Overview

To establish a consistent and standardized approach to the oversight and administration of real property, mineral, and timber transactions, The University of Alabama has adopted the Real Property, Mineral, and Timber Transactions Policy and its associated procedures. The policy establishes a University-wide framework for initiating, reviewing, approving, and documenting transactions involving University-owned or University-controlled property interests. It also provides guidance to University departments and offices regarding the applicable requirements and procedures for these transactions.

Collectively referred to as “Covered Transactions,” these include property acquisitions and dispositions; acceptance of gifted property; exchanges; on-campus and off-campus property leases; license agreements; off-campus easements; permissive-use agreements; and other related transactions involving properties owned and/or operated by the Board of Trustees of The University of Alabama.

Official Policy

The approved Real Property, Mineral, and Timber Transactions Policy is available through the UA PolicyStat Policy Library.

Key Requirements and Transaction Procedures

• Coordination: Covered Transactions must be coordinated through University Lands and Real Estate Services (ULRES) or another designated University office.
• Review and Approval: Each transaction must undergo appropriate review and receive all required approvals from the responsible University offices before execution.
• Due Diligence and Documentation: Each transaction must be supported by appropriate due diligence, valuation, documentation, and a demonstrated business justification.
• Board of Trustees Approval: Certain transactions require approval by the Board of Trustees of The University of Alabama. ULRES is responsible for determining when Board approval is necessary.
• Signature Authority: Only individuals with properly delegated signature authority may execute transaction documents. No employee may bind or otherwise commit the University before all required approvals have been obtained.
• Record Retention: Transaction records must be maintained in accordance with applicable University record retention requirements.

Departmental Coordination

University departments and offices contemplating a real property, mineral, or timber transaction should consult the policy and coordinate with ULRES as soon as a potential transaction is identified. Early coordination helps ensure that applicable requirements, reviews, and approvals are identified before any commitments are made.