Dallas Texas Gift Deed of Nonparticipating Royalty Interest with No Warranty

• Category: Oil Gas and Minerals - Deeds
• State: Multi-State
• County: Dallas
• Control #: US-OG-042
• Format: Word; Rich Text

Description

This form provides for a conveyance of a nonparticipating royalty interest in specific lands. A Dallas Texas Gift Deed of Nonparticipating Royalty Interest with No Warranty is a legal document that transfers ownership of a nonparticipating royalty interest (NRI) without any warranty or guarantee to the recipient. This type of gift deed is commonly used in Dallas, Texas, where oil and gas royalties are prevalent. A nonparticipating royalty interest refers to the right to receive a percentage of revenues generated from the production of minerals, such as oil and gas, from a specific property. However, it does not grant the recipient any decision-making power or involvement in the operations or management of the property. The gift deed transfers the NRI from the donor to the recipient, making the latter the new owner of the royalty interests. It is important to note that this type of gift deed does not guarantee the validity or value of the NRI being transferred. The donor does not provide any warranty or assurance that the NRI has any specific revenue or that the underlying property will continue to produce minerals. Different types of Dallas Texas Gift Deeds of Nonparticipating Royalty Interest with No Warranty can be classified based on the specific minerals involved. For example, there can be gift deeds for oil NRI, gas NRI, or collective NRI that encompass both oil and gas royalties. When creating a Dallas Texas Gift Deed of Nonparticipating Royalty Interest with No Warranty, it is essential to specify the legal description of the property to which the NRI relates. This includes providing the property's precise location, usually defined by section, township, range, and county. Additionally, the gift deed should clearly state the percentage or fraction of the NRI being transferred and any relevant lease or agreement information that governs the royalty interest. It is crucial to consult an experienced attorney to draft the deed accurately and ensure compliance with Texas laws. In summary, a Dallas Texas Gift Deed of Nonparticipating Royalty Interest with No Warranty is a legal document used to transfer ownership of NRI without any warranty or guarantee. It allows the recipient to receive a portion of revenues from the production of minerals on a specific property but does not grant any decision-making authority or involvement in property operations. Different versions of this gift deed can exist based on the type of minerals involved, such as oil NRI or gas NRI. It is important to consult legal professionals while creating this document to ensure its accuracy and compliance with Texas laws.

A Dallas Texas Gift Deed of Nonparticipating Royalty Interest with No Warranty is a legal document that transfers ownership of a nonparticipating royalty interest (NRI) without any warranty or guarantee to the recipient. This type of gift deed is commonly used in Dallas, Texas, where oil and gas royalties are prevalent. A nonparticipating royalty interest refers to the right to receive a percentage of revenues generated from the production of minerals, such as oil and gas, from a specific property. However, it does not grant the recipient any decision-making power or involvement in the operations or management of the property. The gift deed transfers the NRI from the donor to the recipient, making the latter the new owner of the royalty interests. It is important to note that this type of gift deed does not guarantee the validity or value of the NRI being transferred. The donor does not provide any warranty or assurance that the NRI has any specific revenue or that the underlying property will continue to produce minerals. Different types of Dallas Texas Gift Deeds of Nonparticipating Royalty Interest with No Warranty can be classified based on the specific minerals involved. For example, there can be gift deeds for oil NRI, gas NRI, or collective NRI that encompass both oil and gas royalties. When creating a Dallas Texas Gift Deed of Nonparticipating Royalty Interest with No Warranty, it is essential to specify the legal description of the property to which the NRI relates. This includes providing the property's precise location, usually defined by section, township, range, and county. Additionally, the gift deed should clearly state the percentage or fraction of the NRI being transferred and any relevant lease or agreement information that governs the royalty interest. It is crucial to consult an experienced attorney to draft the deed accurately and ensure compliance with Texas laws. In summary, a Dallas Texas Gift Deed of Nonparticipating Royalty Interest with No Warranty is a legal document used to transfer ownership of NRI without any warranty or guarantee. It allows the recipient to receive a portion of revenues from the production of minerals on a specific property but does not grant any decision-making authority or involvement in property operations. Different versions of this gift deed can exist based on the type of minerals involved, such as oil NRI or gas NRI. It is important to consult legal professionals while creating this document to ensure its accuracy and compliance with Texas laws.