What do schools need to know with regard to a purchase, rental, or sale of real estate?
Texas school law attorney, Wayne Haglund, details what TX schools need to know when they are purchasing, renting, or selling real estate.
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Phone: (936) 639-0007
With regard to the purchase of real estate, school districts just need to know where their funds are coming from and they need to engage their lawyer to help negotiate contract terms that are favorable including the payment of cost, making certain that they have a current survey that locates any improvements or easements or access. And making certain that they have good title insurance that protects the interest of the school. With regard to the sale of real property in Texas, there are specific statutes that govern the fact that schools must first publish notice of their intent to sell for a stated period of time in a newspaper of general circulation in their area and then they must comply with other specific requirements. And in general must sell property for at least fair market value except in some areas where the state statute makes some very narrow exceptions. And again, the school would have no way of knowing about this without having competent counsel who was also experienced in real estate law.