This form is used when a question has arisen as to the exact interest in the Leases acquired and owned by each of the Parties. The Parties to this Stipulation and Assignment desire to establish for the record and stipulate among themselves each of their respective interests in the Leases acquired by them in the Assignment.
Stipulation and Assignment of Undivided Interest in Leases
Category:
State:
Multi-State
Control #:
US-OG-272
Format:
Word;
Rich Text
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FAQ
Since the joint tenants have equal interest, the property cannot be sold without all parties' consent. Instead of selling, a joint tenant can choose to transfer their interest to another party.Therefore, the property cannot be passed down to the heirs of the joint tenants.
Royalty Interest an ownership in production that bears no cost in production. Royalty interest owners receive their share of production revenue before the working interest owners. Working Interest an ownership in a well that bears 100% of the cost of production.
A stipulation of interest is a contract that consists of mutual conveyances, and therefore, it must conform to the requirements of both a contract and conveyance.This requires the affiant to state all facts necessary to establish inheritance of a decedent's real estate as well as proportional interest.
Conveyance Documents An operator may ask you to sign a Cross-Conveyance and Stipulation of Interest document to clarify ownership when there are any ambiguities with previous conveyances when concurrent ownership (multiple people) is involved. If you have this document, keep it along with any deeds.
A title opinion is a legal document and an important written communication between an attorney and his client.A thorough examination will reveal whether an owner has marketable title and will suggest curative measures to owners with title defects.
A deed that names the seller/donor and the purchaser/donee. It states and describes the rights being sold or given. Filing of the notarized conveyance in the county government office which is generally the county clerk's office.
The word undivided is added to indicate it is a partial interest in a tract and the owners have not agreed to partition the minerals among themselves.