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Long Term Lease Creation
Long term leasing is the contracting method for space rentals exceeding one year in duration. As a result of space analysis, allocation, research, granting, or when the need for long term leased space is desired, Real Estate Services acts as a Real Estate Agent to find, negotiate, design/alter, and/or create a Contract of Lease, and performs ongoing contract management functions thereafter.
Depending on funding location, the Real Estate office will work with either WVU Administration or the West Virginia University Research Corporation (WVURC) to contract for space. All leases must be created by WVU and signed by either the Vice President for Administration and Finance (for state deposited funds) or the Executive President of the WVURC (for WVURC deposited funds). Under no circumstances is a WVU/WVURC department or employee permitted to enter into a space rental contract obligating WVU or WVURC funds for rental payments.
General state code differences between commercial and state WVU funded leasing include: Rental is paid in arrears; a 30-day out clause must exist and alterations for program fit and fees for insurance, taxes, and community assessments cannot be paid by the tenant, rather are to be amortized and included in the rental quotation by the owner.
See Request for Lease Creation Revised for requesting this service.
Contact: Susan McCollum