This form is used when the Lessor desires to sell, subdivide, or partition all or a part of the lands covered by the Lease (the Lands ), and has requested a partial waiver of surface use of certain portions of the Lands subject to the Lease, and a waiver is agreeable to Lessee. This Agreement relates solely to the surface use and does not in any other way affect or diminish the Lessee's rights, interests and estate under the Lease.
Louisiana Agreement Waiving Surface Use by Oil and Gas Lessee
State:
Multi-State
Control #:
US-OG-655
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Agreement Waiving Surface Use By Oil And Gas Lessee?
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FAQ
How long can you keep mineral rights in Louisiana? The lessee of mineral rights can only keep those rights for 10 years before they revert to the owner. This is ing to the law in Louisiana.
Mineral rights can expire if the owner does not renew them or if they go unclaimed for a certain period of time. Mineral rights can also be sold, fractionalized, or transferred through gifting or inheritance.
Also known as a mineral estate, mineral rights are just what their name implies: The right of the owner to utilize minerals found below the surface of property. Besides minerals, these rights can apply to oil and gas. Interestingly, mineral rights can be separate from actual land ownership.
In Louisiana for example, if you sell land, you may retain ownership of the minerals beneath it for a period of 10 years and one day at which time you must transfer such mineral rights to the current owner of that tract of land, but only if that owner has retained the land for the same period of time.
?Surface rights? refers to the right to control the surface of the land. Existing structures are included under this umbrella. Typically, when property is purchased, the transaction includes the surface and mineral rights.
Surface Rights in Louisiana Surface rights are those that cover the ability to oversee and control everything on the surface of the land ing to law. The holder is permitted by law to build, plant, and sell crops and timber on the land, even on a lease.
Buying mineral rights in Louisiana The 14 matching properties for sale in Louisiana have an average listing price of $253,348 and price per acre of $6,428. For more nearby real estate, explore land for sale in Louisiana.
Transfer By Will It is also possible to transfer or pass down mineral rights by will. 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.