RealEstateLady's Blog

Sharing communication happening in my neighborhood I hope you find helpful!

I am not giving advice or recommendations of any kind only an attorney can do that!This is for informational and learning purposes only!

Incorporating a game plan for issues to address:

We have formed a 

committee in our neighborhood we have roughly 50 lots.

 

Many people first ask about receiving or being offered a certain amount as a bonus. 

If you are one of those "someones," please obtain a copy of the actual lease and provide it to a committee you may want to form as soon as possible for review.

This review will provide us with written documentation of bonus amounts to support a higher bonus than the Company may offer.

This also may allow time to compare the terms in the lease to those we are being offered to ensure you are comparing apples to apples.  The bonus amounts are going to differ based on the length of the lease, the costs deducted, any surface use, and many other details.  You can throw out all the numbers , but without documentation to back it up, it will just be our word against theirs.

 

Seriously consider hiring an attorney that specializes in local gas leases. 

Based on information from a friend, a good attorney drafting a document will save you lots of money and litigation later.  Many times people go into court and represent themselves.

Sometimes it works out, but most of the time, they end up with a poor result. 

The old adage is true: the attorney that chooses to represent himself has a fool for a client.

 

The role of the attorney in this process would be to provide valuable insight and information as well as legal expertise in this area of law, to act as a sounding board for our questions and concerns, to suggest alternative methods of addressing specific concerns, to advise us on what is or is not "market" in our area, and ultimately to prepare the documentation.  Anticipate that the significant portion of the negotiations will remain in the hands of the committee.  The attorney will in no way be able to guarantee a specified contract amount (either signing bonus or royalty) or a specified outcome.

 

Whatever attorney you hire should probably get a flat fee.  A group of 50 lots or so a reasonable rate should be between $100 - $200 per lot.

Individually, this is not a lot of money based on the return that we will receive.  Some may argue that we will not get much representation for that amount.  However, the attorney will be basically only drafting one set of terms for the entire group.  Therefore, since we have over 50 lots, it will be a nice little fee.

 

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