Contracts
A contract for the sale of Oklahoma mineral rights must be:
AApproved by the Oklahoma Corporation Commission
BIn writing to satisfy the Statute of Frauds, because mineral rights are an interest in real property✓ Correct
CNotarized and filed with the BIA
DApproved by the surface estate owner
Explanation
Because mineral rights are an interest in real property (real estate), a contract for their sale must be in writing to be enforceable under Oklahoma's Statute of Frauds. Mineral deeds must also be in writing and recorded.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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