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Landman: A self-employed individual or company employee who secures oil and gas leases, checks legal titles, and attempts to cure title defects so that drilling can begin. Landmen are a crucial, integral, and vital part of the energy industry. Landmen work for oil companies in Texas, New Mexico, Oklahoma, Lousiana, Kansas, Arkansas, Virgina, North Carolina, South Carolina, and New York. Several universities have added professional land management as a major.
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Glossary
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F - J
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Fee – An estate in real property, completely owned, which the owner can devise to his heirs or sell.
Fee Simple Absolute - An estate in property which allows an owner complete control over his property, within the law, to dispose of the property in any manner during his lifetime; and to pass the property to his heirs or legal representatives upon his death.
Feme Covert — A married woman.
Feme Sole — A single woman, including widows and divorcees.
Fiduciary – A person who serves, with or without bond, to act for the benefit of another in all matters connected with a specific undertaking. Fiduciary obligations exist, for example, between trustees and the beneficiaries of a trust.
File for Record – To send an instrument to the county clerk for recording.
Force Majeure — An act outside the control of two contracting parties such as storms, earthquakes, wars, etc. Foreclosure - The termination of all rights and the retaking of property covered by a mortgage.
Four-Corner Rule – A rule of interpretation that holds that an instrument , such as an oil and gas lease, must be interpreted from within the four corners of the document. Interpretation is made without any aid from knowledge of the circumstances under which the instrument was drafted and signed.
Freehold — An estate in land of an undetermined duration. It can be a life estate, a lease with the unlimited right of renewal, or a fee simple estate.
Freestone Rider – See Pugh clause.
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Good - Sufficient in law. Good record title - Marketable title. Property which is free of encumbrances and possible litigation. Free to be sold, mortgaged, leased, etc.
Grant — (1) to bestow, convey or transfer. conveying rights or property. (2) an instrument
Grantee — One to whom a grant is made; the purchaser acquiring title to property.
Granting Clause – Clause in an oil and gas lease that specifies the right and interests granted by the lessor to the lessee.
Grantor — One who conveys; the seller conveying property.
Guardian – Person appointed by a court for the purpose of managing the property and rights of a person who is considered incapable of managing for himself. For example, a minor child, an insane person or a mental incompetent may have a guardian. -
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Habendum Clause — The clause in a Lease setting forth the duration of the Lessee's interest. See Chapter Two.
HBP — Held by Production.
Heir — One who inherits anything, real, personal or mixed, by the laws of descent when a person dies without leaving a will (said to die intestate)
Hereditaments - Anything capable of being inherited, real, personal or mixed.
Homestead Property – Property such as land, house, etc. which cannot be seized to pay general debts.
-I- Implied - A deduction from certain circumstances. Usually used in contrast with "Express."
Implied Covenant – An obligation or benefit not specified in an oil and gas lease, but held by the courts to be implicit in such lease.
Inception of Title – The grant from sovereign (state, king, etc.) Incompetent – A person judged by the court to be incapable of managing his own affairs by reason of insanity or mental infirmity.
Indian Lands — Lands set aside by the Federal Government for Indians.
Interest – Pertaining to real estate, a right or claim to property. Intestate - When one dies without leaving a will he is said to die intestate.
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Joint Tenancy — Two or more persons who hold land in fee simple for years, for life, or at will. They have one conveyance commencing at the same time and maintain undivided possession. Upon death of one, all rights, title and interest in the property remain with the survivors.
Judgment - A debt or obligation evidenced by a court decree. A judgment creates a lien against the property of a judgment debtor.
Judicial Determination – See Judicial Transfer.
Judicial Transfer – Transfer by the court of an interest or interests in real property. Usually the situation arises when the landowner is missing or unknown, after foreclosures or tax sales.
Jurat — A notary's certificate — "Subscribed and sworn to (or affirmed) before me this ____ day of ______, 19 -L-
Fee Simple Absolute - An estate in property which allows an owner complete control over his property, within the law, to dispose of the property in any manner during his lifetime; and to pass the property to his heirs or legal representatives upon his death.
Feme Covert — A married woman.
Feme Sole — A single woman, including widows and divorcees.
Fiduciary – A person who serves, with or without bond, to act for the benefit of another in all matters connected with a specific undertaking. Fiduciary obligations exist, for example, between trustees and the beneficiaries of a trust.
File for Record – To send an instrument to the county clerk for recording.
Force Majeure — An act outside the control of two contracting parties such as storms, earthquakes, wars, etc. Foreclosure - The termination of all rights and the retaking of property covered by a mortgage.
Four-Corner Rule – A rule of interpretation that holds that an instrument , such as an oil and gas lease, must be interpreted from within the four corners of the document. Interpretation is made without any aid from knowledge of the circumstances under which the instrument was drafted and signed.
Freehold — An estate in land of an undetermined duration. It can be a life estate, a lease with the unlimited right of renewal, or a fee simple estate.
Freestone Rider – See Pugh clause.
-G-
Good - Sufficient in law. Good record title - Marketable title. Property which is free of encumbrances and possible litigation. Free to be sold, mortgaged, leased, etc.
Grant — (1) to bestow, convey or transfer. conveying rights or property. (2) an instrument
Grantee — One to whom a grant is made; the purchaser acquiring title to property.
Granting Clause – Clause in an oil and gas lease that specifies the right and interests granted by the lessor to the lessee.
Grantor — One who conveys; the seller conveying property.
Guardian – Person appointed by a court for the purpose of managing the property and rights of a person who is considered incapable of managing for himself. For example, a minor child, an insane person or a mental incompetent may have a guardian. -
H-
Habendum Clause — The clause in a Lease setting forth the duration of the Lessee's interest. See Chapter Two.
HBP — Held by Production.
Heir — One who inherits anything, real, personal or mixed, by the laws of descent when a person dies without leaving a will (said to die intestate)
Hereditaments - Anything capable of being inherited, real, personal or mixed.
Homestead Property – Property such as land, house, etc. which cannot be seized to pay general debts.
-I- Implied - A deduction from certain circumstances. Usually used in contrast with "Express."
Implied Covenant – An obligation or benefit not specified in an oil and gas lease, but held by the courts to be implicit in such lease.
Inception of Title – The grant from sovereign (state, king, etc.) Incompetent – A person judged by the court to be incapable of managing his own affairs by reason of insanity or mental infirmity.
Indian Lands — Lands set aside by the Federal Government for Indians.
Interest – Pertaining to real estate, a right or claim to property. Intestate - When one dies without leaving a will he is said to die intestate.
-J-
Joint Tenancy — Two or more persons who hold land in fee simple for years, for life, or at will. They have one conveyance commencing at the same time and maintain undivided possession. Upon death of one, all rights, title and interest in the property remain with the survivors.
Judgment - A debt or obligation evidenced by a court decree. A judgment creates a lien against the property of a judgment debtor.
Judicial Determination – See Judicial Transfer.
Judicial Transfer – Transfer by the court of an interest or interests in real property. Usually the situation arises when the landowner is missing or unknown, after foreclosures or tax sales.
Jurat — A notary's certificate — "Subscribed and sworn to (or affirmed) before me this ____ day of ______, 19 -L-