I recently read a General Warranty Deed covering the transfer of minerals to LL&B and was completely blown away by what it said. A few of the choice items the seller agreed to:
Transfer of all minerals (dirt, gravel, water, coal?) and the right to mine them.
Unlimited access to the property (Yee-Haaaaa)
Use of the property for storage of whatever is produced (tank farm)
Unlimited placing of "equipment" on the property (parking lot? pipe yard? construction equipment?)
Unlimited right to place "all of Grantee's property" on the property (party barge? speedboat? double-wide? junk cars?)
Unlimited placing of "improvements and appurtenances" on the property (compressor stations?)
Installation of pipelines (implicit agreement to ROW?)
Remember, everything is negotiable. There is no "standard" warranty deed. Get an attorney and limit the transfer and the language to only what YOU want to transfer. You and everyone that comes after you will be stuck with this agreement. Personally, I would NEVER purchase a piece of land that had one of these associated with it, so if your plan is to sell the minerals and then sell the land.....
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Interesting I was just talking to LL AND B today about possibly selling a portion . But I've learned enough to have my attorney look at EVERYTHING from here on out
Evan, you made my day. These guys are snakes. If you sell, only give them the right to collect the royalties from oil/gas drilling. "No surface development" is a good way to go. No rig, no access, no nothing. Don't sell the minerals, just sell what they are really after (the royalties).
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