The California Term Mineral Deed of Undivided Interest is a legal document used in California to convey ownership rights in mineral interests. It transfers a specified term or duration of ownership in mineral rights to another party, while retaining an undivided interest in those mineral rights. This type of deed allows the owner to retain a percentage ownership of the mineral rights and the ability to enjoy the benefits and profits derived from those minerals for a specified period. Keywords: California Term Mineral Deed, Undivided Interest, mineral rights, ownership rights, legal document, convey, duration, retain, percentage ownership, benefits, profits, specified period. There are different types of California Term Mineral Deed of Undivided Interest, including: 1. California Term Mineral Deed of Undivided Interest with Royalty: This type of deed grants the new owner a term interest in the mineral rights along with a share of the profits or revenue generated from the extraction, production, or sale of minerals. The owner retains an undivided interest in the mineral rights for the designated term. 2. California Term Mineral Deed of Undivided Interest without Royalty: Unlike the previous one, this type of deed transfers a specified term interest in the mineral rights but does not grant any ownership in the profits or revenue from the minerals. The undivided interest in the mineral rights is retained by the owner for the specified term. 3. California Term Mineral Deed of Undivided Interest with Option to Renew: This variation of the deed includes an option for the new owner to renew the term interest in the mineral rights for an additional period upon expiration. The owner retains the undivided interest in the mineral rights during the initial term and any subsequent renewals. 4. California Term Mineral Deed of Undivided Interest with Surface Rights: This type of deed not only transfers the specified term interest in the mineral rights but also includes the ownership or control of the surface rights associated with the property where the minerals are located. The owner retains an undivided interest in both the mineral rights and surface rights for the designated term. 5. California Term Mineral Deed of Undivided Interest with Right of First Refusal: In this variant, the new owner is granted a term interest in the mineral rights, and the original owner retains an undivided interest. However, the original owner also receives the right of first refusal, allowing them the opportunity to match or exceed any offers made by potential buyers if the new owner decides to sell their interest during the designated term. These different types of California Term Mineral Deed of Undivided Interest provide flexibility for individuals or entities to customize the terms and conditions of the transfer of mineral rights according to their specific needs and goals.
California Term Mineral Deed of Undivided Interest
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How to fill out California Term Mineral Deed Of Undivided Interest?
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Whether mineral rights transfer with the property depends on the estate type. If it's a severed estate, surface rights and mineral rights are separate and do not transfer together. However, if it's a unified estate, the land and the mineral rights can be conveyed with the property.
Mineral Interest (MI) When the mineral rights are conveyed to another person or entity, they are ?severed? from the land, and a separate chain of title begins. When a person owns less than 100% of the minerals, they are said to own a fractional or undivided mineral interest.
Mineral rights can expire if the owner does not renew them or if they go unclaimed for a certain period of time. Mineral rights can also be sold, fractionalized, or transferred through gifting or inheritance.
A royalty deed gives its holder the right to receive a percentage of the profits from the sale of the minerals, if and when they are actually produced. This kind of legal document does not convey all of the mineral rights to the holder, only the right to receive royalties.
Transfer By Will It is also possible to transfer or pass down mineral rights by will. The right to minerals transfers at the time of death to the individuals named as beneficiaries. If no specific beneficiaries to the mineral rights are designated, ownership passes to the property and real estate heir.
If you want to sell the mineral rights to another person, you can transfer them by deed. You will need to create a mineral deed and have it recorded. You should check with the county Recorder of Deeds in the county where the land is located and ask if a printed mineral deed form is available to use.
How to search for mineral rights records? County Records and Tax Assessor's Office and Documents. Conduct a title deed search at the county records office to find the owner history in the title deed. ... Loan Default History and Foreclosure. ... Royalty deeds. ... Use a title company to conduct a search. ... Online records search company.
Typically, a property conveyance (sale) transfers the rights of both the surface land and the minerals underneath until the mineral rights are sold. Mineral rights convey or are conveyed ? meaning transferred to a new owner ? through a deed.
