purchasing mineral rights

I am thinking of buying mineral rights from three of my inlaws does anybody know the process of doing this/

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Permalink Reply by WV Mineral Owner on December 23, 2018 at 11:42am
William,

Firstly, where are the minerals located? Every State has different laws / rules when it comes to buying mineral rights.
Permalink Reply by william george allison on December 24, 2018 at 2:40am

Brooke county West Virginia 

Permalink Reply by WV Mineral Owner on December 24, 2018 at 3:30am
William,

In West Virginia, it is fairly easy to purchase minerals. You will need to have a deed drafted, (Strongly recommend using an Attorney) and file the document in the Brooke County Courthouse. There is a transfer tax based on the sale price and a recording fee, fairly straight forward.

I do not know Brooke County, but suspect you would be able to find an Attorney to draft the deed and have everything else accomplished for $750.00 - $1,000.00.

Happy Holidays
Permalink Reply by william george allison on December 24, 2018 at 11:33am

That is good to know thank you wv mineral owner and happy holidays to you and your family 

Permalink Reply by G.H. on December 26, 2018 at 4:56am

To add to what WV Mineral Owner said... also make sure you get the minerals assessed and pay taxes on them where appropriate.  I suspect the clerk's office would advise you to do this, or an attorney drafting the deed would advise you to do this... but just make sure you have it assessed in your name and you are paying taxes on it.

Permalink Reply by william george allison on December 26, 2018 at 6:09am

yes thank you G.H.Pay taxes on minerals that are still in the ground and then IF they get drilled pay more taxes lol  they keep us broke for a reason.

Permalink Reply by WV Mineral Owner on December 26, 2018 at 3:26pm

Adding to the topic...

The time frame varies depending on the county, but some counties take as much as two years from date of purchase, until the taxes are assessed in the new owner's name.  One must be vigilant to pay the taxes, regardless of if you receive a tax statement, never make the assumption the taxes are not owed.

WV is unique with some of the rules of ownership, countless people have had their property sold at a Sheriff's Tax Auction, out of ignorance.  A simple example...  Say Grandma retires and passes in Florida, if she owns minerals in WV, the estate is required to file a death certificate & will in every county she owns minerals.  Grandma's heirs may not know about the mineral ownership, sold the condo she lived in and the tax tickets are either returned to the county or thrown in the circular file by the new condo owner, suddenly the minerals are sold at auction for back taxes.

Permalink Reply by G.H. on December 27, 2018 at 7:38am

HAHA yeah, what a racket.  But gotta make sure they're paid if you wanna keep owning them.

Permalink Reply by Jeff Kerr on January 1, 2019 at 8:11am

Any news on EQT DRILLING IN Greene CO PA lots of permits but not much going on as I hear. Springhill TWP  

Permalink Reply by Lynn mudder on January 1, 2019 at 4:38pm

They had been drilling quite a bit in Aleppo TWP. The old Glass Joe and Great Tiger pads???  These were Rice pads, now EQT. A lot of pipeline activity also. 

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