Section 801 Acquisition of Real Property
Last Revised: 01/22/07; 03/18/02; 05/17/99; 3/14/11
Responsible Office: Facilities
Real Property is defined as land and/or the building or other improvements located on the land. The title or lease of all real property will be in the name of the University of Maine System.
The University of Maine System may acquire the use of real property through purchase, gift, bequest or lease. The Board of Trustees realizes the importance of voluntary charitable support of the University of Maine System and its programs, and recognizes that gifts of real property are an important form of giving.
All acquisition of real property with a cost exceeding $50,000 must be approved by the Board of Trustees prior to transfer of title.
Any lease of real property with a total payment for the initial term that exceeds $100,000 and/or greater than 5 years must go to the Board of Trustees for approval prior to the signing of the lease.
An annual information report on acquisitions and dispositions of real property will be prepared for the Board of Trustees.