When clients acquire or sell upstream oil and gas properties, both clients and their lawyers should pay close attention to the real property title protections in the underlying purchase and sale agreement (PSA) and in related conveyancing documents.
A seller prefers to convey the assets on an “as is, where is” basis, while a buyer wants comprehensive assurances that the seller will convey assets free of unexpected encumbrances. The most common forms of title protection available to these buyers and sellers include title defect mechanisms, representations and warranties, special warranties of title and title insurance.
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