For purchase of real property, institutions must submit to the department:

1. A. a legal description of the property;
2. B. a copy of the appraisal and a report from the property tax division of the taxation and revenue department containing their appraised value;
3. C. a site improvement survey to verify the legal description and to uncover the existence of recorded and unrecorded easements and encroachments;
4. D. a title insurance policy;
5. E. a description of the use to which the property will be put;
6. F. a phase one environmental report stating that an environmental review or assessment has been done and that the property is free of environmental hazards and contamination; a written statement that a phase two environmental survey is recommended or is not required;
7. G. the sources of funds for the purchase;
8. H. to obtain the approval of the state board of finance, institutions will be required to submit additional documents, as listed in the boards rules and regulations;
9. I. a copy of warranty deed

[5.3.10.10 NMAC - Rp, 5.3.10.10 NMAC, 10/31/2017]