REG 07.50.01 – Real Property Transactions

Authority: Vice Chancellor for Finance and Administration

History: First Issued: October 30, 2000. Last Revised: July 25, 2023.

Additional References: 
Real Estate Website

Contact Info: Real Estate & Development Office (919-513-7961)

1. PURPOSE

The purpose of this regulation is to protect the interests of North Carolina State University (including its Endowment Fund and Associated Entities) when conducting real property transactions (as further defined below).

2. SCOPE

University Transactions 
The University’s Real Estate & Development Office must review all proposed real property transactions prior to action. Real Property transactions shall include the purchase or sale of real property, leasing transactions, receipt or issuance of easements, severance, and/or any activity that grants rights to property allocated to NC State University. The Real Estate & Development Office shall adopt and maintain Standard Operating Practices to facilitate all real property transactions in accordance with this regulation, state laws and regulations and The UNC Policy Manual.

It is advised that those interested in engaging in real property transactions consult with the Real Estate & Development Office as early as possible in the process to ensure appropriate application of policies, rules and regulations associated with real property matters.

It is the responsibility of the Real Estate & Development Office to ensure that appropriate protocols for conducting real property transactions are followed, including receiving the appropriate approvals from the State of North Carolina and/or the UNC System Office, as applicable.

Endowment Fund Transactions

The University’s Real Estate & Development Office, as authorized and/or requested by the Treasurer of the Endowment Fund, shall provide reasonable assistance and support to The Board of Trustees of the Endowment Fund of NC State University (the “Endowment Fund”) with respect to the acquisition, disposition and management of the real estate assets and interests of the Endowment Fund; provided that any expense or financial obligation created by any acquisition, disposition or other transaction shall be satisfied by the Endowment Fund unless the Endowment Fund has obtained authorization to satisfy the expense or financial obligation from some other source in accordance with The UNC Policy Manual.
In providing services and support to the Endowment Fund, the Real Estate & Development Office shall comply with all applicable policies, regulations, rules and procedures of the University and the UNC System.

Associated Entity Transactions

Subject to the terms of any operating agreement between the University and an Associated Entity (as defined in 600.2.5.2[R] of The UNC Policy Manual), the University’s Real Estate & Development Office shall provide reasonable assistance and support to each Associated Entity of the University with respect to the acquisition, disposition and management of the Associated Entity’s real estate assets and interests; provided that any expense or financial obligation created by any acquisition, disposition or other transaction shall be satisfied by the Associated Entity absent a separate written agreement between the University and the Associated Entity entered to in accordance with The UNC Policy Manual.

In providing services and support to Associated Entities, the Real Estate & Development Office shall comply with all applicable policies, regulations, rules and procedures of the University and the UNC System.