Houston Texas Gift Deed of Nonparticipating Royalty Interest with No Warranty

• Category: Oil Gas and Minerals - Deeds
• State: Multi-State
• City: Houston
• Control #: US-OG-042
• Format: Word; Rich Text

Description

This form provides for a conveyance of a nonparticipating royalty interest in specific lands. A Houston Texas Gift Deed of Nonparticipating Royalty Interest with No Warranty is a legal document used to transfer ownership of a nonparticipating royalty interest in an oil, gas, or mineral property located in Houston, Texas, from one party (the donor) to another (the done) as a gift. This type of nonparticipating royalty interest means that the owner of this interest does not have any rights to make decisions or participate in the operations of the property but is entitled to receive a portion of royalties from the production of minerals. The Gift Deed of Nonparticipating Royalty Interest with No Warranty is a legally binding contract that outlines the terms of the gift, including a description of the property, the percentage or fraction of royalty interest being transferred, the names and addresses of the donor and the done, and any specific conditions or restrictions attached to the gift. This document also includes a specific clause indicating that the transfer of the nonparticipating royalty interest is being made without any warranties or guarantees. This means that the donor does not provide any assurances regarding the validity of the interest, potential royalty income, or any other aspects related to the property, leaving the done to assume all risks and responsibilities associated with it. Different types of Houston Texas Gift Deed of Nonparticipating Royalty Interest with No Warranty may include variations based on the specific terms and conditions agreed upon by the donor and done. For example, the agreement may include provisions regarding the payment of taxes or post-transfer liabilities, the ability to transfer or assign the interest in the future, or any particular conditions the donor may impose. It is crucial for both the donor and done to seek legal counsel and conduct due diligence before entering into this type of transaction. Consulting an attorney with expertise in oil, gas, and mineral law can ensure that the gift deed is valid, all necessary legal requirements are met, and that both parties fully understand their rights and obligations. In conclusion, a Houston Texas Gift Deed of Nonparticipating Royalty Interest with No Warranty is a legal document used to transfer ownership of a nonparticipating royalty interest in an oil, gas, or mineral property as a gift. This type of deed signifies that the owner of this interest has no decision-making power but is entitled to a portion of the royalties. Different variations of this deed exist, depending on the terms and conditions agreed upon by the parties involved. Seeking legal advice is highly recommended ensuring a smooth and legally compliant transfer of the royalty interest.

A Houston Texas Gift Deed of Nonparticipating Royalty Interest with No Warranty is a legal document used to transfer ownership of a nonparticipating royalty interest in an oil, gas, or mineral property located in Houston, Texas, from one party (the donor) to another (the done) as a gift. This type of nonparticipating royalty interest means that the owner of this interest does not have any rights to make decisions or participate in the operations of the property but is entitled to receive a portion of royalties from the production of minerals. The Gift Deed of Nonparticipating Royalty Interest with No Warranty is a legally binding contract that outlines the terms of the gift, including a description of the property, the percentage or fraction of royalty interest being transferred, the names and addresses of the donor and the done, and any specific conditions or restrictions attached to the gift. This document also includes a specific clause indicating that the transfer of the nonparticipating royalty interest is being made without any warranties or guarantees. This means that the donor does not provide any assurances regarding the validity of the interest, potential royalty income, or any other aspects related to the property, leaving the done to assume all risks and responsibilities associated with it. Different types of Houston Texas Gift Deed of Nonparticipating Royalty Interest with No Warranty may include variations based on the specific terms and conditions agreed upon by the donor and done. For example, the agreement may include provisions regarding the payment of taxes or post-transfer liabilities, the ability to transfer or assign the interest in the future, or any particular conditions the donor may impose. It is crucial for both the donor and done to seek legal counsel and conduct due diligence before entering into this type of transaction. Consulting an attorney with expertise in oil, gas, and mineral law can ensure that the gift deed is valid, all necessary legal requirements are met, and that both parties fully understand their rights and obligations. In conclusion, a Houston Texas Gift Deed of Nonparticipating Royalty Interest with No Warranty is a legal document used to transfer ownership of a nonparticipating royalty interest in an oil, gas, or mineral property as a gift. This type of deed signifies that the owner of this interest has no decision-making power but is entitled to a portion of the royalties. Different variations of this deed exist, depending on the terms and conditions agreed upon by the parties involved. Seeking legal advice is highly recommended ensuring a smooth and legally compliant transfer of the royalty interest.