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Two appraisals are required before most purchases or sales of real estate. These are arranged by campus real estate coordinators (RECs). Real Estate and Business Services analyzes the appraisals and advises RECs on various aspects of obtaining and using appraisals to negotiate University contracts.

All real estate contracts, with the exception of standard forms delegated to designated campus administrators, require review by Real Estate and Business Services, approval as to legal form by the General Counsel's Office, and execution by the associate vice president for management services, the vice president for finance or their designee. They also may be reviewed by Risk and Insurance Management or administrators whose areas may be affected by the contract, such as Academic Affairs, Information Technology, Procurement or Human Resources. 

Real Estate and Business Services consults with the REC and University staff during the preparation and negotiation of contracts. Contracts, whether in draft form or final form should be sent to Real Estate and Business Services where they will be logged and tracked as they are routed for review and execution. 

Contracts may be submitted either electronically via email to umbusinessservices@umsystem.edu, or in hard copy to: 

Paula Schlager
1105 Carrie Francke Drive, Suite 109
Columbia, MO 65211 

Real Estate and Business Services works with the General Counsel's Office staff to prepare, review and finalize contracts accurately and promptly. 

The purposes of the review are to: 

• Determine the necessity of a property acquisition or lease from others. 
• Assure that cost to the University is minimized or that revenue or benefit to the University is maximized. 
• When necessary, assure that an appropriate business plan is in place. 
• Include all necessary terms and conditions while eliminating unacceptable terms and conditions. 
• Verify accuracy of legal descriptions. 
• Identify contracts that require Board of Curators approval. 

Campus Business Services offices and/or campus Development offices are the primary contacts for donations of property. Due diligence must be done by the campus to avoid acceptance of undesirable properties or offers that impose obligations that are not in the best interests of the University. See Required Review of Potential Real Estate Gifts. 

The General Counsel's office must be consulted regarding the legal structure of any agreement for the gift of property. Real Estate and Business Services serves as a facilitator in communications among Development, General Counsel and RECs as gift plans are formulated. 

Real Estate and Business Services manages the University System's cellular antenna portfolio and assists with new agreements, existing agreements and equipment improvement/modification requests. 

Ë¿¹ÏÊÓƵ's current cellular antenna/tower installation and site requirements, as well as information on the associated service fees are contained in the Cellular Guide. 

The following form must be completed for requests for a new cellular site or a modification of existing equipment: 

• Cellular Project Construction Document Drawing General Notes 
• Cellular Project Request Form 
• Cellular Project Instructions 

Current or prospective tenants may submit inquiries and/or modification/improvement requests to Real Estate and Business Services at umrealestate@umsystem.edu or by mail at 118 University Hall, Attn: Real Estate, Columbia, MO 65211. 

Hard copy records

Real Estate and Business Services is responsible for obtaining and maintaining final, fully executed, notarized and recorded (when necessary) real estate documents and supplemental information. Official documents consist of sales/purchase contracts, amendments to contracts, leases, deeds, title insurance, easements, court records, wills, use restrictions by donors and listing agreements. 

Supplemental information also maintained in the files may include maps, appraisals, Board of Curators materials, environmental reports, surveys and correspondence. The files are stored at the Old Alumni Center. A log of all real estate contracts is maintained by Real Estate and Business Services, which records when contracts are received, reviewed, executed and to whom copies are distributed. Mineral Rights files are maintained by Investments and Banking in collaboration with Real Estate and Business Services. 

Real estate database

Real Estate and Business Services maintains a database that contains information about all properties ever owned by the University. This data includes information about acquisition, use and disposition of all properties. 

Real Estate and Business Services receives word from the RECs when a closing has occurred on a real estate acquisition or sale, or when a contract for a lease that was approved by the Board is fully executed. Real Estate and Business Services prepares and issues a notification, which includes the land/building valuation split so this can be included in the PeopleSoft Asset Management database.

AUREO is a national organization created to allow higher education real estate officers to assist each other by sharing their experiences. Real Estate and Business Services staff members have been active participants since the inception of AUREO. An annual conference is held at a higher education institution each fall. There is also an AUREO listserv.  

For additional information see: