Delaware Quitclaim Deed for Mineral / Royalty Interest
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How to fill out Quitclaim Deed For Mineral / Royalty Interest?
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FAQ
Mineral rights deeds are not the same as royalty deeds. Royalty deeds do not allow for surface access, or for the initiation of the extraction and sale of minerals. A royalty owner will only benefit economically if the mineral owner decides to produce and sell the minerals.
In order for a deed to be valid and enforceable, it must be in writing; describe with specificity the property conveyed; specify the names of the grantor and grantee; be signed; be sealed; be acknowledged; and be delivered.
The Process of Transferring Property Identify the recipient or donee. Discuss the terms and conditions of the transfer with that person. Complete a change of ownership form. Change the title on the deed. Hire a real estate attorney to prepare the deed. Notarize and file the deed.
Laws & Requirements Recording Requirements: Delaware Code Title 9, Chapter 96: Delaware has three districts to record quitclaim deeds, and fees vary by county: Fees in Kent County start at $36.00/document, $10.00/page, and $5.00/tax parcel number. Fees in New Castle County are $13.00/page and $3.00/parcel description.
The fees involved in filing a quitclaim deed depend on the type of real estate being transferred. Filing a deed for a farm or residential property typically costs $125 and $250 for other types of property. There may be additional fees involved when filing your forms.
In addition, a properly executed quit claim deed requires specific information, including the name and address of both the grantor and grantee; the grantee's vesting choice (how to hold title to the property); a complete legal description of the property to be conveyed; the county tax assessment parcel ID (if available ...
Due to this, quitclaim deeds typically are not used in situations where the property involved has an outstanding mortgage. After all, it would be difficult for many grantors to pay off a mortgage without proceeds from the sale of the property.
You would sign quitclaim deed as the grantor in front of notary and then file in the county deed records. There is a small recording fee you pay the clerk in the real property records. Forms: return it to you after recording.
