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
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Owner has rights to water on his land. He also has a reasonable privilege to water adjacent to his property that flows through it or abutting it. ...
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Situation in which an owner of property sells the property to an investor and then leases the property back, usually for a 20- or 30- year term. ...
Market price pf all the property prior to a condemnation proceeding. ...
Offering price. ...
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