John Edens Survey, A-31, Houston County, TX
Hello All - this is our first post here! We own roughly 36 NMA in this area (gross 750ish), and are receiving offers to purchase our NMAs. The area is currently leased (2024) with a first right of refusal.
It seems offers are very wide ranging and we do not know how to have the appropriate initial offers. I have reached back out to those that have shown interest and asked for their final offer along with a sample of their standard agreement.
Any advice or suggestions are welcome!
Thank you
MM
I hope that you mean that your lease has an option to extend past the primary term. f you signed a lease giving the lessee a right of first refusal, you have created a mess. You cannot sell to any buyer without giving the lessee the right to match the offer and buy on the exact final terms. You have to be careful about signing any agreement which does not disclose that the lessee has a right of first refusal and can take away the contract. And some buyers will not want to do all the due diligence of title etc and then have the contract yanked. Consider having an attorney review the first-refusal language. In the future, never sign any lease with a right-of-first refusal clause.
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Welcome to posting!! This is a great resource!
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Never ever grant anyone a right of first refusal. It may be too late in this circumstance, but hopefully this will help in the future or someone else.
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Your right of first refusal may cause an issue from your leasing company as mentioned above. Drake Exploration has been leasing quite heavily in that survey, so you might want to hold off and see what develops over the next couple of years. Augusta Energy has just permitted a deep well about three miles away from you, so something is ticking in the area.
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