Due Diligence Guidelines: Acquisition (Including Gifts) of Real Property
Proposed acquisitions associated with the purchase, transfer, and/or exchange of real property.
Pertinent Board Policy: Section 9.8.1
Request from President to Vice Chancellor for Real Estate and Facilities to acquire real property that includes all of the following as attachments:
A. Letter request from Institution President to Vice Chancellor for Real Estate and Facilities to acquire real property.
- Letter to include acknowledgement that insitution will be responsible for all legal costs incurred while completing the transaction.
- Costs will be invoiced through the Department of Law.
B. Narrative explanation of proposed acquisition or gift
C. Appraisals of property value (refer to chart Acquisitions Appraisals for details) (One original of each)
D. Digital color photos showing the property and surrounding properties
- Please clearly label each photo to help orient the viewer (e.g. direction of view, name of land feature or improvement)
- Acceptable formats: .JPG, .TIF, .PDF
- Pictures of Land: Show land from all general directions, adjacent lands, and any significant land features, An aerial photo may be provided in lieu of a picture, provided that all important features are clearly visitble and labeled.
- Pictures of Buildings/Improvements:Show exterior view of all significant buildings and improvements on the property from all general directions. If there are more than five (5) significant buildings or improvements on the property, please provide photos of those buildings or improvements that are most representative of the acquisition.
E. Location map
F. Recordable survey
- One (1) electronic copy with licensed surveyor signature in a tagged image file format (TIFF) having a minimum 200 DPI resolution.
- Survey must have been completed within the prior twelve months
- “Survey for” block must indicate that the Survey is for the Board of Regents of the University System of Georgia.
For detailed requirements, see Official Code of Georgia Annotated §15-6-67, Recordation of maps and plats; specifications.
G. Legal description of the property to be acquired
H. ESA Phase 1 (Digitally Signed PDF)
I. Draft purchase option Option to Purchase - Improved Real Property - June 2020
- Confirm terms and proposed purchase price with seller.
- If seller requests use of an alternate form, please provide a copy to the System Office for review prior to execution to ensure terms are acceptable.
- An executed purchase option should not be submitted until all due diligence is complete and has been reviewed by the System Office.
For improved properties, the following items are also required:
J. Facilities condition assessment report including all physical improvements
- Report must have been completed within prior twelve months
K. Hazardous material assessment (Digitally Signed PDF)
L. Copy of Certificate of Occupancy (if reasonably available)
M.Floor plans (if reasonably available)
N.“As-Built” construction documents (if reasonably available, for large improved commercial properties only)
O.Name of developer, architectural firm(s), and construction firm(s) responsible for developing and constructing improvements (if reasonably available, for large improved commercial properties only)