What is 1.33 acres worth for title insurance claim?? Please help....
Long story, short.... I have 1.33 acres that when I bought my house there was no mention of a lease on the property nor did the title company find one. I had a land man look up my property information and he found out that it was under production. It is under an Enervest lease for a shallow well with 12.5% royalty from the 70's I believe.I filed a claim with the title insurance company. They are offering me $10,000. Do you think this is fair or would you refuse the check and try for additional compensation. I am thinking I should be compensated much more because if there were no lease I could have got a nice signing bonus, much bigger royalty percentage , and been able to get into a pool that would have an active productive well. What do y'all think?? Thank you ahead of time..
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Replies to This Discussion
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Permalink Reply by p umpjack on
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10 k and the back royaltys and future royatlys and consider it a walk off 1.33 acres ain't gonna make you quite the day job
bring on a lawyer and make them pay his fees make it a real o-g lawyer not a ambulance chaser
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Permalink Reply by FRANK on
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Any one else have any comments or answers?? What do you suggest or to put it in another perspective what would you do in my shoes. Thanks
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Permalink Reply by FRANK on
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Fang, the only thing that bothers me is I have no control over the lease conditions due to an existing lease and am getting royaly screwed over the 12.5 percent royalty. I could have got another 10% royalty pament and have to wait and see what enervest plans on doing with my property which is a big headache due to the incompetence of my title company. If you would you can call me at my 800# which is 800-533-9570 and we can talk. My name is Frank. Thanks,
If they are offering 10K it's probably worth more. But do you want to fight it. In the end to settle this as pumpjack said it would be good to have an attorney help.
Did the previous owner receive royalties ? NOHave you received royalties ? YES BUT JUST RECENTLY DUE TO SUBMITTING NECESSARY INFO TO ENERVEST If no to both questions, how long have you owned the property ? 14 YEARS How long did the previous owner own the property ? 5-6 YEARS Do you know the name of the well ? YES Have you or previous owner been notified of an assignment of the lease ? WHAT DOES THAT MEAN?
As for depriving you of being in a "pool" with a productive : You are making an assumption that may not be accurate. It also doesn't mean you won't be included some day.
If you can provide the name of the well permit #, Township and County plus answer all the above questions I may be able to give you a more complete answer.
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Permalink Reply by Frank Walker on
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Frank, here is my take:
You bought a home on 1.33 acres and paid whatever you paid. Your purchase was based, implicitly, on the assumption you would be able to lease, since there was no disclosure of the existing lease at time you bought your home.
You asked if $10,000 is fair compensation for the wrong, for the damage, you have suffered. I cannot answer that straightaway. You need to go back to time of your purchase and honestly answer, for yourself, this question:
How much would I be willing to pay for this home and property given it has a lease?
The question assumes you had had benefit of full disclosure at time of your purchase. Your loss is the difference between the amount you actually paid and the answer to that question. And that should be the amount of your compensation from the title company.
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