{"id":12194,"date":"2018-09-12T10:58:11","date_gmt":"2018-09-12T15:58:11","guid":{"rendered":"https:\/\/www.uasys.edu\/?page_id=12194"},"modified":"2021-11-10T16:05:22","modified_gmt":"2021-11-10T22:05:22","slug":"real-estate-purchases","status":"publish","type":"page","link":"https:\/\/uasys.edu\/campus-resources\/real-estate-transactions\/real-estate-purchases\/","title":{"rendered":"Real Estate Purchases"},"content":{"rendered":"
1. Campus obtains one, and preferably two, appraisals from appraisers who are qualified by licensure and experience to assess the type of property being purchased.<\/p>\n
2. Campus prepares an offer on a form approved by General Counsel. A template for a simple offer and acceptance is available here.<\/a><\/p>\n 3. Draft offer and acceptance is forwarded to General Counsel for review before being provided to the seller. If acceptable to General Counsel, the signed offer is forwarded to the seller. Authority to sign the offer is governed by Board Policy 300.1 and UASP 300.1.<\/p>\n 4. Any revisions proposed by the seller must be reviewed by General Counsel.<\/p>\n 5. Fully executed offer and acceptance is submitted to the Board of Trustees for approval.[1]<\/a><\/p>\n 6. After Board approval, the title insurance commitment, survey and inspections are ordered.<\/p>\n 7. Title insurance commitment is provided to General Counsel for review.<\/p>\n 8. If all inspections and title commitment are satisfactory, and all other conditions are met, closing is arranged.<\/p>\n 9. Proposed deed and closing documents are submitted to General Counsel for review.<\/p>\n 10. Closing is conducted.<\/p>\n 11. After closing, the sale is reported to General Counsel, with copies of the recorded deed and the title insurance policy provided to General Counsel.<\/p>\n 12. Campus submits a copy of the deed to the State Land Commissioner as required by Arkansas Code sections 22-5-209 and 22-5-411.<\/p>\n <\/p>\n [1]<\/a> This is the ideal point in the process to submit the purchase for approval. Time constraints or other circumstances may make it appropriate to first submit to the Board a proposal to purchase at a price to be negotiated, based on appraised value, and negotiate the actual contract afterwards. Be aware that the campus can be disadvantaged in negotiating the price or other terms if negotiations occur after the Board has approved a price or price range.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" 1. Campus obtains one, and preferably two, appraisals from appraisers who are qualified by licensure and experience to assess the type of property being purchased. 2. Campus prepares an offer on a form approved by General Counsel. A template for a simple offer and acceptance is available here. At a minimum, the offer should include… Continue Reading Real Estate Purchases<\/span><\/a><\/p>\n","protected":false},"author":169,"featured_media":0,"parent":12211,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":"","_mc_calendar":[]},"_links":{"self":[{"href":"https:\/\/uasys.edu\/wp-json\/wp\/v2\/pages\/12194"}],"collection":[{"href":"https:\/\/uasys.edu\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/uasys.edu\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/uasys.edu\/wp-json\/wp\/v2\/users\/169"}],"replies":[{"embeddable":true,"href":"https:\/\/uasys.edu\/wp-json\/wp\/v2\/comments?post=12194"}],"version-history":[{"count":2,"href":"https:\/\/uasys.edu\/wp-json\/wp\/v2\/pages\/12194\/revisions"}],"predecessor-version":[{"id":14448,"href":"https:\/\/uasys.edu\/wp-json\/wp\/v2\/pages\/12194\/revisions\/14448"}],"up":[{"embeddable":true,"href":"https:\/\/uasys.edu\/wp-json\/wp\/v2\/pages\/12211"}],"wp:attachment":[{"href":"https:\/\/uasys.edu\/wp-json\/wp\/v2\/media?parent=12194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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