If you sell your gas and oil rights, and later find that you didn't own them, do you have 2 pay back the money

Question

If you sell your gas and oil rights, and later find that you didn't own them, do you have 2 pay back the money

Answer 1

" I hereby sell or assign all of my personal rights to any mineral sources found at plat map location..."

Something of this style might meet your needs.

Answer 2

Up to teh oil and gas company to determine who the fee simple of the rights are and to sign a contract with the right person. If they s***w up, no chance; if someone comitted fraud....different issue

Answer 3

depends on the terms of the contract. Hard to imagine a contract that doesn't state something to the effect that Seller represents that he has the ownership of the rights to be sold and the right to sell them.

If that clause is in there, then you are sunk.

If not, it is still probably policy or part of the US Commercial Code that all such contracts implicitly have such a clause.

Answer 4

I will answer your question with a question. But first of all ignorance is no excuse with the law. Now if i sold you farm ground and learned later it was not mine to sell should i not have to give you back your money/?. After all the buyer is going to have to give back the ground to the real owner or if he the owner say's they can have the land but will need the money paid you for the land guess where the buyer is going to go after to recover the money to pay the land owner.This takes no Rocket scientist to understand it's called common sense...

Answer 5

Probably.If someone else has legal rights,and stopped the person"s" from taking ownership,they can legally ask to be reimbursed.