Office of Procedures, Records, and Forms

PROPERTY
20.45
Revised 6-10

For more information contact:
   Finance and Administration
   509-335-5524

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Real Property Management


Overview

This section provides policy and procedures for processing University real property transactions.

Real Estate Office

All transactions involving University real property are processed for the University by the Real Estate Office. The Real Estate Office is located in French Administration 242.

Such transactions include, but are not limited to:

  • Acquisitions of real property by the University, including gifts.
  • Dispositions of University real property, including sales and exchanges.
  • Lease of University real property.
  • Lease of non-University real property by the University.
  • Acquisition, grant, or release of easements.
  • Acquisition, grant, or release of water, oil, timber, or mineral rights.
  • Acquisition, issue, or release of right-of-ways.
  • Vacation of streets associated with real property.
Records

The Real Estate Office is responsible for creating and maintaining accurate inventories of University real estate. The Real Estate Office forwards such inventory records to General Accounting in accordance with University recordkeeping requirements. The Real Estate Office is also responsible for maintaining records of all real estate transactions.

Property Purchase / Lease

Proposal

The Real Estate Office, a dean, or a vice president may propose that the University purchase or lease real property and then seek assignment of that property. The proposing college via the dean or nonacademic department via the vice president submits the justification to the Real Estate Office.

Real Estate Office

The Real Estate Office coordinates proposals to purchase, sell, or lease real property and forwards the proposals to the Vice President for Finance and Administration for evaluation and further consideration.

Approval

The Vice President for Finance and Administration approves real property purchases or leases under a delegation of authority from the President. The Board of Regents approves all purchases or leases of real property for which delegation has not been given.

Property Sale / Lease

The Real Estate Office, a dean, or a vice president may propose that the University sell or lease to others real property owned or controlled by the University. The proposing college via the dean or nonacademic department via the vice president submits the justification to the Real Estate Office.

The Real Estate Office forwards the sale or lease proposal to the Vice President for Finance and Administration for evaluation and further consideration.

Approval

The Vice President for Finance and Administration approves real property sales or leases under a delegation of authority from the President. The Board of Regents approves all sales or leases of real property for which delegation has not been given.

Property Assignment

The Vice President for Finance and Administration assigns University real property to deans and vice presidents for specified operations, research, space needs, and initiatives.

The Vice President for Finance and Administration makes assignments of University real property after considering recommendations from involved committees, colleges, vice presidents, and deans.

The Vice President for Finance and Administration may review and change assignments based upon University operating policies, and academic and nonacademic objectives.

Property Review

In accordance with Board of Regents’ policy, the Real Estate Office periodically reviews University real estate holdings to determine whether or not:

  • Each University property is serving the purpose originally intended.
  • Any University property may be disposed of.
  • Any University property may be put to better use.

If the Real Estate Office identifies property which may be disposed of or put to better use, the office notifies the college dean or the vice president of the area to which the property is assigned. The Real Estate Office seeks the administrator’s input concerning the use or disposal of the property before submitting a proposal to the Vice President for Finance and Administration.