California Quitclaim Deed for Mineral / Royalty Interest
Description
How to fill out Quitclaim Deed For Mineral / Royalty Interest?
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FAQ
To find out if you own the mineral rights to your land you can go to the county clerk's office in your town and they can help you find the historical land ownership records. You'll need to locate the deed for your property.
Quitclaim deeds are valid and commonly used in California. Title insurers in a few states?including Texas?disfavor quitclaim deeds. In those other states, a deed without warranty (also called a no warranty deed) often substitutes for a quitclaim deed.
Quitclaim deeds in California A quitclaim deed, unlike a warranty deed, doesn't provide any guarantees that the grantor actually owns the property free and clear. The grantor can only give you what he owns, so if he owns half of the property, he can only convey his half.
Whether you have an offer on the table or not, you may have good reasons to sell your mineral rights: To pursue other opportunities. If you have a nonproducing property, you might have to wait years for anything to happen ? and nothing may ever happen, even after multiple leases.
California Mineral Rights Law apply to all property owners that have any minerals (commonly oil and natural gas) under the surface of their property. This may also include gold, diamonds, copper, or other valuable minerals.
A mineral interest is simply a real property interest obtained from the severance or exploitation of minerals ? say natural gas ? from the surface. On the other hand, a royalty interest is the property interest that grants an owner a portion of the production revenue generated.
Transfer by deed: You can sell your mineral rights to another person or company by deed. Transfer by will: You can specify who you want to inherit your mineral rights in your will. Transfer by lease: You can lease mineral rights to a third party through a lease agreement.
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.
Mineral rights can be divided by specific mineral commodities. For example, one company can own the mineral rights to coal, while another company owns the oil and gas rights. Consequently, it is important to know which minerals are included in a mineral deed. Some deeds specify that ?all minerals? are included.
A quitclaim deed does not expire because it permanently transfers ownership from one party to another. That being said, the new deed must be filed with the county clerk's office to record the official transfer.
