REAL
ESTATE ACQUISITION PROCEDURE
When real
estate is to be purchased or otherwise acquired
by
unless specifically authorized
by the Board of Trustees:
1. In conveyance by bequest or gift, documents
will
be reviewed by General Counsel and the President
and reported to the Property and Facilities Com-
mittee. The process set out in the Real Estate
Records
Procedure will then be followed.
2. Purchases of real property may be initiated
by
individual solicitation or by advertisement for
proposals upon recommendation of appropriate
administrators and approval of the President.
3. No property shall be purchased without
obtaining
one (1) appraisal by a qualified MAI Real Estate
Appraiser
for property whose estimated value is
$1,000,000 or less.
For property whose estimated
value exceeds $1,000,000, two (2) MAI appraisals
shall be required.
4. The University will not pay for any purchased
property a price that is greater than the
appraised value without some compelling reason,
such as uniqueness of the property, location of
the same, and
need for the same to carry out the
mission of the University.
5. Every effort will be made to obtain a
purchase
option for a term of at least sixty days after the
date of the meeting at which the transaction will
be considered by the Board.
6. Purchases of real property will be submitted
to
the Board of Trustees for approval.
7. Upon approval of the
Board, the Vice President for
Business
and Finance will submit the file to Gen-
eral Counsel for
preparation/review of appropriate
documents.
Conveyances to
be by full warranty deed unless otherwise speci-
fied in the approving Board
resolution. Title
insurance or a
title opinion of legal counsel will
be secured unless otherwise specified in the
approving Board resolution.
8. When title is approved and the purchase price
is
authorized and available, General Counsel will
cause the transaction to be closed and will submit
original conveyance and closing documents for
recording and processing as set out in the Real
ADOPTED: