If I live in one state and my business partner lives in another and we want to purchase an oil and gas property in a third state, where must he closing be?
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If I live in one state and my business partner lives in another and we want to purchase an oil and gas property in a third state, where must he closing be?
We are doing a double close. I am purchasing the property for one price and selling it for another. Both buyer and seller want to handle everything via wire transfers. Can I take care of this in my home state or do I have to find a real estate attorney in the state where the property is?
Asked on April 3, 2012 under Real Estate Law, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Typically if you are doing a double escrow, the escrows will be in the county and state where the real properties are located simply for ease of recording purposes. Escrow for the oil and gas property should be in the county and state where that property is located simply because that is the location of that parcel.
You can have escrow in whatever state you actually agree to with the seller. However, there could be time delays in recording the grant deeds if escrow is not in the county and state where the real property that is being bought and sold are located. You can have your own attorney handle the transactions in the state of your residence.
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