A Mississippi Quitclaim Deed for Mineral/Royalty Interest is a legal document used to transfer ownership of an individual's interest in mineral rights or royalty payments to another party. This type of deed is commonly used when the current owner wishes to relinquish their rights or interests in an oil, gas, or mineral lease, or when they want to transfer their rights to receive royalty payments from these resources. In Mississippi, there are two primary types of Quitclaim Deeds for Mineral/Royalty Interests: the Mississippi Mineral Quitclaim Deed and the Mississippi Royalty Quitclaim Deed. The Mississippi Mineral Quitclaim Deed is utilized when an owner wants to transfer their ownership rights in a specific mineral lease. This deed ensures that the transferee (the person receiving the rights) gains complete ownership and control over the mineral rights associated with the property. It should include detailed information about the property, previous owner, and the specific minerals involved. On the other hand, the Mississippi Royalty Quitclaim Deed is used when an individual wishes to transfer their rights to receive royalty payments. This deed is often executed when the granter (the person transferring the rights) no longer wants to manage or receive these payments and prefers to pass them on to someone else. It is crucial to provide specific details about the property, names of the granter and grantee, and the exact extent of the royalty interest being transferred. Both types of Quitclaim Deed for Mineral/Royalty Interests play a crucial role in facilitating the smooth transfer of ownership or financial rights associated with natural resource extraction in Mississippi. These documents ensure that parties involved can distinctively establish their rights and negotiate new arrangements with confidence. It is important to consult with a legal expert when drafting or executing these deeds to ensure compliance with Mississippi state laws and to protect the rights and interests of all parties involved.
Mississippi Quitclaim Deed for Mineral / Royalty Interest
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How to fill out Quitclaim Deed For Mineral / Royalty Interest?
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FAQ
There are 6 types of mineral rights, including mineral interest (MI), royalty interest (RI), overriding royalty interest (ORRI), working Interest (WI), non-operated working interest, and net profits interest.
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.
Before a quitclaim deed can be recorded with a county recorder in Mississippi, the grantor must sign and acknowledge it. The names, addresses, and telephone numbers of the grantors and grantees to the quit claim deed, along with a legal description of the real property should be provided on the first page (89-5-24).
Whether mineral rights transfer with the property depends on the estate type. If it's a severed estate, surface rights and mineral rights are separate and do not transfer together. However, if it's a unified estate, the land and the mineral rights can be conveyed with the property.
An attorney can create a deed or assignment that conveys the mineral rights to the new owners. The original deed will need to be recorded in the county where the minerals are located. If there are producing wells on the property, each operator will need to be notified of the change in ownership.
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.
Surface rights are what you own on the surface of the property. These include the space, the buildings and the landscaping. Mineral rights, on the other hand, cover the specific resources beneath the surface. In areas designated for mining, it's common for surface rights and mineral rights to be separate.
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.
