Jerry Summers
The above term has recently been injected into a local real estate sale of a piece of commercial property that changed hands to a family member without the term being fully defined.
In a hot real estate market (such as Choo Choo City and Hamilton County) a seller may receive several offers to purchase a piece of property.
In a general article by Anna Compaign-Cohen in Upnest at Realtor.com, titled “What is a ‘Highest and Best Offer’ Real Estate?”, helpful information is given as to how buyers and sellers can negotiate the price of transaction to complete the transfer of ownership of a parcel of real estate.
The article does not go into more complex sales involving other legal entities such as corporations, social clubs, 501(c)3 and 501(c)7 non-profits that involve fiduciary relationships, conflict of interest, or any appearance of impropriety potential issues.
(If multiple parties may have an interest in the financial outcome of the sale, several expert realtors and real estate attorneys, may be necessary to obtain full compliance within the captioned definition.)
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You can reach Jerry Summers at jsummers@summersfirm.com