Illinois Warranty Deed for Surface and Mineral Interests, With Reservation of All Coal
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Illinois deeds submitted for recording must be accompanied by a signed Transfer Tax Declaration Form (PTAX-203) unless the deed is exempt from transfer tax. The declaration uses a form published by the Department of Revenue and includes information about the transaction and a calculation of the transfer tax due.
Land Owner reserves to itself all the minerals and other extractive resources. Said reservation shall not diminish the right of the Land Lessee under this Land Lease to occupy and freely use the Land.
How Do I Get a Warranty Deed in Illinois? In most cases, property owners turn to a real estate attorney to complete a warranty deed in the state of Illinois. While warranty deeds can be created on your own, they must comply with legal requirements and include the necessary language to make them official.
What are Outstanding and Reserved mineral rights? Outstanding mineral rights are owned by a party other than the surface owner at the time the surface was conveyed to the United States. Reserved mineral rights are those rights held by the surface owner at the time the surface was conveyed to the United States.
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.
While the seller in a Warranty Deed must defend the title against all other claims and compensate the buyer for any unsettled debts or damages, the seller in a Special Warranty Deed is only responsible for debts and problems accrued or caused during his ownership of the property.
Owners of reserved mineral rights may enter upon and use as much of the surface overlying the mineral estate as is reasonably necessary to explore for, develop, extract, and process the reserved minerals.
Without mineral rights, the buyer forfeits any potential financial gains that could have been made from extracting valuable resources. If the land does contain valuable minerals or resources, the buyer will not benefit from any royalties or leasing agreements.