Summary


The summary of the amendments to this rule are as follows: 1) DFCM is adding a definitions section to the rule; 2) for all real estate transactions, DFCM shall obtain a preliminary title report and an Owner's Policy of Title Insurance, and the director may waive the policy of title insurance with an estimated value of under $50,000 if the director finds that circumstances indicate that there is no potential risk or if the transaction is between public entities; 3) DFCM shall sell the surplus real property if it is directed to do so by the Utah State Legislature, and may use a real estate professional in accordance with state law, the Procurement Code, and applicable laws; 4) a study of available services to the subject property shall be conducted; 5) a geotechnical analysis shall be obtained; 6) a flood plain analysis shall be accomplished; 7) drainage issues shall be studied; and 8) adding general clarification and rule reference updates to the rule to make the rule more clear and easier to understand.