Margaret E. asked
I am a Realtor dealing with an 11th-hour refusal to sign a mineral conveyance in a real estate transaction. The sellers want to retain their diluted undivided interest in the minerals, but the buyers are demanding a security statement from the sellers, prepared by an attorney, stating that the sellers will consult with the buyers before entering any lease agreements for the minerals. The buyers are holding up the transaction until this document is provided. What kind of document can be prepared to satisfy the buyers' request, and is it legally necessary or common in such transactions?
May 3rd, 2023
Tammy T. answered
In this situation, the buyers' request for a security statement is not legally required and is not c...
May 3rd, 2023
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