Buying and selling property is a major transaction, especially when it comes to real property. Whether it is land or a dwelling, purchasing property creates a business relationship between a buyer and seller. And like any business relationship, issues or disputes could arise. For some, this could mean a dispute over certain terms, such as value.
According to recent reports, the most expensive legacy property is for sale in Tennessee. The property includes 1,600 acres of Traceland Farms. It is marketed towards those who want a quiet space to call home away from the bustling downtown of Nashville, and of course, those that can afford the hefty price tag.
This property is listed at $32.5 million, making the list of potential buyers very small. The property stretches over two counties and it features barns, ponds, pastures, and a custom built home. However, the value of the property is not based on its dwelling but rather what the property itself offers and its location.
It was reported that developers have inquired about the property, but it was suggested that those hoping to build on the property have found the terrain to be too challenging. Thus, the price tag and the overall value of the property could be questioned, as the property has remained on the market for roughly a year.
Although real estate transactions occur on a daily basis, they can get rather complicated. Those dealing with a current dispute arising from a business deal or those who have questions regarding any step of the process should take the time to understand their rights and options. A legal professional could help explain the process and what options one has when it comes to resolving their business dispute.