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Making an Oil Lease
An Oil Lease allows a land owner (the "lessor") to grant an oil company (the "lessee") rights to explore and extract oil from a private property. It may also cover rights to extract gas and related minerals. When it is drafted properly, this contract may help to reduce disputes by ensuring that there is a mutual understanding between the signers. When ready, you can tap or click on the "Make document" button to check out the sample Oil Lease and preview the questions that you'll need to answer to personalize your lease.
As with any legal contract, Oil Leases are not legally binding until all parties have signed. Different from the other sites that you might come across, Rocket Lawyer offers more than any run-of-the-mill Oil Lease template or fillable PDF that you could download elsewhere. In the event of nonpayment or any other problem related to your Oil Lease Contract, your membership provides the optional benefit of Document Defense® protection.
Regardless of how few days or months the rental will last, it is critical to capture in writing the details of your commitments to the renter. Using this document will most likely be helpful because of the benefits shown here:
A few repercussions of not signing this document might include unauthorized or illegal usage, late payments, unexpected changes to the arrangement, and property damage.
Specific details that you might want to add are:
As expected, your agreement from Rocket Lawyer also contains guidelines about late fees, liability, and governing law. The lease will also lay out a structure for paying royalties from any oil that is discovered. Generally, oil royalties are paid as a percentage of the oil that is produced. You can also decide up front whether the lessor can assign their rights to another party. More modifications are allowed, if needed.
The good news is that you won't need to start from scratch when putting your agreement in writing. With the document tools on Rocket Lawyer, anyone should feel empowered to make Oil Leases very easily. Your document is constructed step by step, so you can be certain that it contains all of the relevant details. Ordinarily, for this level of customization, you might end up paying a traditional attorney a few hundred dollars, if not more, in fees.
Each Oil Lease will come with its own list of tips on what comes next after the document is completed. With a membership, you can edit it, make copies, save it as a Word or PDF document, sign it online using RocketSign®, and print it out when needed. Finally, you will need to provide a copy of your signed agreement to the oil company. You should also feel free to browse the other documents in our library.
Finding a lawyer to proofread your contract might be costly. Some lawyers will not even accept requests to review a document if they did not draft it. In the event that an attorney does offer assistance, they are still going to demand their standard rate for doing it. An easier and more cost-effective way to double-check your document would be to request help from the Rocket Lawyer On Call® network. As a Premium member, you can get your agreements reviewed or ask specific questions. Whether you decide to make Oil Leases or other legal documents, we will be here for you.