Indiana Warranty Deed Conveying Oil, Gas, and Minerals - Mineral Rights Transfer

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Multi-State
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US-02060BG
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Word; 
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Description

A mineral deed is a document that transfers mineral rights in a property, which may include the right to disturb the surface to access the minerals. Mineral rights deal with the privilege of gaining income from the sale of oil, gas, and other valuable resources found on or below land. Mineral rights can be sold or leased separately from the land ownership. There is a considerable difference of court opinion as to the character of the interest created by such conveyance. Under the ownership-in-place theory, a fee simple estate in whatever mineral is conveyed passes to the grantee, but in states rejecting that theory, no definite title of any kind passes, and the grantee gains only the right to acquire title by entering on the land and extracting the specified mineral.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

If you own mineral rights or royalties, it's important to know how much they're worth. One way to determine their value is through the income approach or discounted cash flow analysis method. In this method, the present value of all estimated future cash flows is calculated based on certain assumptions.

The first step in claiming your inherited mineral rights is to find the deed or title to the property. This document will outline who owns the mineral rights and how you can transfer them. Once you have the deed or title, you must contact the appropriate state agency to make a claim.

The right to minerals transfers at the time of death to the individuals named as beneficiaries. If no specific beneficiaries to the mineral rights are designated, ownership passes to the property and real estate heir.

The most common way is through a will or estate plan. When the mineral rights owner dies, their heirs will become the new owners. Another way to transfer mineral rights is through a lease. If the mineral rights are leased to a third party, the new owner will need approval from the current lessee to claim them.

An Indiana special warranty deed is similar to a warranty deed in that it guarantees a seller has a title to sell to a buyer, though it only provides a limited guarantee. The guarantee is limited to the grantor's ownership of the property and not any previous ownership.

Warranty Deed? Transfers title of real property with promises (warrants and guarantees) that the grantor holds legal title. Quitclaim Deed? Transfers only those interests in the real property actually held by the grantor with no promises that anything is being transferred.

Transfer by deed: You can sell your mineral rights to another person or company by deed. Transfer by will: You can specify who you want to inherit your mineral rights in your will. Transfer by lease: You can lease mineral rights to a third party through a lease agreement.

Severed mineral interests not "used" for a period of twenty (20) years shall automatically revert to the current owner of the surface property, unless the mineral interest owner files a statement of claim in the local county recorder's office. Texaco, Inc. v.

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Indiana Warranty Deed Conveying Oil, Gas, and Minerals - Mineral Rights Transfer