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Oil company wants to buy my land
10/29/2010 at 1:38 PM
I have a bit of a problem that I would like opinions on.
The situation is this, My grandfather leased out a section of his land to an oil company in 1935 at $10/year so they can have access to their exploration site. They have been paying my family that money since then. It hasn't gone up because gramps didn't know very much about big business and such.
The land was handed to my father and ten years ago I gain possession of the land.
The oil company approached me recently and offered to buy the land at about 10% of the true value. They said that since they had been leasing the land for the last 60 years they should be able to buy it at the 1935 rate.
Do you think this is fair?