We have an offer we are seriously consider. It is from L3 Resources out of Houston. Has any worked with them before? I just want to ensure they are a reputable company. Thanks!
They are known to have a good reputation.
Have they explained the actual process as to how a transaction would unfold? For instance, have you been presented a written purchase offer, containing terms and conditions of a sale. Are you going be locked into executing a general warranty deed (as differentiated from a special warranty). What are the terms surrounding title issues and curing options?
My point - there are many important parts to a reasonable (for all parties) transaction, price being only one of them.
Thanks for the info!
I have had a O&G Lawyer look at the proposal/contract and L3 has agreed to the lawyer’s recommended (from my POV) changes, i.e. Special Warranty, we do not give up any unclaimed monies prior to effective date, must use a cashier’s check (to guarantee monies are good), etc. My concern is that the offer is pretty competitive and I just wasn’t positive about L3 since the Landman (may be a rep for them??) uses a gmail account, the main office is out of a low-rent area, their letterhead uses a post office box, etc. For some reason, I figured an O&G company would be a little more upscale. However, it others have had a positive experience with them, that alleviates a lot of concerns. Thanks!
If you choose to work with them, DO NOT hand over a signed deed until the cashier’s check clears the bank. Have a third party such as an attorney hold the deed until the financial transaction is finished.
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