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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 110470
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Can a school board sell school real estate for much less than

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Can a school board sell school real estate for much less than fair market fair marketvalue
Thank you for your question. I look forward to working with you to provide you the information you are seeking.

WI Statute 120.10(12), the School Board may, " Authorize the sale of any property belonging to and not needed by the school district. If a school site or other lands are to be abandoned which were acquired or are held upon condition that they revert to the prior owner when no longer used for school purposes, the school board shall sell any school buildings thereon or move them to another site within 8 months after the school buildings cease to be used for school purposes or the site ceases to be maintained as a school district playground or park."

The statute does not prevent them from selling below fair market value as long as the sale is for reasonable value in the best interest of the district as in this economy sale of any property at market value is sometimes not practical in the commercial sales as it is in residential sales.

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Customer: replied 3 years ago.

Can a school board sell real estate to a village or city for one or two dollars witch is only a small part of the school district and what gives them that right.

Thank you for your response.

The statute above gives them the right AND there are no WI statutes prohibiting such a transfer, especially to another governmental agency or entity. As there are no statutes preventing such a transfer for nominal payment, which is what a $1 or $2 payment is called, then it is not prohibited.

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