There's lots of places that give 99 year leases for obscenely small amounts like $10. The neighborhood church near where I grew up owned way more land than it currently used. They "leased" the land to farmer/ranchers to grow hay in part of it and graze animals in other parts. It was leased with similarly friendly terms if not the 99 year lease.
replyThese things are more common that people might expect. Not everyone is a lawyer-esque asshole, but that does open situations up to disagreements where people respond with "should have talked to a lawyer"
Not a lawyer but my understanding is that a valid contract must involve an exchange of value from both parties
replyEven more bizarre, the $10 cash never changes hands.
replySounds like that sale should be null and voided at that point
replySomeone apparently thought that about a Texas option contract but the Texas Supreme Court disagreed and said the contract was still valid, endorsing the fiction.
replyWould that mean the original owner gets it back? Would they have to pay property tax backlog retroactively? Might be huge..
replyI'd put any tax bill owed back to the city. They are the ones that cheated on the deal. Of course, I live in fantasy land with that kind of notion
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