Due Diligence Guidelines: Disposition of Real Property
This guideline is applicable for all proposed dispositions of real property, including sale by any method, transfer of real property (from the Board of Regents) or exchange of real property (for the disposition portion only). For exchange of real property the guidelines for acquisition should also be utilized.
This guideline is not applicable to the proposed disposition of improvements only of real property. For disposition of improvements only the guideline for demolition of facilities should be utilized.
Pertinent Board Policy: Section 9.8.2
Resources: Standard Real Estate Documents
Request from President to Vice Chancellor for Real Estate and Facilities to dispose of real property that includes all of the following as attachments:
A. Three (3) independent appraisals of property value. (One original each)
B. GEPA Environmental Report (Two originals)
C. Recordable survey (Two recordable surveys)
D. Legal description
E. Location map
F. Color pictures of property
- Size in acres
- Description of physical improvements on property.
- Statement indicating conformance with institution’s Master Plan, including excerpts from Master Plan indicating conformance.
- Any known easements, restrictions or reversions on property
- Current use of property
- Location that current uses will be relocated to
- Reason for disposition
- Opposition to disposition by any individual or group
- Statement regarding potential use by other system institutions. 10 .Specific proposed use of proceeds
- Any additional information that a prudent person would consider to be relevant or important to understanding and considering the request.