A Minnesota Term Mineral Deed of Undivided Interest is a legal document used to transfer ownership or a portion of ownership in mineral rights for a specified period of time in the state of Minnesota. This type of deed allows the transferor (often referred to as the granter) to grant an undivided interest in the mineral rights to the transferee (commonly known as the grantee) for a specific term or duration. The Minnesota Term Mineral Deed of Undivided Interest is typically used in situations where the granter wants to retain ownership of the mineral rights in the long run but wishes to grant temporary access to the mineral resources to another party. This can often happen in scenarios such as oil or gas exploration, mining operations, or other types of mineral extraction activities. This document specifies the term or duration of the interest being transferred, allowing the grantee to hold and use the mineral rights for a predetermined period. The specific terms and conditions of the transfer, including any royalties or compensation to be paid to the granter, are typically outlined in the deed. It is important to note that there can be different types of Minnesota Term Mineral Deeds of Undivided Interest, depending on the specific circumstances and requirements of the parties involved: 1. Oil and Gas Lease: This type of mineral deed grants exclusive rights to the grantee to explore, extract, produce, and develop oil and gas resources from the property for a specific period. 2. Mining Lease: This variation of the term mineral deed allows the grantee to extract minerals like coal, gold, silver, or other valuable resources from the property for a predetermined term. 3. Mineral Exploration Agreement: This type of deed provides the grantee with the right to explore and prospect for valuable minerals on the property for a specified time, often in exchange for payments or other considerations to the granter. In all cases, a Minnesota Term Mineral Deed of Undivided Interest is a legally binding contract that must be executed in compliance with the laws and regulations of the state. It is highly recommended consulting with an attorney or legal professional familiar with mineral rights and real estate law to ensure all requirements are met and the rights of both parties are protected.
Minnesota Term Mineral Deed of Undivided Interest
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FAQ
Mineral Interest (MI) When the mineral rights are conveyed to another person or entity, they are ?severed? from the land, and a separate chain of title begins. When a person owns less than 100% of the minerals, they are said to own a fractional or undivided mineral interest.
The term ?undivided interest? refers to a type of ownership in which multiple parties share ownership of a single asset without the property being physically divided among them. This is commonly seen in real estate, natural resource holdings, and certain types of financial investments.
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.
The State of Minnesota owns approximately 12 million acres of mineral rights. The state owns the surface of about 8.5 million acres of land (including DNR-administered and tax-forfeited land), and owns the mineral rights in some, but not all, of these lands.
A mineral rights owner does not necessarily have to own the land property itself but must have a legal agreement with the property owner. In North Dakota, mineral rights can be transferred in three ways: deed, probate or court action.
Mineral Interest ? interest generated after the production of oil and gas after the sale of a deed or a lease. Royalty Interest ? occurs when mineral rights are leased. Should the property owner enter into a lease agreement with another party, the owner of the mineral rights retains royalty interest.
The ownership of rights to minerals, including oil and gas, contained in a tract of land. A mineral right is a real property interest and can be conveyed independently of the surface estate.
