Quote:
Originally Posted by juanbenae
Consider hiring a geologist or another type of investigation group to look over the property and develop a report for ya.
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That is a must, as well as a complete survey of the property and a plat of all prior oil exploration activity. Also, all encumbrances, claims, legal stuff that can get you in irons needs to be understood by someone who has experience in this area.
I made the mistake of not doing a detailed survey of my farm when we bought it over 30 years ago. The plat was current for the mortgage so I thought we were good.
Unfortunately, there were two in-ground tanks, one diesel the other gas, that I was unaware of until we wanted to upgrade on of the old barns adjacent to the tanks.
It wasn't cheap fixing the problem. I cannot imagine what could be found on oil property.