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.
North Dakota Escrow Agreement for Sale of Undivided Interest in Oil and Gas Leases
Category:
State:
Multi-State
Control #:
US-OG-212
Format:
Word;
Rich Text
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How to fill out Escrow Agreement For Sale Of Undivided Interest In Oil And Gas Leases?
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FAQ
Working interest is a term for a type of investment in oil and gas drilling operations in which the investor is directly liable for a portion of the ongoing costs associated with exploration, drilling, and production.
An undivided interest is an ownership that is co-owners have an equal right to enjoy the entire property. The property is not divided into identifiable sections. When someone owns less than 100% of the interest, they are said to own an undivided interest.
The term ?undivided interest? refers to a type of ownership in which multiple parties share ownership of a single asset without the property being physically divided among them. This is commonly seen in real estate, natural resource holdings, and certain types of financial investments.
The undivided interest is not separated into parts or shares. Thus, no individual co-owner has exclusive rights to any specific portion of the property. For example, if four persons own under an undivided interest 10 acres of land, each individual owner would have a 25% undivided interest in the entire 10 acres.
An undivided interest is an ownership that is co-owners have an equal right to enjoy the entire property. The property is not divided into identifiable sections. When someone owns less than 100% of the interest, they are said to own an undivided interest.