Oil And Gas Lease
Definition of "Oil and gas lease"
A lease granted for the right to explore for and recover oil and gas on a specific parcel of property. The terms of an oil and gas lease specify the length of time of the contract, the landowner's royalties that will be paid to the property owner, and any bonus payments including warranties to repair surface damages. For example, an oil company agrees to pay a 10% landowner's royalty on the value of all recovered oil and gas on the property.
Popular Real Estate Terms
Not attached to any parcel of land but merely a personal right to use the land of another. ...
Same as term nonconforming use: Property use which is in violation of the current zoning ordinance, but had been in use prior to the zoning ordinance's enactment. A nonconforming use is ...
Contractual agreement between a commercial or industrial rental property owner and an individual or firm who agrees to maintain the property. Management agreements specify the nature of ...
Claim by a real estate broker that his or her actions were the principal cause of the completion of a property sale between two parties. A successful procuring cause claim would entitle a ...
Body o law relating directly to condominiums and cooperative developments. Most property law provides vertical ownership of property in the sense that property owners own mineral rights as ...
Square footage of space a parcel of land has. ...
Primary business district of a city or urbanized area having the areas major governmental offices, professional, and retail businesses represented. ...
The age at which one is legally capable of entering into binding contracts, signing a deed and negotiating business agreements. In most states this is the age of majority. Normally this is ...
Right to enter and start construction or furnishing property that is in the process of being purchased. ...
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