. The Certificate of Insurance must show evidence of both property and liability insurance with Preservation Easement Trust, Inc. as an additional insured.

4) Certified Historic Structure Designation. A copy of the National Park Service Application, including the Description of Physical Appearance, Statement of Significance, and Photographs & Maps, is required.

5) Subordination Agreement(s). All lenders are required to subordinate their rights in the property to the rights of Preservation Easement Trust, the easement holder.

6) Real Estate Appraisal. The appraisal must be prepared no earlier than 60 days prior to the preservation easement donation date but no later than the due date (including extensions) of the income tax return in which the charitable deduction is first claimed. To facilitate the appraisal process, Preservation Easement Trust can provide a list of real estate appraisers with preservation easement valuation experience.

7) Preservation Easement Deed. Once the above documents have been received, the easement donor sends the notarized Preservation Easement Deed with the tax-deductible charitable cash contribution to Preservation Easement Trust.




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