This form is a Oil, Gas and Mineral Deed where the Grantor is a Trust and the Grantee is an individual. Grantor conveys and sells the described property interest to the Grantee. This deed complies with all state statutory laws.
McKinney, Texas Oil, Gas, and Mineral Deed from a Trust to an Individual: Explained and Types The McKinney, Texas Oil, Gas, and Mineral Deed from a Trust to an Individual is a legal document that facilitates the transfer of ownership of oil, gas, and mineral rights from a trust to an individual in McKinney, Texas. This type of deed is commonly employed when a trust, formed for the purpose of managing and distributing assets, decides to transfer specific rights to an individual beneficiary or any other parties involved. The purpose of this deed is to transfer the rights to explore, extract, produce, and profit from the oil, gas, and mineral resources found on a specific parcel of land in McKinney, Texas. These resources, which hold significant economic value, are often seen as valuable assets that can generate income through leasing or direct extraction. Keywords: McKinney, Texas, oil, gas, mineral, deed, trust, individual, ownership, transfer, rights, legal, document, assets, beneficiary, exploration, extraction, production, profit, resources, parcel of land, economic value, income, leasing. Types of McKinney, Texas Oil, Gas, and Mineral Deed from a Trust to an Individual: 1. General Oil, Gas, and Mineral Deed: This type of deed transfers all rights associated with the oil, gas, and mineral resources from the trust to the individual. It includes exploration, extraction, production, and profit rights. 2. Partial Oil, Gas, and Mineral Deed: In some cases, the trust may decide to transfer only a portion of the oil, gas, and mineral rights to the individual. This deed includes specific restrictions and limitations defined by the trust regarding the percentage or specific parts of the resources being transferred. 3. Limited Term Oil, Gas, and Mineral Deed: This type of deed grants the individual beneficiary the rights to explore, extract, produce, and profit from the resources for a pre-determined period. Once the term expires, the rights may revert to the trust or follow another agreed-upon arrangement. 4. Royalty Interest Deed: Instead of transferring direct rights to explore and extract, a royalty interest deed entitles the individual to receive a portion of the income generated through the leasing or extraction of oil, gas, and mineral resources on the specified parcel of land. 5. Non-Participating Royalty Interest Deed: This type of deed grants the individual the right to receive a percentage of the income generated from the exploitation of oil, gas, and mineral resources but excludes any rights to explore, extract, or have a say in their production. It is important to consult legal professionals familiar with McKinney, Texas laws and regulations to ensure the transfer of oil, gas, and mineral rights from a trust to an individual is properly executed.
