This form is used when the Assignor sells, assigns, and conveys to Assignee, an undivided percentage of all of Assignor's rights, title, and interests in his Oil and Gas Leases. By this Assignment, Assignor also sells, assigns, and conveys to Assignee a like undivided interest in all equipment, personal property, and fixtures located on the lands covered by the Leases.
Assignment and Bill of Sale of Undivided Interest in Multiple Producing Leases - Short Form
Category:
State:
Multi-State
Control #:
US-OG-260
Format:
Word;
Rich Text
Instant download
Description Undivided Interest
How to fill out Assignment And Bill Of Sale Of Undivided Interest In Multiple Producing Leases - Short Form?
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What Is An Undivided Interest Form popularity
FAQ
Undivided share of co-owners The co-owner can sell even his undivided share in the absence of any partition deed. The buyer of the share steps into the shoes of the co-owner. He can enforce partition. He acquires the rights of the transferor.
Another method is to partition the land through some legal agreements & documents whereby the undivided interests become DIVIDED interests into individual sole title owners. In this case, each owner receives a share of their deeded land with specific boundaries .
Undivided means that the ownership interest in the common elements cannot be subdivided to each unit owner. A unit owner, for example, cannot claim that a certain tree is his because he owns 1.2% of the common elements so he wants the tree.
For example, tenants in common own an undivided interest in the property, so if there are two tenants in common in an apartment, each owns a one-half interest in the apartment.In finance law, an undivided interest is a complete or partial ownership of all parts of a whole.
An undivided real estate interest is a tenancy in common, meaning that the interest holder is entitled to possession of the property according to his proportionate share. Unlike joint tenants, there is no right of survivorship. Thus, the interest of a tenant in common does not terminate at death.
If you are tenants in common, you have an undivided interest in the property; as this type of owner, you can sell only your interest in the property. To sell the whole piece, all owners must agree to sell. Joint tenancy gives rights of survivorship to the surviving co-owner when one of the owners dies.
Ownership right to use and possess property that is shared by two or more co-owners. No individual co-owner has an exclusive right to any portion of the property.
An undivided interest is An ownership right to use and possession of a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property.1 For example, assume an asset is owned by four family members through a Tenancy in Common.
