ACQUISITION OF REAL PROPERTY         K005

PURPOSE:

To set forth a procedure for the acquisition of real property by the University of Miami Real Estate Office.

POLICY:

To coordinate and help process the acquisition of real property with departments authorized to accept donations of real property.

PROCEDURES:

I.   Donations: Gift Review Committee votes to accept or reject donation and, if accepted, Real Estate Office is notified.  Estates:  General Counsel's Office works closely with the attorney(s) for the Estate and the personal representatives until distribution of  the Estate is made, at which time the Real Estate Office is notified.

A.  After written acceptance from the Committee, documents pertaining to the property are sent to the Real Estate Office:

          1.   Deed
          2.   Appraisal from donor
          3.   Copy of most recent Tax Bill
          4.   Copy of insurance policy, if available
          5.   Inventory
          6.   Abstract, or Title Insurance, if available
          7.   Keys to any existing residence
          8.   Information on the status of utilities, lawn care, etc.

B.  The Real Estate Office will provide the Risk Management Office with the information mentioned in Item A in order to obtain insurance coverage for the property.

C.  The Real Estate Office maintains a record of all property received, to include a record of all incomes and expenditures related to the accepted property, and processes bills for payment. Income and expenses are reflected in the account established for the property by the Controller.