Real estate activities
The Division of Finance works closely with UM System to coordinate MU real estate activities. We facilitate the purchase, sale and lease of property (both for the campus and from the campus) and the granting or acquisitions of easements and rights-of-way. Real estate transactions can be quite complex; we encourage you to contact our office as soon as possible if you are contemplating any activities which may involve real estate transactions. Please see Contracts for more details information regarding leases of property.
Purchase or sale of real estate
Two appraisals are required prior to most purchases or sales of real estate, which our office coordinates. In most cases, appraisals provide the basis for purchase or sale price of real estate. Please be aware that all real estate contracts, with the exception of standard forms delegated to designated campus administrators, require review by UM System Business Services, approval as to legal form by General Counsel’s Office and execution by an UM officer. Some real estate transactions require formal approval by the Board of Curators of the University of Missouri prior to execution, as further describe below under Board of Curators Approval Required. Our office coordinates each step of the process for you.
Real estate donations
The Division of Finance oversees the acceptance of real estate donations for MU. Due diligence must be conducted to avoid acceptance of undesirable properties or offers that impose obligations that are not in the best interests of the University. We work closely with you, Development staff, and other stakeholders in the review of proposed real estate gifts to ensure we are taking full advantage of opportunities without incurring unintended consequences. The MU Vice Chancellor for Administrative Services determines whether the acceptance of a proposed gift of real estate to the campus is in the best interest of the University.
Board of Curators approval required
Property purchases require Board approval if the purchase price exceeds $500,000, the purchase price exceeds the highest appraised value, or the property is not within the campus master plan or research parks.
Property sales require Board approval if the sale price exceeds $500,000, the sale price is less than appraised values, or the property is within the campus master plan or research parks.
Easements and rights-of-way to utility companies or governmental entities that do not significantly impair the use or value of University property may be granted without Board approval. Temporary rights-of-way revocable with not more than six month’s notice also do not require formal Board approval, so long as there are no financial commitments on behalf of the University in excess of budgeted funds. All other easements and rights-of-way require Board approval.