Maryland Option Agreement to Purchase Producing Oil and Gas Properties
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How to fill out Option Agreement To Purchase Producing Oil And Gas Properties?
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FAQ
Held by production is an oil & gas industry term indicating a property is under lease and that the lease is being perpetuated in the secondary term by the production of oil or gas in paying quantities. An oil & gas may be in HBP status for many years if the wells located on the leased land keep producing.
The difference between a lease option and a lease purchase agreement is that the lease option only obligates the seller to sell. A lease purchase agreement commits both parties to the sale barring breach of contract or the buyer's inability to secure a mortgage.
An option- to-purchase agreement is an arrangement in which, for a fee, a tenant or investor acquires the right to purchase real property sometime in the future.
In the residential context, an option to purchase is usually a part of a rent-to-own agreement, also called a lease-option. This involves a tenant entering into a standard lease or rental agreement, in addition to acquiring the option to purchase the rental property in the future.
It fully complies with the requirements set forth under Title 8 of the Real Property Article of the Annotated Code of Maryland. This option agreement grants the tenant the right to purchase the rental property during the term of the lease.