R933-1-4. Requirements for Purchase, Sale, or Exchange of Real Property

(1) When purchasing, selling, or exchanging real property, the department may obtain and review the following documents and authorities as the department deems it necessary or appropriate to ensure that the value of the real property is congruent with the proposed price and other terms of purchase, sale, or exchange:

(a) title insurance commitment;

(b) an environmental assessment;

(c) an engineering assessment;

(d) applicable regulatory codes;

(e) an appraisal;

(f) an analysis of past maintenance and operational expenses, when available;

(g) the situs, zoning, and planning information;

(h) a land survey; and

(i) other requirements determined necessary by the department.

(2) This rule shall apply to all purchases, sales, and exchanges of the department, except as otherwise allowed, required or governed by state or federal law. For projects not receiving federal financial assistance, the requirements of this rule do not apply to the purchase, sale, or exchange of property, or to an interest in real property that is under a contract or other written agreement prior to May 5, 2008, or with a value of less than $100,000, as estimated by the department.