Stipulation and Assignment of Undivided Interest in Leases
Understanding this form
The Stipulation and Assignment of Undivided Interest in Leases is a legal document used to clarify and record the interests of multiple parties in oil, gas, and mineral leases. This form establishes a formal agreement among the parties regarding their respective ownership stakes, helping to eliminate disputes over leasehold interests. Unlike other lease agreements, this form specifically addresses the stipulation and assignment of undivided interests, making it particularly useful for co-owners of lease properties.
Key parts of this document
- Identification of the parties involved, including names and addresses.
- Effective date of the agreement.
- Description of the oil, gas, and mineral leases as outlined in Exhibit A.
- Clarification of each party's undivided interests in the leases.
- Signatures of the parties acknowledging the stipulation and assignment.
Situations where this form applies
This form should be used when there is uncertainty regarding the specific ownership interests among parties in joint ownership of oil, gas, and mineral leases. Common scenarios include when a dispute arises between co-owners or when interests need to be formally detailed for legal or financial purposes, such as selling or transferring rights. This form facilitates a clear understanding among the parties involved, ensuring a legally binding record of their agreements.
Who should use this form
This form is intended for:
- Individuals or companies that are co-owners of oil, gas, and mineral leases.
- Attorneys representing clients who need to clarify lease interests.
- Real estate professionals involved in lease transactions.
How to complete this form
- Identify and enter the names and addresses of all parties involved.
- Specify the effective date of the agreement.
- Fill in the details of the oil, gas, and mineral leases as described in Exhibit A.
- State the stipulated interests for each party clearly.
- Ensure all parties sign the document, acknowledging their agreement to the terms.
Notarization requirements for this form
Notarization is generally not required for this form. However, certain states or situations might demand it. You can complete notarization online through US Legal Forms, powered by Notarize, using a verified video call available anytime.
Common mistakes to avoid
- Failing to clearly state each party's interest proportion.
- Not including the effective date of the agreement.
- Omitting signatures from one or more parties.
Why complete this form online
- Convenience of downloading and completing the form at your own pace.
- Editable format allows for easy customization to fit your specific needs.
- Reliability of forms created by licensed attorneys, ensuring legal sufficiency.
State-specific compliance details
This is a general form suitable for multiple states. Review and modify it as needed to reflect your jurisdiction’s rules.
Form popularity
FAQ
Since the joint tenants have equal interest, the property cannot be sold without all parties' consent. Instead of selling, a joint tenant can choose to transfer their interest to another party.Therefore, the property cannot be passed down to the heirs of the joint tenants.
Royalty Interest an ownership in production that bears no cost in production. Royalty interest owners receive their share of production revenue before the working interest owners. Working Interest an ownership in a well that bears 100% of the cost of production.
A stipulation of interest is a contract that consists of mutual conveyances, and therefore, it must conform to the requirements of both a contract and conveyance.This requires the affiant to state all facts necessary to establish inheritance of a decedent's real estate as well as proportional interest.
Conveyance Documents An operator may ask you to sign a Cross-Conveyance and Stipulation of Interest document to clarify ownership when there are any ambiguities with previous conveyances when concurrent ownership (multiple people) is involved. If you have this document, keep it along with any deeds.
A title opinion is a legal document and an important written communication between an attorney and his client.A thorough examination will reveal whether an owner has marketable title and will suggest curative measures to owners with title defects.
A deed that names the seller/donor and the purchaser/donee. It states and describes the rights being sold or given. Filing of the notarized conveyance in the county government office which is generally the county clerk's office.
The word undivided is added to indicate it is a partial interest in a tract and the owners have not agreed to partition the minerals among themselves.
