Eastern Michigan University Seal

Policies, Rules and Regulations

Chapter Name: Facilities: Acquisition, Disposal, Improvement and Use

Chapter No. 13.1.3

Issue: Acquisition Or Disposal Of Real Estate Properties & Options On Property

Effective Date: 9-19-79

Revision Date: 6-17-03

UNIVERSITY POLICY STATEMENT 

The sole authorization for acquisition and disposal of real estate properties rests with the Board of Regents.  The University administration is authorized to negotiate and secure options from the property owners as such property may come on the market, or when the property is the site of a planned building project, prior to the project approval. 

 

UNIVERSITY PRACTICE 

The purchase or sale price of real estate property to be acquired or disposed of by the Board of Regents shall be determined on the basis of at least two independent appraisals of the fair market value of that property performed by appropriately-qualified real estate appraisers having significant experience in the geographic area of the property being considered. 

 

RESPONSIBILITY FOR IMPLEMENTATION 

The Vice President for Business and Finance or his/her designee(s) has overall responsibility for implementation and administration of this policy.

 

SCOPE OF POLICY COVERAGE 

This policy covers all real estate transactions.

 

 

Authority for Creation or Revision:

Minutes of the Board of Regents, September 19, 1979: para. .2141M.
June 17, 2003, para. .6146M.