Maryland Gift Deed of Nonparticipating Royalty Interest with No Warranty

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

Description

This form provides for a conveyance of a nonparticipating royalty interest in specific lands. Maryland Gift Deed of Nonparticipating Royalty Interest with No Warranty is a legal document used to transfer ownership of royalty interest in mineral rights, specifically in the state of Maryland. This type of gift deed is often utilized when an individual wishes to give their nonparticipating royalty interest to another party as a gift, without any warranties or guarantees. The term "nonparticipating royalty interest" refers to an ownership interest in mineral rights without the ability to explore or lease the land for mineral extraction. Instead, the owner receives a percentage of the royalties generated from the extraction activities conducted by the lessee. Key elements within a Maryland Gift Deed of Nonparticipating Royalty Interest with No Warranty may include: 1. Granter and Grantee Information: This section identifies both parties involved in the transaction, including their full legal names, addresses, and any relevant contact information. 2. Recitals: The recitals typically outline the intention of the gift, the consideration (if any), and the granting party's ownership rights over the nonparticipating royalty interest. 3. Description of the Nonparticipating Royalty Interest: This section specifies the details of the nonparticipating royalty interest being transferred, including the exact mineral rights, location, and any relevant legal descriptions. 4. No Warranty Clause: This clause explicitly states that the granter is transferring the nonparticipating royalty interest "as is," without any warranties, representations, or guarantees, thereby absolving the granter from any liabilities or responsibilities related to the interest's quality, title, or future performance. 5. Governing Law: The document should specify that the laws of Maryland govern the gift deed and any disputes arising from it. It's crucial to note that while this description provides a general overview of a Maryland Gift Deed of Nonparticipating Royalty Interest with No Warranty, there might be different types or variations based on specific circumstances or requirements. It is advisable to consult with an attorney or legal professional to ensure accuracy and adequacy based on individual situations.

Maryland Gift Deed of Nonparticipating Royalty Interest with No Warranty is a legal document used to transfer ownership of royalty interest in mineral rights, specifically in the state of Maryland. This type of gift deed is often utilized when an individual wishes to give their nonparticipating royalty interest to another party as a gift, without any warranties or guarantees. The term "nonparticipating royalty interest" refers to an ownership interest in mineral rights without the ability to explore or lease the land for mineral extraction. Instead, the owner receives a percentage of the royalties generated from the extraction activities conducted by the lessee. Key elements within a Maryland Gift Deed of Nonparticipating Royalty Interest with No Warranty may include: 1. Granter and Grantee Information: This section identifies both parties involved in the transaction, including their full legal names, addresses, and any relevant contact information. 2. Recitals: The recitals typically outline the intention of the gift, the consideration (if any), and the granting party's ownership rights over the nonparticipating royalty interest. 3. Description of the Nonparticipating Royalty Interest: This section specifies the details of the nonparticipating royalty interest being transferred, including the exact mineral rights, location, and any relevant legal descriptions. 4. No Warranty Clause: This clause explicitly states that the granter is transferring the nonparticipating royalty interest "as is," without any warranties, representations, or guarantees, thereby absolving the granter from any liabilities or responsibilities related to the interest's quality, title, or future performance. 5. Governing Law: The document should specify that the laws of Maryland govern the gift deed and any disputes arising from it. It's crucial to note that while this description provides a general overview of a Maryland Gift Deed of Nonparticipating Royalty Interest with No Warranty, there might be different types or variations based on specific circumstances or requirements. It is advisable to consult with an attorney or legal professional to ensure accuracy and adequacy based on individual situations.