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Why did you not use an attorney for the transaction?
Hi Rachel!
That sounds like a horrible experience. And a very frustrating one, too. On behalf of all of the legitimate people in the Oil and Gas Industry, please accept my apologies.
I have seen the ways some of the potential buyers manipulate the numbers myself. The Seller is thinking in terms of Net Mineral Acres (NMA) and the Buyers are translating the NMA into what they somewhat inaccurately describe as Net Royalty Acres.
90+ acres of minerals anywhere in the Permian Basin, Howard or any other County, however, is bound to be worth quite a bit of money. We're talking about a multi-county area where the mineral buyers are calling people over 10ths of an acre.
Charles Emery Tooke III
Negotiation tactics also exist in real estate. People waste their time and money by using appraisals and inspections to pick apart the property condition and low-ball the asking price. That is why when I list a property, I list it "as is."
Negotiations are nothing new in the O&G and real estate worlds.
Good luck,
Pat
I have had very similar experiences with Congress for clients in several counties in Texas and New Mexico. When I insisted on a Purchase and Sale Agreement, they generally back away. If you have evaluated your needs and know what you want in a transaction, ignore the big hollow offers and follow Tom Ed Moore's advice. There are plenty of legitimate buyers looking for minerals in and around Howard County that will be happy to make fair deals using PSA's and use deeds that don't leave the seller with title liabilities forever.
Gary L Hutchinson