Illinois Disclaimer and Quitclaim of Interest in Mineral / Royalty Interest
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How to fill out Disclaimer And Quitclaim Of Interest In 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.
A Quit Claim Deed is required to clearly identify the grantor and grantee, the address of the property being transferred, a legal description of the property, the manner in which the grantee is taking title, a notarized signature of the grantor, and the name and address of the party that has prepared the deed.
(a) Surface owners may gain title to severed mineral interests owned by unknown or missing owners under the theory of adverse possession in the following manner and under the following conditions: If the title to any severed mineral interest is vested in an unknown owner or missing owner and the surface owner overlying ...
The Illinois legislature responded by enacting the Dormant Mineral Interests Act in 1969. The Act was intended to facilitate development of dormant oil and gas interests by permitting consolidation of ownership into one person where it had formerly been diffused amongst many unknown or missing persons.
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.
Mineral Rights Owner- If you are solely a mineral rights owner, you earn the royalties that come from extracting the minerals from the land in question. You do not have control over what occurs on the surface. As the mineral rights owner, you can sell, mine or produce the gas or oil below the surface.
Royalty income from oil, gas, and mineral properties is the amount you receive when natural resources are extracted from your property. The royalties are generally based on production or revenue and are paid to you by a person or company who leases the property from you.
Owning mineral rights (often referred to as a "mineral interest" or a "mineral estate") gives the owner the right to exploit, mine, and/or produce any or all minerals they own. Minerals can refer to oil, gas, coal, metal ores, stones, sands, or salts.
