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This form is used by the Assignor to transfer, assign, and convey to Assignee interests in leases and all oil, gas and other minerals produced, saved and sold from the Lease and Land.
It's usually a smart move to get legal help when dealing with mineral leases, to make sure all the fine print is clear and you're protected.
If oil or gas is discovered after you’ve made a partial assignment, the person or company that holds the lease will generally receive the benefits from extraction unless specified otherwise.
Selling part of your mineral rights may have tax implications, as it could be treated as a capital gain, so it's wise to consult a tax professional.
Yes, you can still use your land for other purposes, but keep in mind that the new leaseholders may have rights to explore or extract resources.
Reserving an overriding royalty interest means that the seller keeps a percentage of the revenue from any oil, gas, or minerals extracted, even if they've sold the leasing rights.
A partial assignment means that a property owner is selling or transferring some rights to their oil, gas, or mineral leases while keeping some for themselves.
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Stockton California Partial Assignment of Oil, Gas, and Mineral Leases Reserving An Overriding Royalty Interest