OP 000 - Real Property Acquisitions
Number: OP 000
Effective: November 11, 2010
Department: Facilities Planning and Management
Last Revision: November 14, 2016

Purpose

To establish procedures for real property transactions by CWI.

Scope

Applies to any proposed real property transaction by CWI, whether by lease, sale, purchase or exchange

Definition

Real Property: All land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all “rights” and “interests” in the property which may include the right to future ownership (remainder), right to occupy for a period of time (tenancy or life estate), mineral or oil rights, and the right to get property back (a reversion) if it is no longer used for its current purpose.

Policy

CWI’s Board of Trustees has delegated to the President authority to act on behalf of CWI regarding all real property transactions necessary for the benefit of the CWI. The President shall designate an individual (Designee) to act as negotiator & transaction lead for CWI. No transaction regarding the lease, sale, acquisition, or exchange of real property by CWI shall be executed until approved by the President’s Cabinet and the Board of Trustees.

Guidelines

The approval of lease, sale or acquisition by purchase or condemnation of real property shall be in conformance with all applicable state codes and statutes and subject to the following procedures:

  1. The (Designee) shall submit to President’s Cabinet (PC) and the Board of Trustees for consideration and approval; a lease, sale or land acquisition request outlining the following: 
    • The justification of the need for the property;
    • A description of and the location of the property including aerial site plan, floor plans, plate or deed or other relevant details of the property;
    • Summary of proposed lease, sale or land acquisition terms and conditions;
    • The estimated funds required for the acquisition and the source of funds;
    • The name(s) of the present owner(s) or other parties related to the transaction.
  2. After approval by PC and the Board of Trustees, the Designee will:
    • Obtain a title commitment, an appraisal, surveys and other required documentation and prepare a Purchase and Sale Agreement, Memorandum of Agreement or other required contractual documents that set forth the terms of the transaction.
    • Initiate a draft lease document including options to purchase if applicable.
  3. If negotiations fail or material changes occur to the transaction, the Designee shall obtain approval of changes by PC and the Board of Trustees. Where applicable, CWI may request that condemnation proceedings be commenced for acquisition of the property.
  4. Final contractual documents shall be first executed by the CWI President or other authorized designee with final documents provided to other party for execution. All fully executed documents shall be sent to the Business Office for record.
  5. Upon satisfying all contractual conditions of the agreements and acquisition of the property by purchase that is fully approved, the Designee will be responsible for coordinating closing with the Business Office, execution of final documents and recording the warranty deed and forwarding the deed and title insurance to the Business Office and Risk Management.