On selling your mineral rights, and where it says close on or before 30 days, do they mean business days? Also, if it goes past the 30 days, does that cancel the contract or just mean they need a little more time? Thank you for any input
Jennifer,
Typically a contract is assumed to be 30 calendar days, not business days. I would need to see the Purchase Agreement to give a specific answer, I reviewed a Purchase Agreement this week that stated, "Closing shall occur within 30 days of the execution date of this contract or shortly after the completion of all due diligence." I objected to the wording "...or shortly after the completion of all due diligence.", that leaves too many opportunities for there not to be a meeting of the minds.
Good luck
30 Calender days. Landman here. If you have any other questions about your contract, please ask!
Who is purchasing your mineral interest?