Maybe someone, at some point in time, has been able to buy a piece of real estate for $1, but I would not count on being able to duplicate that success.
We once represented a seller who owned real estate on which a dry cleaner had operated for many decades. It was a toxic waste site, no doubt about it.
He was quite elderly and would have sold the property to anyone for $1. That was because he needed to get the property out of his name before he died and the land ended up in the children’s names.
If that had happened, they might have been responsible for the cost of the cleanup. As luck would have it, we sold the land to an investor for $100,000, even after full disclosure of the hazardous waste.
So, beware of $1 properties. There might be more than meets the eye.