Mineral rights, terminating contracts
Answers to real estate questions as appearing
in the Houston Chronicle
By george stephens, CRB, AND Charles J. "Chuck" Jacobus, JD
Dear George: Seven people have mineral rights on an inherited piece of property. Can one person lease his one-seventh without the consent of the other parties involved?
Answer: Yes. The owners are tenants in common. The lessee cannot drill, though, without owning more than 50% of the rights, so it is a good idea to work together on these negotiations. You will also need an experienced oil and gas lawyer, as these issues can get very complicated.
Dear George: We added a special provision to the six-month-long listing agreement with our agent. This provision stipulates that we, the sellers, can terminate the agreement at any time during its term with two weeks' notice. Do we still need to sign a termination agreement if we exercise this early-termination provision?
Answer: Yes. A termination agreement deals with other items that will not become known until you exercise your right to early termination. For example, how do you confirm the termination by all parties without a termination agreement?
E-mail your question to "Ask George & Chuck" or fax it to 281/596-7591. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
George Stephens, CRB, is the broker of ERA Stephens Properties. He is licensed as a mortgage broker in Texas and a real estate broker in Texas, Georgia, and Massachusetts.
Charles J. Jacobus, JD, is board certified by the Texas Board of Legal Specialization in Residential and Commercial Real Estate Law, and the author of Texas Real Estate Law and Texas Real Estate, both published by Thomson Publishing. He also teaches at Champions School of Real Estate and Houston Community College, and is an adjunct professor at the University of Houston Law Center.
George and Chuck are co-authors of Texas
Real Estate Brokerage and Law of Agency published by Thomson Publishing.
