This form is a Mineral Deed where the Grantor is a Trust and the Grantees are Three Individuals. Grantor conveys and warrants the described property to the Grantees. Grantees take the property as joint tenants with the right of survivorship or as tenants in common. This deed complies with all state statutory laws.
Ok Mineral Deed With Right Of Survivorship
Category:
State:
Oklahoma
Control #:
OK-021-78
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Oklahoma Mineral Deed - Trust To Three Individuals?
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FAQ
If the estate was administered by the Oklahoma courts, the transfer of the mineral rights to the beneficiaries should be recorded in the real estate records. If no transfer is filed, an affidavit can be filed.
If your relative owned minerals in his or her name alone, as opposed to owning them in a trust or business entity like an LLC, the minerals will need to be probated in Oklahoma.
The record owner must: TITLE: Title the property "Transfer-on-death" by making a new deed. NAME: Name the person to get the land, home or mineral interest when the record owner dies on the new deed. This person is called the "beneficiary." SIGN: Sign the deed before two witnesses and a notary.
An attorney can create a deed or assignment that conveys the mineral rights to the new owners. The original deed will need to be recorded in the county where the minerals are located. If there are producing wells on the property, each operator will need to be notified of the change in ownership.
The key feature of this form of ownership is the right of survivorship. The last co-owner to die will hold title to the property in fee simple absolute individual ownership regardless of what the deceased co-owner's will provides and regardless of whether the surviving joint tenant is related to the deceased cotenant.