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ACQUISITIONS
Frequently Asked Questions
Q. Will VCU buy my property?
The current VCU policy is to consider purchases of property located within
the VCU Master Site Plan area. To view and print a copy of the VCU Master Plan
2020, please visit http://www.vcu.edu/fmd/masterplan_final2004.pdf.
Q. Whom do I contact if I want to sell property to VCU and the property is
located in the VCU Master Site Plan area?
Nancy Buchanan
Director, Real Estate and Insurance Services
Phone: (804) 828-9177
Fax: (804) 828-8510
Q. What is the process?
1. Establish that VCU is interested in purchasing the property by
providing the purchase price, property address and any other pertinent
information about the property.
2. Once VCU acknowledges their interest in purchasing the property,
negotiate a purchase price. Typically VCU will pay market value, as
established by two real estate appraisals, for the property.
3. Once a mutually agreeable purchase price is established, VCU
will order a lead-based paint survey and a Phase I Environmental Site
Assessment (ESA).
4. If the ESA and lead-based paint survey establish that there are
no environmental problems with the property, the Commonwealth of
Virginia’s standard Real Estate Purchase Agreement is signed by the
seller. The agreement must also be signed by the special assistant attorney
general and the director of the Department of General Services and its
Division of Engineering and Buildings
before being signed by a Virginia Commonwealth University official.
5. Once the Agreement is signed, a property survey and title report
is ordered by VCU.
6. The seller’s attorney prepares the deed, which must be signed
by the assistant attorney general, the director of the Department of
General Services and its Division of
Engineering and the Secretary of Administration.
Q. What documents are needed and who pays for what?
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Document needed
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Responsible party
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1.
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Real estate appraisal(s)
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Purchaser pays
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2.
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Phase I Environmental Site Assessment
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Purchaser pays
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3.
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Asbestos report, if applicable
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Purchaser pays
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4.
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Lead-based paint report, if applicable
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Purchaser pays
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5.
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Property survey
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Purchaser pays
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6.
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Copies of leases, if applicable
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Seller provides
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7.
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Copy of Certificate of Occupancy, if applicable
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Seller provides
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8.
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Inspection report (roof, HVAC, plumbing, electrical)
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Purchaser pays
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9.
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Real estate purchase agreement
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Purchaser drafts
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10.
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Title insurance commitment
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Purchaser pays
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11.
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Termite and wood-destroying infestation report
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Seller pays
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12.
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Deed of bargain and sale
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Seller drafts
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13.
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Owner's affidavit as to mechanics' liens and possession
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Seller signs
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14.
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Owner/seller survey affidavit with plat
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Seller signs
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15.
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Federal income tax affidavit
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Seller signs
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16.
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Partial release of assignment of rents, profits and leases
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Seller's bank signs
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17.
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Partial release of collateral financing statements
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Seller's bank signs
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18.
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Settlement statements
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Each signs respective statement
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Q. How long does it take to settle on a piece of property?
A minimum of six (6) months is required to complete an acquisition.
Virginia Commonwealth University does not endorse commercial providers or its products linked to the VCU
Real Estate and Insurance Services home page or secondary pages.
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