Bank holding lease awaiting bonus

Oil and Gas Leasing Help
1

I haven’t had a new lease offer for a few years, but in the past, after agreeing to the wording and terms of a new lease, I have asked my bank to hold the signed lease until the bonus is deposited in my bank account. No one who has negotiated a lease with me has ever refused to do this. Now I intend to cancel my accounts with my local bank and instead use an online bank associated with mutual funds so I won’t be able to appear in person at a bank to make this request. Is holding the lease by a bank an important safeguard to ensure that I do get the bonus, or do people generally consider it unnecessary?

2

I am doing a new lease right now. The company told me to get the lease signed & notarized, then send them a COPY by email or snail mail and hold the original. They will then issue a check and mail to me. When I receive, I deposit the check to any of my accounts, and once the funds have cleared, I snail mail them the original. The bank does not have to ‘hold’ the original, and I’m driving the bus.

3

Depending upon whom I am leasing with, I either hold the signed lease personally until the check clears or have my accountant or attorney hold it until the check clears and they send the lease or the agent comes to pick it up. It is unwise to hand over a lease without getting paid.

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4

Or, just wait until the lease is done to close your bank accounts to change over. You can’t close existing accounts until a minimum of 30 days have passed with no activity, so you have plenty of time to set up the new online banking and still have the bank handle the lease for you.

5

One time in about 1984 I signed a lease with a company for over a 1,000 net. acres. I got a draft from their landman he hand delivered it to me and I signed the leases. I then deposited it in a bank and it took THREE weeks for it to clear! I will never accept a draft again. You need to know whom you are dealing with anytime you are doing an oil and gas lease. In 2012 I got cashiers checks and deposited them in a Wells Fargo account and they took 3 business days to be credited.