Whereas, Seller owns and desires to sell, and Buyers desire to purchase, all of Sellers right, title and interest in any overriding royalty interest, net profits interest and other interest in the oil, gas and other minerals in the oil, gas and/or mineral leases or lands described on Exhibit A attached hereto (the interests) . this statement is in the PSA we have 1% in which 5 kids out of 6 are selling half which is .08335 apiece my question is why would it say ALL when its only half and mind you this is the second one they sent since the first one said the selling interest was .166667 which was all the % at only half the price sounds fishy. by the way Exhibit A states all the 2320 acres township range and section. thanks in advance for any insight and this is supposedly a reputable Co.
Tim: Probably oversight on their part due to a standard document. They probably used on old document, then cut & paste.
You need to use language something to this effect: "The interest of Sellers as set forth on Exhibit “A”. “Then state insofar and only so far”
They probably are reputable, but with computers & cut & paste, etc, we all make mistakes.
Tell them you need to change some things. They should be amicable to that.
Todd M. Baker
thanks for your input Todd. What about M Barnes Wade OL Lawrence Clint
You should consult an attorney to review the PSA to make sure that you are not selling anything more than agreed. There may be more than one problem provision and any advice related to a single clause is not going to protect you.
thanks so much Tennis Daze by the way love that name!
I agree with TennisDaze. Consult an attorney as the whole document needs to be reviewed.
one more question on PSA Conveyance: Buyers shall prepare, andSeller shall reasonably approve, the assignment which shall contain a special warranty of title by through and under Seller for the Interest paid for by Buyers at Closing what does special warranty of title mean?
You do not want to provide a full warranty of title because if there is a title problem stemming from a document filed decades earlier or a probate or inheritance issue or other cloud or failure of title, the you could be sued because you guaranteed title was perfect. You can specify no warranty of title at all or limit it to only occurrences after you acquired title. You really need to consult an attorney to make sure that you are complying with state law, including any recent case law, in exactly how the language should read. No advice on a sentence is adequate because there may be other references or provisions which override your limitation language. Laws and related document interpretation and liabilities vary from state-to-state and there may be a recent legal decision which changes things.