We are currently considering offers to buy mineral rights in the area and I am wondering about a couple things hopefully someone can help shed some light on.
Have received a letter of intent agreement from an interested party with two days to respond which is obviously not enough time to properly evaluate the offer but regardless, I am wondering what the phrase in the letter means, "Sellers shall provide general warranty as to subjects interests conveyed thereunder."? Does this mean we are guaranteeing title? I've read about this on the forum and believe that it is not advisable to have seller warrant the title, is that correct?
If a person signs the letter of intent, it states that the buyer will forward approved mineral deed. I'm wondering if signing a letter of intent actually obligates a person to sell? It seems that a person would need to have the mineral deed in order to review before making a decision to sell or do I have this wrong?
I have written down the name of a legal firm someone mentioned on here out of Kingfisher and am thinking that we should have a deed reviewed by a legal expert before completion of the sell.
One company we are are in contact with is Mayhawk Energy out of Norman, does anyone have experience with this company?
Sorry for the litany of questions but need as much as advice as I can get, thank you!