Hello! What is the process of transferring ownership once a contract has been signed? Does the purchasing party have the responsibility of notifying the county and producer? What if we are still receiving production checks? Thanks for your time.
This is a general answer. The purchaser has the obligation of notice. Depending on the effective date of transfer, you may still receive checks for a limited time. If you are receiving checks for production after the effective date, then you should notify the purchaser since the funds are not legally yours and would be subject to recovery.
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I agree with James on this. It’s the obligation of the buyer to notify the operator. Any checks you receive belong to the buyer if the production date is after the sale date.
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