I'm new to this lease business and need a little advice. Is it customary to sign, notarize and return the "original" lease or should I copy the signed and notarized lease and send it to the "landman" and wait for my bonus check before returning the original lease??? Someone give me some help here---they only gave me a few days to return the signed lease.
You should not deliver the original signed lease without exchange for payment unless you are dealing with a reputable company that you have experience with and can trust. Otherwise the lease can be recorded and assigned and you are not paid. Or they can hold lease and then decide to walk away. Also, do not let the landman pressure you into signing an unfavorable lease. There are several very good threads about using a bank where the bank holds the original lease until payment is secured. Take you time to go through a lot of this site, especially in state where your minerals are located.
Thank you TennisDaze. You have confirmed what I have been reading. The offer is from Magnolia Resources, LLC. Do you have any idea if they are a reputable firm---I've not had prior dealings with them. It is for $1,500 per NMA and 1/5 royalty. Does that seem decent for Dewey County? Thanks for your response.