Tennessee Ratification of Lease and Bonus Receipt For Party Not Signing Lease, Or Who Does Not Own Executive Rights
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How to fill out Ratification Of Lease And Bonus Receipt For Party Not Signing Lease, Or Who Does Not Own Executive Rights?
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FAQ
Property owners who own mineral-rich land often lease the oil and gas rights to a company able to produce those resources. Property owners in turn benefit from a royalty interest in the oil and gas production from the producer (the lessee).
A ratification of an existing Texas oil and gas lease usually executed by a non-participating royalty interest owner or a non-executive mineral interest owner. It can be used for transactions involving business entities or private individuals.
To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
Ratified contracts are most commonly used in real estate and refer to a legally binding agreement that has been initially accepted by both the buyer and the seller, typically following negotiations and the signing of a purchase offer.
To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
