A Mississippi Mineral Deed is a legal document used to transfer the ownership of mineral rights from one party to another. It is also known as a mineral deed or mineral conveyance. This type of deed is commonly used to transfer subsurface rights for oil, gas, and other minerals from the owner of the surface land to a third party. The Mississippi Mineral Deed is filed with the county clerk's office in the county where the minerals are located. There are three types of Mississippi Mineral Deeds: 1. General Mineral Deed: This type of deed transfers all mineral rights, including oil, gas, and other minerals, from the surface owner to the third party. 2. Special Mineral Deed: This type of deed transfers some mineral rights, including oil, gas, and other minerals, from the surface owner to the third party. 3. Quitclaim Mineral Deed: This type of deed transfers all mineral rights, including oil, gas, and other minerals, from the surface owner to the third party with no warranties or guarantees.
Mississippi Mineral Deed
Description
Definition and meaning
A Mississippi Mineral Deed is a legal document used to transfer ownership of mineral rights from one party (the Grantor) to another (the Grantee). These mineral rights can include oil, gas, and other subsurface resources found beneath the surface of a specific piece of property. This deed acknowledges the Grantor's right to transfer these resources and outlines the terms under which the Grantee can access and utilize them.
How to complete the form
Completing a Mississippi Mineral Deed involves several key steps:
- Download the form in .pdf or .doc format.
- Fill in the Grantor’s and Grantee’s full names and mailing addresses.
- Specify the consideration amount—typically monetary compensation, such as Ten Dollars.
- Describe the property involved by filling out the specific county and detailing the property in Exhibit A.
- Ensure to include any relevant mineral or subsurface resource rights as part of the conveyance.
Once completed, the form should be signed by the Grantor and notarized to ensure its legal validity.
Who should use this form
This form is designed for individuals seeking to transfer mineral rights in the state of Mississippi. It is suitable for:
- Property owners wishing to sell or transfer their mineral rights.
- Investors looking to acquire ownership of mineral resources.
- Parties involved in agreements related to oil and gas exploration.
Before proceeding, it’s advisable for users to consult with a legal professional to ensure they understand their rights and obligations.
Legal use and context
The Mississippi Mineral Deed is a legally binding document governed by state laws and regulations surrounding property and mineral rights. This deed not only outlines the transfer of rights but also sets forth the specific conditions under which mineral extraction can occur. Users should be aware that any existing mineral reservations may affect the usability of this deed. It is crucial to perform due diligence regarding prior agreements or claims before finalizing the transfer.
Key components of the form
A Mississippi Mineral Deed includes several critical elements, such as:
- Grantor: The current owner of the mineral rights.
- Grantee: The individual or entity receiving the rights.
- Consideration: The payment or compensation for the transfer, often stated in a nominal value.
- Description of Rights: Detailed description of the mineral rights being conveyed, including any limitations.
- Notarization: Required to validate the deed legally.
What to expect during notarization or witnessing
When executing a Mississippi Mineral Deed, notarization is a necessary step to affirm the authenticity of the signatures involved. During this process:
- The Grantor will present valid identification to the notary.
- The notary will witness the signing of the document, ensuring all parties understand its terms.
- The notary will complete their section, providing an official seal and signature to confirm the deed’s legitimacy.
It is recommended to schedule a meeting with a notary public who has experience with real estate transactions.
Common mistakes to avoid when using this form
When completing a Mississippi Mineral Deed, be cautious of the following common errors:
- Failing to provide accurate descriptions of the property or the mineral rights.
- Not signing the deed in the presence of a notary, leading to legal challenges.
- Using vague language regarding the rights transferred, which can cause disputes in the future.
- Not including a clear consideration amount, which is essential for the document’s validity.
How to fill out Mississippi Mineral Deed?
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FAQ
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.
How to search for mineral rights records? County Records and Tax Assessor's Office and Documents. Conduct a title deed search at the county records office to find the owner history in the title deed.Loan Default History and Foreclosure.Royalty deeds.Use a title company to conduct a search.Online records search company.
Mississippi law allows mineral rights and land ownership to be separate. Some landowners may not be aware they don't own the mineral rights. Mineral ownership can be determined through a title search.
A mineral interest is simply a real property interest obtained from the severance or exploitation of minerals ? say natural gas ? from the surface. On the other hand, a royalty interest is the property interest that grants an owner a portion of the production revenue generated.
? Summary. AN ACT TO PROVIDE THAT MINERAL ESTATES SEPARATED FROM THE SURFACE ESTATE SHALL REVERT TO THE OWNER OF THE SURFACE ESTATE AFTER TEN YEARS OF NONPRODUCTION; TO DEFINE NONPRODUCTION; AND FOR RELATED PURPOSES.
A lease bonus is a one-time payment the mineral rights owner receives when the lease is signed. Royalty is a portion of the proceeds from the sale of production which is paid monthly to the mineral rights owner. The royalty is usually described in the lease as a fraction such as 1/8th, or 1/6th.
A royalty is a fee that is imposed by local, state or federal governments on either the amount of minerals produced at a mine or the revenue or profit generated by the minerals sold from a mine. A royalty can be imposed as either a ?net? or ?gross? royalty.
With a mineral deed, the holder usually has responsibility for development and production of the extraction on the property. That risk comes with the potential reward of the majority of the profit that comes from it. With a royalty deed, the holder does not usually bear the risk of the development and production.