Someone wants to sell me commercial "dirty" land for $1

[Nawab Manjee]

I was a member of an LLC in the mid 2000's that owned and operated gas stations. The company no longer operates. We demolished the land and pulled the tanks. Did required testing and the ground is a little dirty but they are only requiring ground well monitoring.

The land is located on a busy intersection between and interstate and US highway. The majority member wants me to take the land for $1, and assume the environmental and back property taxes of $52,000.

Since this conversation, the land has not changed hands.

I did some searching and found a developer interested in the property. They made me an offer of $120,000. But I don't control the land yet. What do I do?

[Richard C.]

Honestly, with your background you are probably in a better position to know than almost anyone you are likely to find here.  

But if you decide to do it, I would think that Sam has the right idea.  Unlike a situation where a wholesaler is just trying to evade licensing requirements, your situation strikes me as one where buy and selling an option (or assigning a contract) seems like both the right way to go about it and the safest.  With the look-backs that are out there, I wouldn't want to be anywhere in the chain of title on a property like that.