Legal Question in Real Estate Law in Texas

Here is the situation,
Joe sold max a large tract of land which has natural gas underneath and is pipelined to a gas company, for which Joe was recieving gas royalties. As the new owner of the land, Max subsequently has been recieving said royalties for around two years. The original agreement stated that Joe would have the option to buy back the land with three percent interest per year. Max has netted around seventy eight thousand dollars over the course of his ownership of said land.
Now, Joe wants to buy back the land from Max at its current value, less the seventy eight thousand that Max has gained durring his ownership.
My questin is this, does Joe have any legal grounds for a lawsuit to get his offer enforced by a state judge? If so, Is there any precedent for this type of lawsuit in texas law?
Thank you for your time and I await your response.

Asked on 6/07/10, 12:42 pm

Cheryl Rivera Smith The Smith Law Firm

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0 attorneys agreed

The documents need to be reviewed to be certain, but I believe all of Joe's rights would be outlined in the original agreement.

Answered on 6/08/10, 6:01 am

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