This form is used when Seller and Buyer are entering into a Purchase and Sale Agreement including all of the Seller's rights, title and interests in and to the oil, gas and other minerals in and under and that may be produced from the lands described in Exhibit "A" including, without limitation, interests in oil, gas and/or mineral leases covering any part of the lands, overriding royalty interests, production payments, and net profits interests in any part of the lands or leases, fee royalty interests, fee mineral interests, and other interests in oil, gas and other minerals in any part of the lands.
Oklahoma Purchase and Sale Agreement of Oil and Gas Properties and Related Assets
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State:
Multi-State
Control #:
US-OG-251
Format:
Word;
Rich Text
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How to fill out Purchase And Sale Agreement Of Oil And Gas Properties And Related Assets?
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The Addendum shall have a heading which provides the Addendum number, date of issue, project title, location, and project number. The bid closing time and date shall always be included in the Addendum. A standard paragraph will then follow which stipulates the purpose of the Addendum.
Definitions of the words and terms to be used in the legal instrument. Terms and conditions of the sale and purchase of the assets, including purchase price and terms of the purchase (full payment at close, down payment, subsequent payments, etc.) Terms and conditions of the closing of the agreement, if any.
Any purchase agreement should include at least the following information: The identity of the buyer and seller. A description of the property being purchased. The purchase price. The terms as to how and when payment is to be made. The terms as to how, when, and where the goods will be delivered to the purchaser.
An Agreement of Purchase and Sale is a written contract between a seller and a buyer for the purchase and sale of a particular property. In the Agreement, the buyer agrees to purchase the property for a certain price, provided that a number of terms and conditions are satisfied.
Among the terms typically included in the agreement are the purchase price, the closing date, the amount of earnest money that the buyer must submit as a deposit, and the list of items that are and are not included in the sale.
Those seven elements are: Identification (Defining all the parties involved) Offer (The agreement) Acceptance (Agreement mirrored by other parties) Mutual consent (Signatory consent of all parties) Consideration (The value exchanged for the offer) Capacity (Legal/mental competence of all parties)