Is it customary for the dollar amount per acre not to be present on the lease that was sent to us to be signed and notarized. Seems strange. I wish to know this before I sign.
The dollar amount referred to in a lease is usually "one dollar or more". The dollar amount per acre plus the number of acres is noted in seperate paperwork that usually accompanies the lease. You most likely have a standard lease form.
Patti,
The lease you sign will be recorded at the County Clerk Office and anyone can look at it, so they don't put the dollar amount on this. The lease you sign will have a dollar amount like $1 or maybe $10 and the # of acres. If you are signing what is referred to as a standard lease (not sure what that is nowdays) you want to be sure you aren't going to be paying for transportation, etc. Be sure to mark this out. Also, you may want to be sure it has a Pugh clauses. If you are new at leasing, be sure to run it by an Oil & Gas attorney before you sign. Do not grantee a title as this could cost you a lot of money. Their are lots of things that needs to be put in and taking out of leases.
With the lease they sent you to sign, you should get a letter stating the amount they will pay and a draft. They have 30 days to make sure you have good title and then they pay you. Good Luck.