The Office of Real Estate Administration is responsible for the acquisition and disposition of all university real property: institutional, gift, and leased property. In general, Real Estate Administration may inspect property, prepare site inspection reports, prepare deeds, request appraisals, manage property, determine highest and best use of the property, and prepare closing documents.
The State Department of Finance and Administration, Division of Real Estate Management has the authority and responsibility to manage the acquisition and disposal of real property by the state of Tennessee. Whenever real estate transactions require approval outside the university system, Real Estate Management will coordinate the process with Finance and Administration. Finance and Administration also has supporting duties to the State Building Commission. Whenever university projects require the approval of the commission, Real Estate Management will work with Finance and Administration to obtain the approval.
a. Institutional Property. Real Estate Administration manages the acquisition of all institutional property. Institutional property is acquired and supported by state appropriations and is generally considered campus properties (Knoxville, Martin, Chattanooga, Health Science Center, UTSI, and the Institute of Agriculture). The University of Tennessee Board of Trustees, the Tennessee Higher Education Commission, the State Department of Finance and Administration, and the State Building Commission must give their approval before any property can be bought or sold. Acquisition of institutional property must also comply with the approved Land Acquisition Plan or Master Plan of the campus for the purpose of campus expansion.
b. Gift Property. Gift property is considered to be all real property the university acquires from donors. This may be property acquired by deed or devise. Real Estate Administration is responsible for managing all gift real property throughout the entire process from acquisition to closing. The sale of gift property is subject to the approval of the Board of Trustees, but not of the State Building Commission.
c. Leased Property. Real Estate Administration is the proponent agency for the acquisition of all real property by lease. Refer to
FISCAL POLICY 625
for leasing procedures.
The University of Tennessee
Office of Real Estate Administration
1331 Circle Park
711 Andy Holt Tower
Knoxville, TN 37996-0174