Ohio Department of Natural Resources - Acquisition Review Policy

ACQUISITIONS REVIEW POLICY
TO: AFFECTED DIVISIONS/OFFICES, ETC.
FROM: SAM SPECK, DIRECTOR
SUBJECT: REAL ESTATE ACQUISITION POLICY
Effective March 28, 2005
Purpose To establish guidelines for the real estate transactions involving grant awards made by department divisions and offices when acquisition of real estate is by fee, easement or reversionary interests immediately or into the future. & Authority ORC 1501.01
Authority ORC 1503 (Forestry)
ORC 1517 (Natural Areas)
ORC 1531 (Wildlife)
ORC 1541 (Parks and Recreation)
Reference Real Estate Work Request Form
Resource Division of Real Estate and Land Management - Real Estate Administrator


Real Estate Appraisals

The granting Division or Office shall require the grantee to utilize a certified general real estate appraiser to perform a real estate appraisal on the subject property. The appraisal shall be, at a minimum, a summary narrative appraisal including copies of the deed. REALM will conduct a Summary Review of the appraisal and forward the results to the granting division or office. The Summary Review will examine the appraisal methodology and adherence to professional appraisal practices. In the event the appraisal does not meet the standards of professional appraisal practices REALM will advise the granting authority and directly contact the appraiser and provide an opportunity to discuss and correct the deficiencies.


Title and Opinion of Title

A title insurance policy, abstract of title or chain of title indicating the historical ownership, easements, leases and other encumbrances of the property for at least the last 42 years. REALM will conduct a Summary Review of the title insurance or report and forward the results to the granting division or office. REALM will request an AG to issue an Opinion of Title.


Deed Review

Upon the review of the appraisal and the AG Opinion of Title being issued, the proposed deed to transfer the property should be submitted to REALM for review and approval.

Acquisition funds may be released after REALM has completed a Summary Review supporting narrative appraisal, the AG Opinion of Title has been issued and the deed has been reviewed and approved by REALM.