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Real Estate

Responsible for overseeing and conducting real estate activities and its associated documentation, securing management and regulatory approvals in compliance with the applicable laws and regulations of Commonwealth of Virginia.


Functions:

  • Serves as Real Property Manager for all matters related to Real Property and its associated documentation.
  • Manages day-to-day real estate activities.
  • Serves as agency liaison with all regulatory bodies and implements requirements in daily work.
  • Analyzes real estate sites, prepares cost analysis, and provides information to University and/or Foundation officials to facilitate acquisition and sale of property.
  • Prepare bi-monthly status reports on acquisition and property management efforts.
  • Advise and assist the University in the development of long and short-term acquisition and property management strategies.
  • Directs the budget development process of all University and Foundation purchases.
  • Authorize actions on all invoices relating to relating transactions.

The purchase of real estate in Commonwealth of Virginia by any of its agencies or institutions is governed by the direct authority delegated by the Governor to the Division of real Estate Services (DRES) in the Department of General Services. The Office of the Attorney General serves ad legal counsel for the Commonwealth in the real estate transactions. An Assistant Attorney General is assigned to each purchase transaction. The DRES has issued DGS governed. Additional  guidelines are issued by DRES in the following:

  • DRES fee policy
  • DRES fee policy Appendix A
  • DRES fee policy Appendix B
  • DRES Real Estate Purchase Agreement (REPA)

The purchase of Real Property requires a capital appropriation. The Division of Engineering and Buildings, Bureau of Construction Management (BCOM) serves as the clearing house for the new CO-2 form which is the document which authorizes the purchase of individual properties. A new CO-2 is prepared by Real Estate Services and submitted to VSU Capital Outlay Department for processing through DGS and DPB. A summary of the Appropriation and the Budget for the Acquisition of property for the Multipurpose Center is provided and is updated periodically. See Appropriation Summary.

The University Board of Visitors (BOV) approves the VSU Master Plan in November 2006. The plan called for the purchase of 175 residential properties in the historic neighborhood of Ettrick. The University also approved the 2020 Vision Plan which preceded the Master Plan document. The University engaged a firm in 2006 to prepare the Multipurpose Center Feasibility Study. These documents form the basis for the procurement of the 175 properties that is the current major project of the Real Estate Services. More information on the Capital Project to construct the Multipurpose Center can be found on the Capital Outlay Section of the VSU Website.

The Office of Real Estate Service is staffed by two Real Estate Managers. Both of the current incumbents are licensed Realtors in the Commonwealth. The purchase of real estate by the University began in 2006 and continues to date. The University own the properties shown in the following Schedule of Real Property. This document is updated periodically as new property transactions are completed.

The process summarized in the Timeline. Following this Timeline, the University makes initial contact with the owner of the property to be acquired and an offer is made by the University to appraise the property using a reputable and independent Professional Appraiser licensed to do business in the Commonwealth of Virginia. The Appraiser provides a written fair market appraisal for the subject property, in accordance with industry standards. Once the seller agrees to the sales price a contract is prepared and submitted to the OAG for review and approval as to forma and then sent to the seller for signature. Simultaneously, the University orders a survey plat for the property to be purchased. A settlement agent recommended by the OAG is used to close the transactions and conduct title search and issue a title insurance policy. A walk through of the property is conducted to determine if any hazardous materials are on site such as an Underground storage Tank (UST), or Above Ground Storage Tank (AST). The deed is prepared by the Real Estate manager, in consultation with the settlement agent, insures that all required seller disclosures and affidavits are completed, prior to final HUDI preparation and distribution to all parties for review. Once approved by all, the purchase may be finalized and scheduled for closing. The settlement agent prepares a HUDI and a check request is submitted through the Purchasing Director to VP of Administration and Finance for approval. Once Apporved Cash Management wires funds to disburse by settlement agent in accordance with the HUDI.

After deed is recorded and returned to VSU by settlement agent, pictures are taken and the process of demolition begins. There are several requisites needed prior to the issuance of the building permit by BCOM.  First, the University has to seek approval of the Department, of Historic Resources (DHR). The University entered into a Memorandum of Understanding with the DHR and the final agreement was signed on May 14, 2012. A requirement of the MOU is that the University must prepare a mitigation plan in order to demolish any of the buildings located in the Ettrick Historic District as identifies by DHR in the attached map of the project area. The University had engaged the Center for Archeological Studies at the College of William & Mary to assist the VSU in the completion of the task.

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