Does anyone know that if you sign a letter of intent to sell your mineral rights can you change your mind without any issues? Leon Co Texas.and then
This is a legal question as to whether an agreement can be enforced. It will likely depend on the exact wording of the LOI. Usally there are conditions such as verification of minerals owned, terms of the deed, etc. and the deal is not final unless and until there is an agreement on all matters. You are certainly not obligated to sign a deed as presented by the purchaser which may well contain language expanding the purchase to include adjacent lands or all of the county. You should have an attorney review the LOI and all related documents. And do not sign any deed and turn it over to the purchaser without receiving 100% of the purchase funds. Good question, as you should ever sign any legal agreement without fully understanding all your rights and obligations.
2 Likes
Here’s what it states.
James D. Dorman l3 Brandywine Dr. Berlin, Ni 08009 Dear Mr. Dorman, It is the pleasure and interest of (business name)to present an offer to purchase your mineral interest in Leon County, Texas the tract being more fully described as: 4-982, A-736 - $1,125/Ilet Mineral Acre A-29, A-920 - $750llt{et Mineral Acre While this agreement is in effect, seller agrees not to directly or indirectly solicit any offers from, initiate or engage in any discussion or negotiations with, or provide any information to, any corporation, partnership, person or any other entity or group concerning any possible proposal regarding an Assignment or Conveyance by seller covering all or any portion of the interests covered hereby. We sincerely appreciate your time and interest and look forward to working with you, during this time. Please do not hesitate to contact me with any questions" We will need (30) business days from the date of signature to perform the due diligence in the Leon County clerk’s office. Respectfully; Matthew lf these terms are agreeable to you, piease execute and retutn to the address listed above. Accepted and agreed to as of the date signed below: D. Dorman Email or umber Dated: 1 q January 31,2023 ,l
1 Like
A Texas oil and gas attorney can best advise you as to the proper legal wording of a termination letter for you to send. Does not need to be an attorney in the county. There are several listed on the Directories tab.
You can observe qualified professionals (often with localized expertise) who provide services to mineral owners right here on The Mineral Rights Forum. You will notice them among 3 different instances on the site:
-
in display image ads and/or brief text messaging on site
-
in our Mineral Service Provider Directory in the main navigation above. These are arranged by professional discipline.
-
as a Business Member participating in many conversations throughout the site (note the blue colored “B” on their picture and blue text on their posts).
These practitioners are often able to provide the specific (and often localized) services that meet your needs.
The Mineral Rights Forum Administration
1 Like
It looks like the 30 due diligence has passed. So their agreement is null and void.
I think it’s probably passed cause he didn’t sign the deed? What do you think?
2 Likes
This is not meant to be legal advice. The LOI is meant to provide a commitment to the Buyer; however, this is a weak commitment and more psychological in nature. The basic idea behind the LOI is to get the first “Yes” from the Seller, so it is more of a negotiating technique. If you want to end this commitment, simply send a letter or email to the Buyer stating the same. They may respond with a counter proposal or simply accept that the LOI has been terminated by the Seller.
1 Like
This topic was automatically closed after 90 days. New replies are no longer allowed.