(1) The department may sell real estate to an individual, an organization, a firm or corporation, a political subdivision of the Commonwealth, or to the Government of the United States or a branch or agency thereof.

(2) Following approval of the property disposition plan, information regarding the availability and sale of each parcel of surplus property shall be provided through the publication of legal notice in the Pennsylvania Bulletin and such State newspapers as the department shall direct.

(3) The remuneration for a conveyance of surplus property shall be based on fair consideration. Fair consideration requires either the payment of the current fair market value of the property or the demonstration of equivalent or greater return to the Commonwealth within five years due to the proposed use of the property by the entity receiving the conveyance.

(4) After appropriate public notice, the sale of declared surplus property by the department shall be open to public review and inspection. Acceptance of an offer shall be subject to a minimum price requirement as established by the department, which shall not be less than the fair market value. Declared surplus property shall be sold by the department through either a competitive sealed bidding process in which prospective buyers submit sealed offers through the mail or at an auction conducted by an auctioneer holding a license under the provisions of the act of December 22, 1983 (P.L. 327, No. 85),¹ known as the “Auctioneer and Auction Licensing Act.” The use of either method of sale shall be at the department's discretion. Except as provided in clause (3), sale of the declared surplus property shall be to the highest bidder, provided that no offer may be accepted which is below the fair market value, established through independent appraisal.

(5) The disposition of property shall be made upon such terms and conditions of sale as the department may prescribe. The sale of such real estate may be in the form of a lump sum purchase, installment purchase or lease purchase and may include use restrictions and reverter clauses. The term and conditions of sale and the form of purchase shall reflect current market conditions, shall afford maximum protection of Commonwealth assets and shall prescribe procedures to be utilized in the event of default. In the case of the sale of authority properties, the sale of such property shall be in accordance to the applicable bond indentures.

(6) The deed of conveyance shall expressly reserve all oil, gas and mineral rights to the Commonwealth.