Tennessee SB2526 allows counties to sell surplus, obsolete, or unusable real property to third parties in an arms-length transaction without public.
Tennessee SB2526 amends Tennessee Code to allow counties to sell surplus, obsolete, or unusable real property to third parties in an arms-length transaction for a price not less than its fair market value, determined by at least two licensed appraisers. This sale can occur without requiring public auction or sealed bids, provided it is approved by a majority vote of the county legislative body. The act also includes a severability clause and takes effect immediately upon becoming law.
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- Impact
- Legal Framework
- Critical Issues
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