University Secretariat and Legal Counsel

University Secretariat and Legal Counsel

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Real Property Acquisition, Disposition, and Leasing Procedures

Contact Officer:  Associate Vice-Principal (Facilities)


Purpose

The purpose of this procedure is to describe the process for the acquisition and disposition of real estate property as well as the leasing of residential property.

 

Procedure

Purchases and Dispositions of Real Estate

No real estate purchases or dispositions should be contemplated without discussion with Campus Planning & Development (CPD). 

Responsible Officer/Section Process
Originating Department
  1. Once the need for acquisition or disposal of real estate property has been identified, the department/faculty or business unit must first consult with CPD. 
Campus Planning & Development
  1. The Board of Trustees must approve all real estate purchases and dispositions.  CPD will work with Physical Plant Services (PPS) as well as the Secretariat and the Vice-Principal Finance portfolio to obtain this approval.
Physical Plant Services

 

 

 

  1. PPS will coordinate signature of legal documentation related to the property acquisition or disposition, including review by University Counsel.  University Counsel review is required on all agreements to purchase or sell real estate. 
  2. Documentation related to the acquisition or disposal of real estate must be signed in accordance with the policy on approval and execution of Contracts and invoices.
  3. Copies of documentation must be forwarded to Financial Services, Attention:  Controller

 

Procedure

Leasing of Residential Property as a Lessee or Lessor

The Dean or AVP of the area (or designate) can sign residential leases for periods of up to 5 years and up to $500,000.

Please see Space Planning policy and procedures for information related to commercial real estate.

 


Date Approved:  May 8, 2015

Approval Authority: Vice-Principals' Operational Committee 

Date of Commencement: May 2015

Amendment Dates:

Date for Next Review

Related Policies, Procedures and Guidelines: