Maryland Quitclaim Deed for Mineral/Royalty Interest is a legal document used for transferring ownership or interest in mineral rights and royalty interests. This deed allows one party, known as the granter, to relinquish their claim or interest in these assets to another party, known as the grantee. It's essential to use a quitclaim deed to ensure a smooth and legally recognized transfer of mineral or royalty interests in Maryland. There are several types of Maryland Quitclaim Deeds for Mineral/Royalty Interest that may be used, depending on the specific situation: 1. General Maryland Quitclaim Deed for Mineral/Royalty Interest: This is the standard type of quitclaim deed used to transfer ownership of mineral or royalty interests between parties. It releases the granter's rights and interests in the designated property, without making any guarantees or warranties about the validity of the title or condition of the property. 2. Maryland Quitclaim Deed with Royalty Interest Reservation: In some cases, a granter may want to transfer ownership of the mineral rights but retain a reservation of royalty interests. This type of quitclaim deed allows the granter to transfer the mineral rights while keeping the right to receive future royalty payments from the production or extraction of minerals under the property. 3. Maryland Quitclaim Deed for Partial Mineral/Royalty Interest: When a granter wishes to transfer only a partial interest in the mineral or royalty rights, a quitclaim deed for partial interest can be used. This allows the granter to convey a specific portion or percentage of their rights, while still retaining ownership of the remaining interest. It's important to carefully draft and execute these Maryland Quitclaim Deeds for Mineral/Royalty Interest to ensure they comply with the state's specific requirements and legal procedures. Consulting with a qualified attorney or real estate professional experienced in mineral rights and royalty interests in Maryland is strongly recommended ensuring a valid and legally binding transfer of these assets.
Maryland Quitclaim Deed for Mineral / Royalty Interest
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Deed Requirements All deeds and other property-related documents must be accompanied by a completed Maryland State Intake Sheet. A deed which changes or transfers ownership of property must be accompanied by a lien certificate. A deed submitted without a lien certificate will not be processed.
A lawful gift deed must also include the grantor's full name and marital status, as well as the grantee's full name, marital status, mailing address, and vesting. Vesting describes how the grantee holds title to the property.
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.
Laws & Requirements Signing Requirements: Maryland Code, Real Property, § 4-101: The grantor must sign a quitclaim deed in Maryland before a notary public. Recording Requirements: Maryland Code, Real Property, § 3-104: You must file Maryland quitclaim deeds with the Clerk of the Circuit Court in the property's county.
Quitclaim deeds must be accompanied by a completed intake sheet when submitting for recordation (Md. Code, Real Prop. 3-104). Other required documents may include an affidavit of residency, and/or Maryland Form MW 506 NRS for non-resident sale of property.
Certificate of Preparation Individuals not licensed to practice law in this state may not prepare a deed for anyone else. A Certificate of Preparation attests that the document was prepared by an attorney licensed to practice law in the State of Maryland.
Transfer tax is at the rate of . 5 percent of the actual consideration, unless they are a first-time Maryland home buyer purchasing a principal place of residence, in that case the transfer tax rate is . 25 percent of the actual consideration.
A Maryland deed must be filed with the clerk of the circuit court for the county where the real estate is located. Attorney Practice Note: Maryland law often requires deeds that change the property's ownership to be processed through the county's property tax office before filing with the clerk.
