Illinois Stipulation of Ownership of Mineral Interest in Specific Lands
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How to fill out Stipulation Of Ownership Of Mineral Interest In Specific Lands?
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FAQ
The ownership of rights to minerals, including oil and gas, contained in a tract of land. A mineral right is a real property interest and can be conveyed independently of the surface estate.
By statute and case law, mineral properties are taxable as real property and are subject to the same laws and appraisal methodology as all real property in the state.
What Are Mineral Rights? Mineral rights are ownership rights that allow the owner the right to exploit minerals from underneath a property. The rights refer to solid and liquid minerals, such as gold and oil. Mineral rights can be separate from surface rights and are not always possessed by the property owner.
Working Interest: The operating interest under an oil and gas lease. The owner of the working interest has the exclusive right to exploit the minerals on the land. This is only the right to expend money, NOT the right to recoup revenues.
In the U.S., mineral rights belong to the person who owns the land or to the persons who own the right to extract the oil and gas from under the land. Landowners are free to convey those mineral/oil rights to a mining company or similar entity to extract the minerals.
Mineral rights are a form of real property, and they are governed by the same principles of marital property law as other real estate. If the mineral rights were owned before marriage, they are separate property.
Mineral rights are ownership rights that allow the owner the right to exploit minerals from underneath a property. The rights refer to solid and liquid minerals, such as gold and oil. Mineral rights can be separate from surface rights and are not always possessed by the property owner.
However, since mineral rights are a severed portion of the land rights themselves (they're separated from the land's "surface rights" and sold separately by deed, just like the land itself), they are usually considered real property.
