Florida 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
In fact, taxes may be due on a quit claim deed even when the property is transferred between spouses. With such transfers, if the property is mortgaged, then tax is generally due on half of the outstanding balance.
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.
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.
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 quitclaim deed must: Identify the current owner (grantor) and person receiving the property (grantee). State the legal consideration for the property. Provide a legal description of the property. Be signed by the grantor with two witnesses and a notary.
In Florida, you can make a quitclaim deed or hire someone like a lawyer to do it for you. However, ensuring the deed is prepared correctly and adheres to legal requirements is crucial. Preparing a quitclaim deed involves understanding the legal rules for deeds in Florida and how to file them with the county.
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.
