We are thinking of relocating to and buying a home in the Trumbull County area...

Hi,

We are going to relocate and have found some homes in Trumbull County.  One has a little over 3 acres and the other, a little over 4 acres.

The home with 3 acres touts that "All mineral/hydrocarbon rights and gas royalties transfer upon sale".  So I am assuming that perhaps this property may get about 3-4,000/acre bonus and some % royalties. 

In essence, does this add value to the home?  It sounds like a good deal.  The house needs about $10,000 put into it, so we are thinking that down the road, we may break even on what we would need to put into it?

What about the same deal in Portage or Mahoning counties??

Any help would really be appreciated and thanks!

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Replies to This Discussion

Permalink Reply by Knows-a-little on March 26, 2012 at 4:26am
Check out Trumbull Septic News on Facebook before buying here...something stinks and its not only coming from failed systems...
Permalink Reply by Kim O'Reilly on March 26, 2012 at 5:18am

on my way to FB now....thanks!!!!

Permalink Reply by JR on March 26, 2012 at 5:33am

We just went through this exercise with our land in a different county.  Just because they are transferring mineral rights and royalty rights doesn't mean you are eligible for the signing bonus.  The property could already be leased to an O&G outfit. So, you need to know who owns the "deep drilling rights" and what the lease terms are that you might inherit. And--without a doubt--a thorough title search to be absolutely sure you would own what they say you will.  It's safe to assume you COULD get some royalties down the road.  But it could take years.  

Permalink Reply by Kim O'Reilly on March 26, 2012 at 5:39am

Thanks, I'm going to print that and run it by my realtor.  If we decide we might want it, the deal WILL be contingent with that, among other things.... much appreciated!

Permalink Reply by Tanya Gabriele on March 26, 2012 at 5:38pm

What township is the house in?  Some places, like Bazetta, have terrible ground water.  You need to consider many things besides mineral rights.  If the property is not connected to city sewage and water, you have the immediate expense of putting in a new septic tank--regardless of its age--which is unfair.  If you have well water, it must be tested.  Make sure your wiring and heating is to code etc.  

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