Arkansas Warranty Deed for Surface and Mineral Interests is a legal document used to transfer ownership of both the surface and mineral rights of a property in the state of Arkansas from one party to another. This type of deed ensures that the granter (seller) guarantees that they hold clear title to the property, free from any encumbrances, and transfers it to the grantee (buyer) without any warranty against any future claims or defects. In Arkansas, there are two main types of warranty deeds for surface and mineral interests: 1. General Warranty Deed: This type of deed provides the highest level of protection for the buyer as it guarantees the title against any claims or defects that may have arisen before or during the granter's ownership. The granter guarantees to defend the title and compensate the grantee for any losses incurred due to defects in the title. 2. Special Warranty Deed: Unlike the general warranty deed, a special warranty deed only guarantees the title against claims or defects that may have arisen during the granter's ownership. It does not provide protection against any prior claims or defects, which means the grantee may be responsible for addressing any issues that may arise from previous ownership. It's important to note that while the surface rights refer to ownership and use of the land itself, mineral rights pertain to ownership of any subsurface minerals such as oil, gas, coal, and other valuable resources that may be present on the property. When transferring both these interests, it is crucial to consult with legal professionals to ensure all rights and obligations are accurately included in the warranty deed. By utilizing an Arkansas Warranty Deed for Surface and Mineral Interests, both parties can have peace of mind knowing that the transfer of ownership is legally binding and that the grantee is protected from any unforeseen claims or defects on the property. It is a crucial step in the real estate transaction process, facilitating the smooth transfer of both surface and mineral rights from the granter to the grantee.
Arkansas Warranty Deed for Surface and Mineral Interests
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How to fill out Warranty Deed For Surface And Mineral Interests?
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FAQ
A warranty deed or quit claim deed TRANSFERS TITLE or OWNERSHIP of real property. When you purchase property, you usually receive a warranty deed from the seller to you to show that you now own the property.
A mineral deed form is a legal document, regarding the ownership of the minerals below the surface of the earth. It is important to understand that surface rights and mineral rights, on the same piece of land, can be owned by different parties.
General Warranty Deed It offers the highest level of protection to the buyer because it guarantees that there are absolutely no problems with the home ? even dating back to prior property owners. This quality of coverage is why most lenders will require you to get a general warranty deed when buying your house.
In the State of Arkansas when a person sells a piece of property the mineral rights automatically transfer with the surface rights, unless otherwise stated in the deed.
A quick overview of the differences between mineral rights and royalty interests shows a mineral interest is a real property interest obtained by severing the minerals from the surface and a royalty interest grants an owner a portion of the production revenue generated.
A mineral deed is just like a warranty deed, accept it only transfers the minerals in the sub surface of a property. A warranty deed can be used transfer both the surface, and mineral rights. But a mineral deed can only be used to transfer the minerals.
The deed must be acknowledged and notarized by a notary public in Arkansas. Per § 18-12-102 of the Arkansas Code, a warranty deed must contain the words ?grant, bargain, and sell? when stating how the property is being transferred.
In the United States, landowners possess both surface and mineral rights unless they choose to sell the mineral rights to someone else. Once mineral rights have been sold, the original owner retains only the rights to the land surface, while the second party may exploit the underground resources in any way they choose.