Extract Data From Legal North Carolina Oil Gas Forms For Free

The type of contract doesn't make a difference; it can be a sale or exchange, installment land sales contract, option, or lease with option to purchase. There are exemptions to the disclosure requirement, however, for transfers such as those that: carry out a court order, such as for administering an estate.

ANSWER: To answer your first question, the Mineral and Oil and Gas Rights Mandatory Disclosure Statement does not have to be provided by owners of unimproved property, just as the owner of unimproved property does not have to provide a Residential Property and Owners Association Disclosure Statement.

The State of North Carolina Mineral and Oil and Gas Rights Mandatory Disclosure Statement requires all sellers of a new or existing homes in NC to disclose whether the mineral, oil and gas rights for the property are owned by someone other than the seller. The purpose of this new law is to protect the buyer.

Some people think that their lease will expire no matter what at the end of the 5-year initial term and/or the 5-year extended term. As you've just read, that's not accurate. If the oil and gas company ?commences operations,? the oil and gas lease will be effective as long as there is production.

RELEASE: releases of property rights and/or other legal rights that the owner would otherwise be entitled to under law. RELEASE LEASE: releases of oil & gas lease rights that a person would otherwise be entitled to under law.

The landowner may also be offered a non-surface use lease. Under this type of lease, the oil and gas company leases only the oil and gas rights, but does not obtain the right to use the land to develop the oil and gas.