Is This Legal?
Under Georgia Code 16-12-22.1 raffles may be operated by nonprofit, tax-exempt organizations. The raffle of real property must be for the exclusive benefit of the organization organizing the raffle. A charity can not conduct more than three (3) raffles in a calendar year. 7 UPs, Inc. (a 501 c 3) has registered with the Sheriffs Office in DeKalb County, Georgia and has met all the legal conditions stated in the law to hold this raffle. This non-profit organization operates solely on donations made by caring and generous folks in the community, just like you.
What are my chances of winning the Grand Prize?
To award the Grand Prize of the house or the $150,000 Cash Prize there will need to be a minimum of 7,000 and no more than 10,000 tickets sold before July 17, 2009. Each ticket has from 1:7,000 chances to 1:10,000.
May I purchase more than one ticket?
As long as you are at least 18 years of age, you may purchase any number of tickets not
exceeding the total number of tickets issued. Tickets will be numbered from 1,000 to 10,999 (Maximum total tickets would be 10,000).
What if 7,000 tickets are not sold before July 17, 2009?
Then the sponsor will hold the raffle and the Grand Prize will be modified to a cash prize which will be 50% of the funds raised after deducting the transactions fees to process the entries and second prize. As an example, if 4,300 tickets are sold at $50.00 each, the total deposits would be $215,000. If the transactions fees are $10,000 and the second prize is $5000, the amount given to the Grand Prize winner would be $100,000 (50% of a net of $200,000). The participating charities and ministries would receive the balance of funds to be used according to their charters.
If I win, do I have to live in the home or can I immediately sell it?
There is no requirement for the winner to occupy the home. You may sell the home via the normal marketing means such as a real estate sales organization, make a quick sale to investor buyers, retain the property and rent it as source of income or except a cash settlement from the current owner of the property in lieu of title transfer. We can not make recommendations but will do everything necessary to accommodate the Prize Winners wishes within the required number of days. You will also have the option of settling for a Cash Prize of $150,000 in lieu of the house; if there have been a minimum of 7,000 tickets sold.
What is the earliest that the Grand Prize could be awarded?
The day after the 10,000th ticket is sold.
Do I have to be present to win?
No. We will contact the winner by email, phone and registered mail. While you do not have to be present to win, you are welcome to be there. Please check the website a couple of days prior for updated drawing information.
What are the property taxes?
The taxes paid on the property in 2008 were $2,890.00, which includes homestead exemption. The actual amount due for 2009 will be determined at the closing. The Prize Winner will be responsible for the amount due for the period remaining in 2009 after the transfer of title.
How do I raffle my home?
State laws vary widely. Some states such as Florida, it is not legal to raffle your home. We would suggest that you first check State and Local Law and find out what is permitted in your area. In Georgia, the raffle must be organized and run totally by a non-profit charitable organization and be licensed by the Sheriff of the county in which the organization is located. This is a large undertaking and requires a large organization to be successful.
What about income tax?
As with all winnings, the winner will be issued a 1099 for the value of the prize. The value of the house will be appraised before title transfer and that will used to determine the amount given on the 1099 or the $150,000 if the cash prize is selected instead of the house or the amount of the cash prize if less than 3,200 tickets are sold before the November 16, 2009 deadline. We can not give tax advice or figures on how much tax will be owed.
Is any furniture included?
No, the winner will receive the property unfurnished. Kitchen appliances are included in the house such as the dishwasher, a range with oven and a microwave. There are some built-ins such as bookcases in the living area and an entertainment cabinet system in the den.
Get your tickets now!