The term transferee refers to an entity that has acquired ownership of surplus federal real property intended for educational purposes. This acquisition occurs under specific provisions outlined in federal law, particularly section 203(k) of the Act. Essentially, a transferee is the party that purchases this property to utilize it for educational initiatives.
In legal practice, the term transferee is primarily used in the context of real estate transactions involving surplus federal property designated for educational use. This can include schools, colleges, and other educational institutions that seek to expand their facilities or programs. Users may encounter forms related to property acquisition, transfer agreements, and compliance with federal regulations. With tools like US Legal Forms, individuals can access templates and resources to navigate these processes effectively.
Here are a couple of examples of abatement:
Example 1: A local school district purchases a former federal building to convert it into a new elementary school. In this case, the school district acts as the transferee, acquiring the property for educational use.
Example 2: A community college acquires surplus land from the government to build a new campus. The college is the transferee in this transaction, utilizing the property to enhance educational opportunities for students. (hypothetical example)
The primary statute governing the definition and use of transferee in this context is section 203(k) of the Act, which outlines the procedures for the disposal of surplus federal real property for educational purposes. Other relevant regulations may include federal guidelines on property acquisition and usage for educational institutions.
| Term | Definition | Difference |
|---|---|---|
| Transferor | The entity that transfers property to another party. | The transferee is the recipient, while the transferor is the giver. |
| Grantee | The party receiving a grant or property. | Grantee typically refers to a recipient of a grant, while transferee is specific to property acquisition. |
If you are involved in a transaction where you may be a transferee of surplus federal property, consider the following steps:
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| Attribute | Details |
|---|---|
| Typical Fees | Varies based on property value and location. |
| Jurisdiction | Federal regulations apply; state laws may also be relevant. |
| Possible Penalties | Non-compliance with federal regulations can lead to legal action. |
A transferee is an entity that purchases and acquires surplus federal real property for educational purposes.