A Gift Deed of Nonparticipating Royalty Interest with No Warranty is a legal document used in Oklahoma to transfer ownership of a nonparticipating royalty interest from one party (the "granter") to another (the "grantee") as a gift, without providing any warranty or guarantee of the interest being conveyed. This type of gift deed is commonly used in the oil and gas industry, particularly in states like Oklahoma that have a rich history of oil and gas production. Nonparticipating royalty interest refers to the right to receive a share of the royalties generated from the production of oil and gas on a particular property, without having any rights or obligations in the operations of the property. This means that the owner of the nonparticipating royalty interest does not bear any costs of production, but is entitled to receive a portion of the revenues generated. The Gift Deed of Nonparticipating Royalty Interest with No Warranty is an important legal document as it facilitates the transfer of ownership and establishes the rights and responsibilities of both the granter and grantee. It typically contains detailed information about the property, including legal descriptions, identification of the royalty interest being transferred, and any specific terms and conditions that may apply. In Oklahoma, there are various types of Gift Deeds of Nonparticipating Royalty Interest with No Warranty, depending on the specific circumstances and requirements of the parties involved. Some common variations include: 1. Oklahoma Gift Deed of Nonparticipating Royalty Interest for a Specific Property: This type of gift deed is used when the nonparticipating royalty interest being transferred relates to a specific property or lease. It includes detailed information about the property, such as the legal description, identification of the lease, and the specific royalty interest being conveyed. 2. Oklahoma Gift Deed of Nonparticipating Royalty Interest with No Warranty for Multiple Properties: This type of gift deed is utilized when the granter wishes to transfer nonparticipating royalty interests from multiple properties or leases in Oklahoma. It includes a comprehensive list of the properties and royalty interests being conveyed. 3. Oklahoma Gift Deed of Nonparticipating Overriding Royalty Interest: While similar to a nonparticipating royalty interest, an overriding royalty interest is created and reserved by the granter out of their own working interest. This variation of the gift deed pertains specifically to overriding royalty interests. It is crucial to consult with an experienced attorney or legal professional when dealing with Oklahoma Gift Deeds of Nonparticipating Royalty Interest with No Warranty to ensure all legal requirements are met, and the rights and obligations of the parties involved are properly documented and protected.
Oklahoma Gift Deed of Nonparticipating Royalty Interest with No Warranty
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FAQ
An Oklahoma quitclaim deed simplifies property transfer by conveying the grantor's interest without promising clear title. This deed is suitable for familiar parties, like family members, who have a mutual understanding.
Whether mineral rights transfer with the property depends on the estate type. If it's a severed estate, surface rights and mineral rights are separate and do not transfer together. However, if it's a unified estate, the land and the mineral rights can be conveyed with the property.
The Beneficiary must sign a form. The form must be filed with the County Clerk in the county where the real estate is located and the deed is recorded. The form is called an Affidavit. An Affidavit is a form that has certain information and a sworn statement by you that are the beneficiary.
Oklahoma law assumes that a warranty deed transfers complete?or fee simple?title to real estate unless the deed specifies otherwise. If the current owner holds less than complete title, a warranty deed conveys all title and rights in the real estate the current owner has the power to convey.
Inheriting Oil and Gas Royalties: The Transfer Process This process is somewhat similar to inheriting real estate, but with some specific nuances. Will and Probate Process: If the deceased left a will, the mineral rights will be transferred ing to their wishes.
How Much Are Transfer Taxes in Oklahoma? In Oklahoma, the documentary stamps are $0.75 per $500 (or 0.15%) of the sales price of the property. For median value homes in Oklahoma worth $123,700, the transfer tax would be $185.55. The documentary stamps are affixed to the deed when it is recorded.
On November 1, 2008, Oklahoma's "Nontestamentary Transfer of Property Act" (Title 58 O.S. §§ 1251-1258) went into effect. This law allows a "record owner" to use a "Transfer-On-Death Deed" to name another person to receive his real estate without going through probate.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and docHubd, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
