Posted by Mike-BC on December 16, 2000 at 20:25:16:
Yes, a properties can be bought for a dollar. In fact you usually get more than the property when you buy it for a dollar, you get a lot of headaches. I am aware of two transactions where a dollar changed hands.
Transaction #1 - Assessed value - $42,500. Older mobile on 5 acres of deeded property. Environmental assessment found that toxic waste buried in property and that toxins were leaching into the groundwater. Estimated cost to clean up - $75,000.
Transaction #2 - Business and related properties - small airline serving remote communities in northern British Columbia, assets: two 9 passenger airplanes, landing strip and hangar total value $375,000, Deal required assumption of debts totalling $600,000.