Acceptance Of Gifts Of Real Estate Policy - Northern Michigan University
Acceptance Of Gifts Of Real Estate Policy
The NMU Foundations is the official gift receiving agency of Northern Michigan University. Gifts of real estate shall be accepted by NMU Foundations for transfer to the University.
Under Michigan law, the acceptance of delivery of a deed to real estate by the grantee constitutes transfer of title from the grantor. Prior to a deed being accepted by NMU Foundations it must be approved for acceptance. A committee consisting of the NMU Foundations Executive Director, NMU Vice President of Finance and Administration, and others as deemed necessary, will meet to discuss the appropriateness of the gift. The committee shall also consult with the NMU Facilities Department to determine whether a Phase I Environmental Assessment will be necessary before the transfer of title; Phase I Environmental Assessments identify potential onsite environmental concerns and pollutants.
The following information should be obtained from the grantor or obtained by independent investigation:
- Name and address of current legal owner.
- Legal description of premises.
- Existing policy of title insurance or abstract of title with attorney’s opinion evidencing good record, not more than 60 days old. Either marketable title must be free of liens and encumbrances.
- Investigation of any restrictive covenants which run with the land.
- An appraisal of premises, if available.
- Certified survey of premises, if available.
- A statement of local assessing officer of any unpaid taxes or assessments or future installments of assessments which may be due in the future.
- A copy of the local assessor’s worksheet showing pertinent information with respect to the state equalized valuation of the property.
- Statement from zoning officer of current zoning and land use restrictions and requirements including setback, sideline, and other restrictions which may affect lake frontage and river frontage property. In the event that the property is lake frontage or river frontage, a determination should be made relative to possible federal or state regulations affecting flood plains and erosion districts.
- Evidence that the premises abut an existing dedicated street or road or has other legal means of ingress and egress.
- A determination of what utilities, if any, currently serves the property (electricity, natural gas, water, sewer, telephone).
- If the property is improved, a report with respect to the condition of the buildings located thereon with respect to housing code compliance, insurance rates and coverage, average monthly utility costs, and rental income, if any.
- If property is forested, a copy of any timber cruise available or other evidence of timber value.
- It should be determined if the property has been listed by the multiple listing service in the area where said property is located. If the property had been listed, it should be determined what the asking price was and how long the property had been listed.
In the event that the grantor has forwarded an executed deed to the University prior to its formal acceptance by the Executive Committee of the NMU Foundations, the University should acknowledge receipt of the letter from the grantor and inform the grantor that acceptance of this gift is dependent upon a review of the facts pertaining to the property and the University should request the grantors assistance in providing the above information.
Once the report has been presented to the Executive Committee, the Committee may seek additional information, such as an appraisal of the property, may request that a deed be drafted and forwarded to the grantor for execution and delivery, and upon acceptance of the deed, have it recorded in the office of the Register of Deeds for the county of its location.