Does anyone know when they will pay the bonus money? Is it paid after they start drilling or when the lease is finalized? How long does it take to start drilling and if they hit oil when would the rolalty payments start?
You should trade the signed/notarized lease for a check. I actually have the check in my hand before I let go of the lease! I have also had the lease money split into 2 payments, 1/2 in the current year, 1/2 in the next year. This spreads the taxes due over 2 years.
Leases are generally for 3 years, drilling can happen any time during the 3 years. Royalty payments usually begin 4-6 months after the well is completed.