New Mexico Administrative Code
Title 5 - POST-SECONDARY EDUCATION
Chapter 3 - POST-SECONDARY EDUCATION INSTITUTION FINANCES
Part 10 - CAPITAL PROJECTS APPROVAL BY COMMISSION ON HIGHER EDUCATION
Section 5.3.10.10 - FOR PURCHASES OF REAL PROPERTY
Current through Register Vol. 35, No. 18, September 24, 2024
For purchase of real property, institutions must submit to the department:
A. a legal description of the property;
B. a copy of the appraisal and a report from the property tax division of the taxation and revenue department containing their appraised value;
C. a site improvement survey to verify the legal description and to uncover the existence of recorded and unrecorded easements and encroachments;
D. a title insurance policy;
E. a description of the use to which the property will be put;
F. a phase one environmental report stating that an environmental review or assessment has been done and that the property is free of environmental hazards and contamination; a written statement that a phase two environmental survey is recommended or is not required;
G. the sources of funds for the purchase;
H. to obtain the approval of the state board of finance, institutions will be required to submit additional documents, as listed in the boards rules and regulations;
I. a copy of warranty deed
