Real Estate
Prior to seeking a signature on any agreement to lease, purchase, and/or renovate real estate for your activity, the following considerations need to be addressed for discussion with Real Estate Planning & Services (REPS) and Office of the General Counsel (OGC):
- compliance with University standards and local zoning laws and building codes (fire/safety)
- mitigation of risk of seizure by the local government
- engagement with local counsel, as needed
- determination of the economic cost of the arrangement
- determination of local property taxes
- obtaining appropriate liability and property insurance coverage
The above guidelines primarily apply to multi-year leases or any purchase of real estate, though REPS may also be consulted on short-term leases, as needed. To minimize risks and ensure proper liability and property insurance coverage, as well as other necessary administrative support, please provide a copy of all signed leases (including short-term) to REPS.
Depending upon the location, scope, and duration of the real-estate requirement, REPS will either assist with securing a location or request that you locate the desired space and send a prospective lease to them for approval.
Additionally, REPS will liaise with the following units on campus:
- provides legal and other advice related to leases or purchase agreements
- ensures that leasehold improvements are performed in compliance with local building and zoning regulations
- addresses liability insurance issues
- addresses issues related to compliance with accounting standards for real estate transactions
All lease or purchase agreements will be processed through the Office of the General Counsel and signed by an authorized University signatory. Please be aware that neither departmental nor field staff has the authority to enter into a lease agreement in the University’s name. Copies of all related legal, government, and other project documents are held by the Office of the General Counsel, General Accounting, Real Estate Planning & Services, and the foreign location, where necessary.
