ADDITIONAL REVIEW FOR PROPOSED ACQUISITIONS OF REAL ESTATE AND RENEWALS OF REAL ESTATE LEASES

• 1.0 Purpose
• 2.0 Policy
  • 2.1 Real Estate Transactions
  • 2.2 State Real Property Lease Form EB-L
  • 2.3 Lessor Signature
  • 2.4 Budget Office
• 3.0 Definitions
• 4.0 References
• 5.0 Approvals and Revisions

1.0 Purpose

This policy describes the general guidelines for performing additional reviews for real estate transactions and real estate lease renewals.

2.0 Policy [Top]

2.1 Real Estate Transactions

The Office of the Director of Real Estate and Space Management is responsible for processing and approving easements, all proposed acquisitions of real estate by lease, purchase, gift or otherwise and renewals of existing leased space (regardless of automatic renewal clauses). All real estate contracts must be submitted to this office with a completed Contract Approval Sheet. This office will obtain approval as required by the State Council of Higher Education (SCHEV) and the Division of Engineering and Buildings (DEB). For purchases of real estate, this office will also obtain approval from the Vice Presidents of the University, The Board of Visitors, and the Governor.

Exclusions From Review:

• Certain Open Space
• Department of Highways and Transportation Rights of Way

See also:

Procedure 7-70, "Preparation of Contract Approval Sheet."

2.2 State Real Property Lease Form EB-L

The State Division of Engineering and Buildings Lease Form EB-L should be used whenever possible when leasing real estate.

Real Property Agreement Forms Other Than State Form EB-L

All real estate leases submitted on a form other than the State Form EB-L must be accompanied by a complete explanation as to why the State lease form could not be used.

2.3 Lessor Signature

Whenever possible, if the University is the lessee of an agreement, the contract should be signed by the lessor BEFORE sending it to the Director of Real Estate and Space Management.

2.4 Budget Office

All real estate agreements must be reviewed by the Budget Office to ensure that funds are available for the requested agreement. The Office of the Director of Real Estate and Space Management is responsible for coordinating this review with the Budget Office.

3.0 Definitions [Top]

4.0 References [Top]

5.0 Approvals and Revisions [Top]