The Division of Real Property and Space Administration works with development officers for each campus and unit to acquire, maintain and sell properties gifted to the university.
All real property acquired will be titled in the name of “The University of Tennessee.” Generally, all property will be acquired unencumbered. The development officer, with the assistance of the Division of Real Property and Space Administration, will ensure there are no back taxes on the property. Normal survey exceptions (i.e., easements for utility lines, set-back lines, right-of-way lines, etc., that do not impair the university’s usage) and current-year real estate tax exceptions will be approved.
The Division of Real Property and Space Administration and the development office must address any environmental concerns before gift property is accepted.Before completing negotiations to accept a gift of real property to the university, the development office will inform General Counsel, the Chief Financial Officer and the Division of Real Property and Space Administration.
It is the university’s desire to quickly and actively market the property for sale. The Division of Real Property and Space Administration may acquire a market analysis report from realtors active in the market and a current appraisal to determine the fair market value of the property.
More information can be found in the Gift Property section of Fiscal Policy FI0620.