Separating mineral rights from property
Is it difficult and/or expensive to have your mineral rights separated from your property. I may not be wording this right, the bottom line is if we want to sell our property and keep the mineral rights do we do that in advance or at the time of selling/closing. Thank you for any information.
Views: 637
Replies to This Discussion
-
Permalink Reply by ray schmidt on -
Hi Barbara.i had to sell my property last summer due to divorce,went through a realtor and told them i wanted to keep all mineral rights.wasnt a problem at all,when advertised they stated seller retaining all mineral rights.property was in good location and sold in 2 weeks! good luck!!!
-
Permalink Reply by Bill Simpson on
-
What state are you in?
I set up an LLC thru the State of Ohio (a few lines with my name and the name of the LLC).
Cost a few dollars and took about a week and a half to get my certificate.
Took it to an attorney and had all the surface and below ground (mineral rights) put into the LLC. The attorney said that after I RECEIVE my first check that he will go and separate the above ground from the below ground.
The surface property and house will go back into my name and the mineral rights will stay in the LLC. The LLC will also protect you from a lot of liability.
If I decide to sell my house later on they only get the house as the mineral rights are in an LLC owned by me.
In todays legal sue em, screw em society I would still make a note on the purchase agreement should I sell my house that the "XXX LLC owns all mineral rights, signing bonuses and/or royalties". I do not think you need to do this but everyone will sue everyone once royalty monies start flowing. I want to make it as airtight as possible.
A few hundred bucks should do it all. Get a GOOD O&G attorney...not some attorney who sues for dog bites and neighbor disputes
Very cheap.
Top Content
Latest Activity
© 2024 Created by Keith Mauck (Site Publisher).
Powered by
