Curious - how long does/should a title search take for mineral sale ?
Was able to negotiate a 45 business day close - but noticed it says 45 days OR time required for title search.
I was under impression that a title search should be able to be completed within 2 weeks typically. Am I just completely off on my time ? Property has not changed hands outside of family within the past 80 years and there have been previously leases signed and properly released on the minerals. Would seem to be a fairly straight line of verification of mineral ownership as no issues have ever surfaced in past searches.
As always, it depends on the specific language in your agreement. "Title Search" vs. "certified title," or if it's open-ended would all lead to different timelines. Certified title takes some time as the reviewer typically tries to go back as close to patent as possible, unless otherwise specified.
For a mineral sale, my hunch is that buyer would want to acquire certified title before purchasing.
Exactly, and in what state the "type of title" is being ran in. West Virginia is a lot harder than Pennsylvania.
State is Ohio.
I realize there is more to the search than a home purchase for example. Paperwork says "title review" from memory - so I would agree certified title.
60 days should be plenty of time.
Agreed. The DMA in Ohio and the fact that the courthouses are empty, 60 should be plenty but it sounds like the language is unbound.
So I pulled out the paperwork.
Title work is required by an independent provider.
This was my biggest concern as thinking after signing just made me wonder, what if they try to delay by claiming they cannot clear title, while holding up my right to walk away at the end of the 45 day. As they must use an independent- it would be very easy to demonstrate that they did send the assignment out (and when it was sent) and if any true delays existed - so I am good.
Thanks for the responses. Just looking forward to getting this one wrapped up so I can move on. Nothing like waiting on someone else to get their files in order.
Where are the minerals located?
How is that pertinent to the question? He said Ohio.