5,200: Acquisition or Sale of Real Property
Last Revised: May 1998
Before the chancellor or the president of a NSHE institution can commence negotiations for the purchase or sale of real property on behalf of the Board of Regents, the Board's approval must first be obtained. The Board's approval of a campus master plan is deemed to constitute the Board's prior approval of the acquisition of property according to the terms of the master plan.
After the Board gives its approval for the acquisition or sale of real property, the chancellor or the president of a NSHE institution, as the case may be, shall be authorized to negotiate the real property acquisition or sale, including the purchase or sale price, subject to the subsequent approval of the terms by the Board.
The purchase or sale must be an arm's length transaction and any transaction with a buyer or seller related to the NSHE must be revealed to the Board of Regents.
All offers for the acquisition or sale of real property under this subsection must be in writing and must contain the following statement:
This [purchase] [sale] offer is contingent upon the approval of the terms of the [purchase] [sale] by the Board of Regents. If the Board of Regents does not approve the terms of the [purchase] [sale], the [purchase] [sale] offer made herein is void and is of no binding effect whatever.