I have been gifted dynamite: 2 companies are bidding for my mineral rights in section 22, township 4 north.
Principle has been very upfront, even paid for an hour of my accountant’s time to go over taxes on the sale.
Atomic has come on strong like a used car salesman. They’re offering more but something about them puts me off.
Would appreciate any feedback from previous dealings. Thank you.
-When I get an offer and if I were interested, I would do several things to see if the buyer is legitimate.
-I look them up on Bizapedia and see how long they have been in business. No problem in being a new company, but I am looking for the owners to see if they have experience and their BBB rating.
-I look up the owners on LinkedIn or other sites to see what their training and background is.
-I look up their website. Are they willing to say who they are? Who is funding them? What do they do? etc. If they are not willing to reveal who they are and how they are funded, then I will not deal with them.
-I ask if they are willing to put 10 percent of the purchase price in an escrow account as a good faith measure. What third party is holding that escrow for them? Attorney? Accountant? I want a PSA (Purchase Sale Agreement) in writing and an agreement that the remainder of the payment will either be paid to the escrow account and my third party who is holding my lease will turn it over when the check clears or it will go to my direct direct deposit account before my third party will be handing over the lease or deed. NEVER hand over a signed deed without getting paid. If anyone wants that, walk away!
Do nothing until you know what you own. Might be current producing wells with revenue due you that is in suspense. Smells like something is not right with their offer. Ask a lot of questions.
Ask for references. Do the two companies have purchase agreements they want you to sign? have legal counsel compare the two agreements.
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