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Typical Schedule For FSU To Purchase Property
The following assumes that the owner has indicated a willingness to sell. The times shown are typical; depending on circumstances, a given action can take more or less time. DEP indicates the Department of Environmental Protection, Division of State Lands.
|Action||Responsible Party||Approximate Number of Days*|
|Boundary Survey and 5 Year Title Search||FSU||40|
|Appraisal(s) and Review(s)**||FSU & DEP Approved Appraiser(s)||65|
|Negotiations and Contract Execution||FSU/Owner||30|
|Environmental Assessment Phase I
Full Title Search
|Final Review & Closing||DEP/Title Company||15|
|Total Number of Days||255|
* Includes time for processing orders for services as well as the time to perform the services.
** If the purchase price is expected to be $500,000 or more, two appraisals are required. When more than one appraisal is required, they are performed concurrently so the time is the same.
*** The responsibility for these items is determined during negotiations.