Is there a typical “purchase contract” to purchase oil rights?
Does a lawyer need to be involved for either buyer/seller in purchase agreement?
I am in the land development industry, this will be our 1st purchase of actual mineral rights.
Sometimes mineral buyers use a letter agreement, but most have a PSA specific to mineral rights. If this is your first go, definitely have an attorney involved. He or she can draft one for you that you can use over and over again with fill in the blank names, addresses, etc.
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