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
Cabinet Review/Approval DEP/Cabinet 45
Environmental Assessment Phase I
Full Title Search
Final Survey
FSU/Owner*** 60
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.

Page Updated on 08/1/13 11:59 AM