The leasing company received my contract on December 2nd. When should i receive the check?
It is wiser to get paid the day that you hand over the lease contract. That being said, you may have had a letter that said how many days until payment. Might have said 90 days or 60 days. They are probably in the midst of running title, so that takes a while.
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I received a letter from Surprise Valley Resources requesting to lease my minerals in Leon County. This letter was included with a Paid Up Lease detailing the terms, royalties, etc., which is similar to a previous lease I received for other tracts a few years ago. Also included was a Memorandum of Oil, Gas, and Mineral Lease that is supposed to have my notarized signature and returned with the Paid Up Lease Agreement. This memorandum includes the primary term(3 years) and an option to renew (2 years) and descriptions of the tracts involved. It also includes this reference:
“Reference is hereby made to executed copies of Oil, Gas, and Mineral Lease in possession of Lessor and Lessee respectively, for all of the provisions thereof, and by this reference same are incorporated herein and made a part hereof in all respects as though fully set forth herein.”
The letter also says “Bonus payments are subject to title confirmation and final management approval.” So there will be no check for me until they’re satisfied. Is this a new process?