SFFORMS.COM – SF 118 Form – Report of Excess Real Property – If you own more real estate than you need, you may be subject to paying property taxes on the excess. The SF 118 form is used to report this information to the taxing authority.
Download SF 118 Form – Report of Excess Real Property
| Form Number | SF 118 Form |
| Form Title | Report of Excess Real Property |
| File Size | 559 KB |
| Date | 03/2018 |
What is an SF 118 Form?
The SF 118 form is a report of excess real property that is generated whenever federal agencies have excess real estate properties that they want to dispose of. The form helps the government to track and document the transfer, donation, or sale of such properties. The report must contain detailed information on the property’s location, identification number, condition, and other relevant details.
The Federal Property Management Regulations (FPMR) require all federal agencies to submit an SF 118 form when reporting any excess or surplus property. This includes everything from land and buildings to equipment and vehicles. Once submitted, the General Services Administration (GSA) reviews each report before making recommendations for disposal.
The GSA uses various methods to dispose of excess federal properties including public auction sales or lease agreements with state and local governments or non-profit organizations. They also offer some properties for sale at below-market prices through their online auction platform known as GSA Auctions. In summary, without the SF 118 form process in place to manage real estate assets no one would know what unused assets exist in our government inventory nor how best to sell them off while maximizing revenue for taxpayers’ benefit.
What is the Purpose of the SF 118 Form?
The SF 118 form is a report of excess real property that federal agencies utilize to identify and report any property that is no longer needed for governmental use. The purpose of this form is to help ensure that all government-owned properties are being utilized effectively, efficiently, and economically. The SF 118 form is also used to inform other federal agencies or state and local governments about the available surplus property.
The process of filling out the SF 118 form starts with an agency’s identification of real property that it no longer needs. The agency then evaluates the potential use for the property by another government agency or nonprofit organization; if there are no interested parties, the general public can bid on the property during a public auction. This process serves as a way to streamline how government-owned properties are disposed of in order to reduce waste and maximize efficiency.
In summary, the SF 118 form serves as an important tool in maintaining effective management over excess real property owned by federal agencies. By identifying these properties and disposing them through appropriate channels, both taxpayers’ money and vital resources can be protected while ensuring they’re used effectively by those who need them most.
Where Can I Find an SF 118 Form?
The SF 118 Form, also known as the Report of Excess Real Property form, is used by government agencies to report real property that they no longer need or use. This includes land, buildings, and other structures. If you are looking for an SF 118 form, there are a few places you can check.
One option is to visit the General Services Administration (GSA) website. They have a page dedicated to SF 118 forms where you can download a copy of the form or access it through their online portal. Another option is to contact your local government agency that deals with property management. They may have copies available or be able to direct you to where you can obtain one.
It’s essential to note that filling out an SF 118 form requires knowledge and understanding of real estate law and regulations. It’s recommended that individuals seek assistance from professionals such as attorneys or real estate agents before attempting to fill out this form themselves.
SF 118 Form – Report of Excess Real Property
The SF 118 form is a report that must be submitted by federal agencies to the General Services Administration (GSA) detailing any excess real property. The term “excess” refers to any property that is no longer needed by the agency for its intended purpose or mission. This can include buildings, land, and other types of real estate.
The purpose of the SF 118 report is to identify these excess properties so that they can be disposed of in an efficient and cost-effective manner. The GSA then has the authority to sell, lease, or otherwise dispose of these properties as necessary. By doing so, they are able to save taxpayer dollars and ensure that government resources are being used effectively.
Agencies must submit their SF 118 reports on an annual basis and provide detailed information about each piece of excess property including its location, size, condition, and estimated value. Additionally, they must outline their plans for disposing of each property so that the GSA can determine the best course of action for its sale or transfer. Overall, the SF 118 form plays an important role in helping federal agencies manage their real estate holdings while minimizing waste and maximizing efficiency.
SF 118 Form Example
