Michigan Surface Use Agreement (Where Lands are Currently in Use)
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How to fill out Surface Use Agreement (Where Lands Are Currently In Use)?
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FAQ
A mineral right is a property right and may be sold, transferred, or leased similar to other property rights. Mineral rights are distinct from ?surface rights,? or the right to the use of the surface of the land for residential, agricultural, recreational, commercial, or other purposes.
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.
So whether a seller selling a property on a land contract actually triggers due-on-sale provisions is debatable, since the land contract purchaser does not obtain title until they pay off the contract. Therefore, memorandums of a land contract are recorded in the county to put the world on notice of a transaction.
A mineral right is a property right and may be sold, transferred, or leased similar to other property rights. Mineral rights are distinct from ?surface rights,? or the right to the use of the surface of the land for residential, agricultural, recreational, commercial, or other purposes.
The value of mineral rights per acre differs from state to state. Typically, the price ranges from $100 to $5,000 per acre in several states. In Texas, the average price per acre for non-producing mineral rights is usually between $0 and $250 per acre, as a general guideline.
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.