Is it legal to raffle off a house?
Find answers to your legal question.
Is it legal to raffle off a house?
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I have a second home that has been on the market for quite some time. Prices have dropped to below what we have into it. Is it legal to raffle it off?
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jsmack19
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You absolutely can raffle a house, it has been happening pretty often in the past year or so. It is absolutely legal. |
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Stained Soul
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Probably not. Raffles are generally only allowed for non-profit organizations. Same with Lotteries, it is only OK for the state to have them, not individuals. |
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wenvorster
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It is quite all right in the UK, Just find enough people who want to fork out a decent amount of dosh for a ticket. You won't get very far if you sell them at £1.00, but stakes at say £1,000 per ticket may do the trick. The fewer the number of tickets the better the chances of winning. Get the draw done by a notary. One thing is for sure I would never be tempted. |
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thomas
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check your local and state laws. |
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Robin
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in most states you will have to find a "non-profit" organization to run it
with a cut for themselves (not necessarily a large cut) |
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callumiain2000
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You can't raffle it but you would be able to create a game of skill with a payment for each entry - something like 'spot the ball' or 'how many beans can fit in a Passat' or something like that. I'd strongly advise that, if you do so, you take some legal advice since you would be committed to:
a) having an actual answer lodged at notaries before the competition started
b) having an end date at which time the person whose answer was the closest would win the prize
c) having an eventuality for the way in which the house would be awarded if you have more than one correct answer
You'd also have to surrender the house at the end of the competition period irrespective of the amount of tickets sold and I'd suggest that when you look at your ticket sales you factor in the possibility of loss (which is obvious) and profit since these would be liable for tax.
An event like this would generate some local and maybe even some national publicity and I'd use that as much as possible - you'd be advised to get thousands of leaflets printed and get as many family and friends as you can to help you get entries - you could paypal entries but your most likely market is going to be local so it would be a lot of long days at your local shopping centres. |
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Rachh
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its illegal if you take the profit. You'd have to give all the money from the tickets to like a charity! |
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