This form is used when a Principal and an Agent enter into a Escrow Agreement for the purpose of setting forth the terms and provisions by which the Agent will act as trustee for the holding of earnest money paid by a third party to the Principal under the Agreement.
Harris Texas Escrow Agreement for Sale of Undivided Interest in Oil and Gas Leases is a legally binding document that outlines the terms and conditions for the transfer of ownership and sale of undivided interests in oil and gas leases located in Harris County, Texas. This agreement establishes the rights and responsibilities of the parties involved, including the seller, buyer, and escrow agent. The Harris Texas Escrow Agreement for Sale of Undivided Interest in Oil and Gas Leases typically includes the following key provisions: 1. Parties: The agreement identifies the seller, buyer, and the escrow agent involved in the transaction. 2. Description of Interests: It provides a detailed description of the undivided interests in the oil and gas leases being sold, including lease numbers, acreage, and any other relevant information. 3. Purchase Price and Payment Terms: The agreement specifies the total purchase price, the amount agreed upon for each undivided interest, and the payment schedule or any other agreed-upon payment terms. 4. Representations and Warranties: Both the seller and buyer provide certain assurances regarding their legal capacity, authority, and ownership rights in relation to the interests being sold. 5. Delivery and Transfer of Interests: The agreement outlines the process for the delivery of the interests to the buyer upon receipt of the agreed-upon payment, including the necessary transfer documents and obligations. 6. Escrow Arrangements: The agreement appoints an escrow agent who will hold the payment in a secure escrow account until all conditions and requirements for the sale are met. 7. Conditions Precedent: The agreement may specify certain conditions that must be met before the sale becomes effective, such as obtaining necessary consents or approvals, title clearance, or regulatory compliance. 8. Indemnification: Both parties may agree to indemnify and hold harmless each other from any claims, liabilities, or expenses arising out of the transaction. 9. Governing Law and Jurisdiction: The agreement typically stipulates the governing law (the laws of the state of Texas) and the jurisdiction (Harris County, Texas) in which any disputes arising from the agreement will be resolved. There may be different types of Harris Texas Escrow Agreements for Sales of Undivided Interest in Oil and Gas Leases, depending on factors such as the specific terms and conditions, parties involved, or the complexity of the transaction. Some variations may include agreements with provisions for royalty interests, overriding royalty interests, or working interests, among others. If you are considering entering into a Harris Texas Escrow Agreement for Sale of Undivided Interest in Oil and Gas Leases, it is crucial to consult with an experienced legal professional who can provide guidance and ensure all relevant legal requirements are met.Harris Texas Escrow Agreement for Sale of Undivided Interest in Oil and Gas Leases is a legally binding document that outlines the terms and conditions for the transfer of ownership and sale of undivided interests in oil and gas leases located in Harris County, Texas. This agreement establishes the rights and responsibilities of the parties involved, including the seller, buyer, and escrow agent. The Harris Texas Escrow Agreement for Sale of Undivided Interest in Oil and Gas Leases typically includes the following key provisions: 1. Parties: The agreement identifies the seller, buyer, and the escrow agent involved in the transaction. 2. Description of Interests: It provides a detailed description of the undivided interests in the oil and gas leases being sold, including lease numbers, acreage, and any other relevant information. 3. Purchase Price and Payment Terms: The agreement specifies the total purchase price, the amount agreed upon for each undivided interest, and the payment schedule or any other agreed-upon payment terms. 4. Representations and Warranties: Both the seller and buyer provide certain assurances regarding their legal capacity, authority, and ownership rights in relation to the interests being sold. 5. Delivery and Transfer of Interests: The agreement outlines the process for the delivery of the interests to the buyer upon receipt of the agreed-upon payment, including the necessary transfer documents and obligations. 6. Escrow Arrangements: The agreement appoints an escrow agent who will hold the payment in a secure escrow account until all conditions and requirements for the sale are met. 7. Conditions Precedent: The agreement may specify certain conditions that must be met before the sale becomes effective, such as obtaining necessary consents or approvals, title clearance, or regulatory compliance. 8. Indemnification: Both parties may agree to indemnify and hold harmless each other from any claims, liabilities, or expenses arising out of the transaction. 9. Governing Law and Jurisdiction: The agreement typically stipulates the governing law (the laws of the state of Texas) and the jurisdiction (Harris County, Texas) in which any disputes arising from the agreement will be resolved. There may be different types of Harris Texas Escrow Agreements for Sales of Undivided Interest in Oil and Gas Leases, depending on factors such as the specific terms and conditions, parties involved, or the complexity of the transaction. Some variations may include agreements with provisions for royalty interests, overriding royalty interests, or working interests, among others. If you are considering entering into a Harris Texas Escrow Agreement for Sale of Undivided Interest in Oil and Gas Leases, it is crucial to consult with an experienced legal professional who can provide guidance and ensure all relevant legal requirements are met.
