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Tip of the Month

A religious corporation cannot sell, mortgage or lease for a term exceeding five years, any of its real property without applying for and obtaining leave of the Court. A court order is also necessary for mortgages with terms less than five years. Religious entities are subject to the same Not-for-Profit laws as not-for-profit corporations so in addition to court approval, the consent of two-thirds of the directors to the sale must be obtained. Strict compliance with the order approving the transaction is required, so if there is an amendment to the terms of the mortgage, the court order must also be amended. Since not-for-profit corporations are exempt from paying a transfer tax, the purchasers of said properties may have to pay the transfer tax by default.

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