A Florida Partition Deed for Mineral/Royalty Interests is a legal document utilized in the state of Florida to divide ownership interests in mineral rights or royalty interests among multiple parties. This deed is commonly used when multiple individuals or entities hold undivided interests in minerals or royalties on a particular property and want to allocate their ownership in a specific manner. Often, co-owners of mineral or royalty interests may decide to partition their ownership due to various reasons, such as wanting to sell or transfer their portion of the interests separately, differences in management and extraction strategies, or the need to resolve conflicts among joint owners. There are several types of Florida Partition Deeds for Mineral/Royalty Interests that co-owners can utilize, depending on their specific circumstances: 1. Equal Partition: This type of partition deed divides the ownership interests equally among the co-owners. Each party will receive an equal share or percentage of the mineral or royalty interests. 2. Proportional Partition: In cases where the co-owners have varying ownership percentages in the mineral or royalty interests, a proportional partition deed is used. This deed divides the ownership based on each party's existing ownership percentage. 3. Specific Partition: When co-owners want to allocate specific mineral or royalty interests to each party, a specific partition deed is employed. This allows for a more detailed and precise division of the ownership based on individual preferences or agreements. 4. Partial Partition: In situations where some co-owners wish to partition their interests while others want to maintain their undivided interests, a partial partition deed is used. This allows for a selective division of ownership between willing parties while leaving the remaining interests intact. When drafting a Florida Partition Deed for Mineral/Royalty Interests, it is essential to include specific details such as the legal description of the property, the names of the co-owners, the percentage of ownership being partitioned, and any agreed-upon royalties or compensation. Additionally, it is crucial to consult with an attorney experienced in mineral and royalty interests to ensure compliance with Florida state laws and regulations. In summary, a Florida Partition Deed for Mineral/Royalty Interests is utilized to divide ownership interests in mineral rights or royalty interests among co-owners. Various types of partition deeds, including equal, proportional, specific, and partial partitions, cater to different requirements and circumstances. Seeking legal guidance ensures the accuracy and legality of the partition deed.
Florida Partition Deed for Mineral / Royalty Interests
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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.
With a mineral deed, the holder usually has responsibility for development and production of the extraction on the property. That risk comes with the potential reward of the majority of the profit that comes from it. With a royalty deed, the holder does not usually bear the risk of the development and production.
The best way to determine who owns the mineral rights on a piece of land is to visit the courthouse and find the legal record of your property or your deed. You can also consult your local tax office, or depending on your community, you may be able to search for your title online.
There are 6 types of mineral rights, including mineral interest (MI), royalty interest (RI), overriding royalty interest (ORRI), working Interest (WI), non-operated working interest, and net profits interest.
The Partition Process Step by Step The co-owner seeking division of the property should send a written request to the other co-owner(s) to split ownership of the real estate, ask for the property's sale, and that resulting proceeds be split equally or ing to ownership interests.
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.
Surface rights are what you own on the surface of the property. These include the space, the buildings and the landscaping. Mineral rights, on the other hand, cover the specific resources beneath the surface. In areas designated for mining, it's common for surface rights and mineral rights to be separate.
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.