Acquisition & Disposition
The Board of Regents of The Texas State University System (TSUS) must approve all purchases, exchanges, gifts and sales of real estate on behalf of Texas State.
Acquisition of Real Property for Texas State University
Texas State's UPPS 08.04.01 describes the process for acquiring real property to comply with all governing Federal and State laws and regulations. The following is a summarized list of steps in the acquisition process:
Contact the Real Estate and Planning Manager with the following information:
- Location of the property.
- Owner information.
- Sales price and/or other terms of the transaction.
- Justification of purchase and/or value to the University.
The following information must be provided for review and approval prior to the acquisition of any real property:
- Map showing location of the property.
- Legal description of the property.
- Survey of the land and improvements, if any.
- List of improvements.
- Copies of current leases, if any.
- Current title insurance commitment and copies of all title exceptions, including deed restrictions or covenants and liens, deed, tax certificate.
- List of current expenses required to maintain/operate the property.
- Copy of current owner's title policy, if the current owner obtained a title policy.
- Recent appraisal.
- Such other information as may be requested by the Real Estate & Planning Manager.
- Access to the property to conduct on-site inspections.
Approval by the Vice President for Finance and Support Services (VPFSS)
- Property is included in current University Master Plan. If property is not included in current University Master Plan, strong justification for purchase of property will be required.
- VPFSS or his/her designee will determine if funding is available to purchase property.
- VPFSS or his/her designee will initiate meeting with property owner.
- VPFSS or his/her designee will develop preliminary outline of acquisition and terms of transaction.
- Write an executive summary to present findings to the President.
- VPFSS will obtain approval from the President to acquire the property.
- Submission of acquisition for approval by The TSUS Board of Regents.
- Submission of acquisition report to the Texas Higher Education Coordinating Board, if required.
- VPFSS or his/her designee will coordinate closing the acquisition transaction.
Disposition of Texas State Real Property
Contact the Real Estate and Planning Manager with proposal to purchase university property
- Real Estate and Planning Manager will research property for any restrictions for future use or dispositions established or documented when property was acquired by university.
- Real Estate and Planning Manager to determine if university would like to pursue disposition of the property
- Real Estate and Planning Manager will request an appraisal of property to compare to offer included in the proposal.
- The Real Estate and Planning Manager will obtain approval from the President to sell the property.
- Sale of property will be submitted for approval by The TSUS Board of Regents.