Why You Should Hire A Local Real Estate Attorney if I am considering signing an Oil and Gas lease?
Many Ohio residents are considering signing an Oil and Gas lease. In this economy any source of additional income is a welcome one. That does not mean, however, that a person should jump on the first offer that comes along. Petroleum companies make their living by negotiating the best lease possible for their terms. Accepting the wrong terms or signing up with the wrong company could not only result in permanent damage to the landowner’s property, but could also be binding on generations to come and cost the landowner millions. Negotiating the right terms with the right company can lead to financial security and comfort and could be your legacy to future generations. That is why hiring a local Real Estate Law attorney is a good investment. An ounce of prevention is worth a pound of cure and an experienced Oil and Gas attorney will be worth every penny paid.
You can hire a lawyer individually or Landowners can form a group and hire an attorney for the landowner group and thus save fees by sharing the cost. Smart Landowners hire lawyers for the same reason that professional athletes hire agents. The more experienced the lawyer, the better terms that will be negotiated and the necessary protections included to protect the landowners investment. In fact, the cost of an attorney is often covered by the increased profits for the landowner that are accomplished because of the attorneys involvement. The additional profits over time from a good lease will pay for the attorney fee and much more.
And while profits generated from the lease are very important, that is not the only concern a Landowner should have regarding a lease. An Oil and Gas lease is a complicated commercial document. It is not your average landlord tenant lease. The drilling companies have millions of dollars at their disposal, which gives them somewhat of an upper hand in a one-on-one negotiation. A good local attorney will have useful knowledge about local industry practices, as well as a thorough understanding of contract law and what terms need to be included since there is no standard lease agreement even though the oil and gas companies will tell you it is “standard”. The knowledge, experience and acumen of the attorney are very important when protecting the rights and wishes of a landowner, who may also be a farmer. Even an easement can have very bad terms for the farmer. The landowner has to come to the negotiating table knowing exactly what he wants, and what he does not want, and that is where an attorney can be very helpful. The location of the pipeline or easement across a landowners property is very important and the terms can be very damaging for a landowner, especially a farmer.
These are just some of the topics that an experienced attorney will have to discuss with the landowner to determine the best terms to be negotiated for the landowner. An experienced local attorney can help ensure the landowner achieves the best possible result and maximum profits with minimum damage and disruption to the general use of the property, for a sustainable long term source of income while ensuring the continued use and enjoyment of the property by the Landowner.