22 CAR § 115-101. Real property offer and acceptance (purchase)

(a)(1) All department real estate transactions, unless exempted, involving transfers of property ownership are governed by Arkansas Code § 22-6-601. (2) Departments should review this code provision. (3) Departments have several duties under this law in regard to requests and notifications prior to the purchase or sale of properties. (4) Transfers of ownership include: (A) Purchases; (B) Sales; (C) Donations; (D) Transfers of like property; and (E) Transfers between state entities. (5) Any questions pertaining to real estate transfers should be directed to the Real Estate Services Administrator. (6) Departments may contact the administrator for a copy of quick reference guides for the purchase or sale of property. (b)(1) Departments shall obtain an appraisal of the property for all real estate transactions. (2) Appraisers shall be properly licensed in accordance with Arkansas laws and any applicable rules. (3) Appraisals must be accompanied by an affidavit of appraiser in order to be valid. (4) Once the services are obtained, departments shall give notice to the Director of the Building Authority Division. (c)(1) All offers and acceptances should state that they shall be conditional upon approval by the Governor. (2) All offers and acceptances and applicable documents shall be delivered to the Real Estate Services Section. (3) The Real Estate Services Section shall make a recommendation to the director. (4) Departments may request advice and counsel of the Attorney General’s office for the purchase of property. (5) The Real Estate Services Section may assist departments in making the conditional offer and acceptance and in obtaining the necessary review and/or approvals. (6) Once the applicable documents are received by the Building Authority Division, the director will make a recommendation to the Secretary of the Department of Shared Administrative Services who will transmit a final recommendation to the Governor. (7) Once a determination is made by the Governor and transmitted to the secretary and director, the director shall forward it to the department. (d)(1) It is preferable that all offers and acceptances be reviewed by the administrator prior to the department’s execution of the document. (2) A copy of the appraisal shall accompany the offer and acceptance at this stage of the review. (3) The division shall notify the department of its review of the offer and acceptance as well as notify the department of the property’s floodplain status. (4) All offers and acceptances shall contain the appropriate language pursuant to Executive Order 98-04 or Acts 1999, No. 34, to the extent applicable. (e) The Real Estate Services Section is responsible for reviews and approvals of lease-purchases of property pursuant to Arkansas Code § 22-2-114 and this subchapter. (f) Guidelines regarding the sale and purchase of properties are available by contacting the administrator. (g) Prior to any offer of purchase or receipt of any real property, agencies shall request a review of the floodplain status of the property pursuant to 22 CAR § 111-701 et seq.