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Permanent Files of Original Real Property Documents

1. PURPOSE

2. POLICY

All original real property documents in the possession of colleges, departments, and centers should be filed in a secure location in the office of the Administration Vice President for safekeeping. There are to be no other repositories at BYU–Hawaii for original property documents, except as may be otherwise designated by the President or the President’s Council. All promissory notes that are not related to any real property transactions, deeds of trust or mortgages, business stock certificates, and certain other personal property documents should be stored in the Financial Services office in a secure location.

3. IMPLEMENTATION

Procedure


The office of the Administration Vice President has the responsibility for filing and storing in a secure university environment all original real property documents. All colleges, departments, and administrative areas in possession of such documents should forward them to the office of the Administration Vice President for proper handling and safekeeping. Original real property documents include the following:

  • Property contracts (purchase & sale agreements, option contracts, and all other executed real estate agreements)
  • Deeds
  • Deeds of trust (trust deeds)
  • Notes secured by deeds of trust (trust deed notes)
  • Mortgages and mortgage notes
  • Releases re-conveyances and satisfactions of trust deeds and mortgages
  • Abstracts
  • Title insurance (binders, preliminary title reports, commitments, and policies)
  • Leases of real property
  • Escrow materials (real estate only)
  • Water rights (deeds, contracts, and stock certificates)
  • Mineral rights (deeds, contracts, and stock certificates)
  • Wills, trust, and annuities where real property is conveyed
  • Certain personal property documents (patents or patent assignments received after May 1988; security agreements; wills, trusts, and annuities where personal property is conveyed)

The Financial Services office files and stores in a secure location all promissory notes that are not connected to real property, deeds of trust, or mortgages. Business stock certificates and certain other personal property documents are also secured in that vault. Besides the General Counsel and Financial Services offices, there are to be no other repositories at BYU–Hawaii for original property documents. Original documents may be removed from storage under two conditions with the approval of the document’s custodian:

  • For photocopying purposes;
  • For temporary relocation to another office. (In this case, a photocopy of the original is to replace the original and the new location, signature of the person receiving the original, and date should appear on the top of the copy.)

The full cooperation of all university officers handling original property documents in properly implementing this policy is required in order to protect the integrity of BYU–Hawaii's property holdings and the records documenting the same. Please call the office of the Administration Vice President with any questions relating to the proper filing or storage of original real property documents.

Originally approved by President's Council: 06/04/2002

4. RELATED POLICIES AND PROCEDURES

Details

Policy Owner: Administrative Vice President

Executive Sponsor: Administrative Vice President

Originally approved by President's Council: 06/04/2002

Revision approved by President’s Council: 8/26/2013

Modified: ---

Full revision history maintained by Human Resources.