N.M. Admin. Code § 5.3.10.10

Current through Register Vol. 36, No. 1, January 14, 2025

Section 5.3.10.10 - FOR PURCHASES OF REAL PROPERTY

For purchase of real property, institutions must submit to the department:

A. a legal description of the property;

B. a copy of the appraisal and a report from the property tax division of the taxation and revenue department containing their appraised value;

C. a site improvement survey to verify the legal description and to uncover the existence of recorded and unrecorded easements and encroachments;

D. a title insurance policy;

E. a description of the use to which the property will be put;

F. a phase one environmental report stating that an environmental review or assessment has been done and that the property is free of environmental hazards and contamination; a written statement that a phase two environmental survey is recommended or is not required;

G. the sources of funds for the purchase;

H. to obtain the approval of the state board of finance, institutions will be required to submit additional documents, as listed in the boards rules and regulations;

I. a copy of warranty deed

N.M. Admin. Code § 5.3.10.10

7-1-98; Recompiled 10/31/01, Adopted by New Mexico Register, Volume XXVIII, Issue 20, October 31, 2017, eff. 10/31/2017