Texas Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Grantor

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• Control #: US-OG-130
• Format: Word; Rich Text

Description

If an owner of a mineral or royalty interest, whose interest is subject to a mortgage/deed of trust, desires to sell or convey an interest, it is appropriate to obtain a release of that lien as to the interest conveyed. This form addresses that situation. Texas Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Granter: In the state of Texas, a Partial Release of Mortgage or Deed of Trust on a Mineral or Royalty Interest Sold by Granter is an important legal document that serves to partially release a property owner's mortgage or deed of trust on specific mineral or royalty interests that have been sold or transferred by the granter. When an individual or entity sells a portion of their mineral or royalty interests, it is common for the buyer to request a partial release of the mortgage or deed of trust that was initially placed on the entire property. This allows the buyer to have clear ownership of the sold interests, without the encumbrance of the original mortgage or deed of trust. The Texas Partial Release of Mortgage / Deed of Trust on a Mineral / Royalty Interest Sold by Granter document includes essential information such as: 1. Identification of the involved parties: The document will clearly identify the granter, who originally held the mortgage or deed of trust, and the buyer, who has purchased the specific mineral or royalty interests. 2. Description of the property: The document will provide a detailed description of the property from which the interests are being sold. 3. Specific interests being released: The partial release will specifically identify the mineral or royalty interests that are being released from the original mortgage or deed of trust. This ensures that the release is limited to the sold portion, without affecting the remaining interests or encumbering other parts of the property. 4. Consideration and payment terms: The document may include details regarding the consideration or payment made by the buyer to the granter for the sold interests. 5. Release and satisfaction of the mortgage or deed of trust: The partial release acknowledges that the granter's mortgage or deed of trust has been satisfied with respect to the released interests. It effectively removes the encumbrance on the sold portion, allowing the buyer to have clear ownership. Different types of Texas Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Granter can include variations based on the specific terms and conditions agreed upon by the parties involved. Some potential variations might include: 1. Purchase price adjustments: If there are contingencies or adjustments to the purchase price based on factors such as future production or market conditions, the partial release document may include provisions to address these considerations. 2. Retained interests: In some cases, the granter may retain a small percentage of the mineral or royalty interests after the sale. This can be accounted for in the partial release to ensure that the mortgage or deed of trust remains in effect for the retained interests while being released for the sold portion. 3. Future obligations or liabilities: Depending on the terms of the original mortgage or deed of trust, the partial release may outline any continuing obligations or liabilities of the granter to the buyer or any successor owners related to the sold interests. In conclusion, the Texas Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Granter is a legally significant document that allows for the partial release of a property owner's mortgage or deed of trust on specific mineral or royalty interests that have been sold. It is crucial to ensure that this document accurately reflects the transaction and protects the rights and interests of both the granter and the buyer.

Texas Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Granter: In the state of Texas, a Partial Release of Mortgage or Deed of Trust on a Mineral or Royalty Interest Sold by Granter is an important legal document that serves to partially release a property owner's mortgage or deed of trust on specific mineral or royalty interests that have been sold or transferred by the granter. When an individual or entity sells a portion of their mineral or royalty interests, it is common for the buyer to request a partial release of the mortgage or deed of trust that was initially placed on the entire property. This allows the buyer to have clear ownership of the sold interests, without the encumbrance of the original mortgage or deed of trust. The Texas Partial Release of Mortgage / Deed of Trust on a Mineral / Royalty Interest Sold by Granter document includes essential information such as: 1. Identification of the involved parties: The document will clearly identify the granter, who originally held the mortgage or deed of trust, and the buyer, who has purchased the specific mineral or royalty interests. 2. Description of the property: The document will provide a detailed description of the property from which the interests are being sold. 3. Specific interests being released: The partial release will specifically identify the mineral or royalty interests that are being released from the original mortgage or deed of trust. This ensures that the release is limited to the sold portion, without affecting the remaining interests or encumbering other parts of the property. 4. Consideration and payment terms: The document may include details regarding the consideration or payment made by the buyer to the granter for the sold interests. 5. Release and satisfaction of the mortgage or deed of trust: The partial release acknowledges that the granter's mortgage or deed of trust has been satisfied with respect to the released interests. It effectively removes the encumbrance on the sold portion, allowing the buyer to have clear ownership. Different types of Texas Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Granter can include variations based on the specific terms and conditions agreed upon by the parties involved. Some potential variations might include: 1. Purchase price adjustments: If there are contingencies or adjustments to the purchase price based on factors such as future production or market conditions, the partial release document may include provisions to address these considerations. 2. Retained interests: In some cases, the granter may retain a small percentage of the mineral or royalty interests after the sale. This can be accounted for in the partial release to ensure that the mortgage or deed of trust remains in effect for the retained interests while being released for the sold portion. 3. Future obligations or liabilities: Depending on the terms of the original mortgage or deed of trust, the partial release may outline any continuing obligations or liabilities of the granter to the buyer or any successor owners related to the sold interests. In conclusion, the Texas Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Granter is a legally significant document that allows for the partial release of a property owner's mortgage or deed of trust on specific mineral or royalty interests that have been sold. It is crucial to ensure that this document accurately reflects the transaction and protects the rights and interests of both the granter and the buyer.