North Carolina Subordination by Mineral Owners of Rights to Make Use of the Surface Estate — Transfer allows mineral owners to transfer their rights to make use of the surface estate to a third party while still maintaining control over the mineral rights. This legal arrangement is particularly relevant to the real estate industry and is commonly used in North Carolina. In this type of subordination, the mineral owner retains the ownership and control over the underground minerals or resources that may be present on a particular property. However, they are willing to subordinate their rights to make use of the surface estate to another party. This means that the surface owner (the third party) is given the right to use the surface area of the property for various purposes such as building structures, conducting agricultural activities, or any other use that is not in conflict with the mineral rights of the subordinating owner. The subordination by mineral owners of rights to make use of the surface estate — transfer can be categorized into two main types: 1. Absolute subordination: This type of subordination gives the third party surface owner unrestricted rights to use the surface estate without any limitations imposed by the mineral owner. The mineral owner fully and irrevocably subordinates their right to use the surface estate in favor of the third party, allowing them to utilize the property as desired. 2. Conditional subordination: Unlike absolute subordination, conditional subordination allows the mineral owner to place certain conditions or restrictions on the use of the surface estate by the third party. These conditions may include limitations on the type of structures that can be built, restrictions on environmental impact, or guidelines for surface restoration after extraction activities. By setting these conditions, the mineral owner aims to ensure the protection and preservation of their mineral rights while enabling controlled use of the surface estate. North Carolina Subordination by Mineral Owners of Rights to Make Use of the Surface Estate — Transfer is an essential tool in the real estate industry, enabling effective collaboration between mineral owners and surface owners. By using this legal provision, parties can maintain a harmonious relationship while still utilizing the surface estate for their respective needs. It allows for the simultaneous use and development of both surface lands and mineral resources, providing opportunities for economic growth and sustainable land use practices.
North Carolina Subordination by Mineral Owners of Rights to Make Use of the Surface Estate - Transfer
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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.
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.
This is referred to as a severed estate, where someone owns the property surface rights with the mineral rights being separate. The rising value of oil and minerals have increased the popularity of investing in the mineral rights but not the property rights.
Determining Mineral Ownership: The Corporation Commission does not determine the ownership of minerals. This should be a matter of record in the courthouse of the county where the land is located. Tax Commission records may also help. You may need an attorney to research this for you.
So, what does it mean to convey mineral rights? Mainly, conveying describes transferring the ownership permanently or temporarily to another person. Thus, a sale or transfer of ownership of a mineral rights property is known as conveying.
People sell their mineral rights for a variety of reasons. Some need immediate cash, while others are seeking to improve the quality of their lives. Most want to sell while their minerals still have value and to avoid burdening their heirs with the learning curve and management duties.
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.
The term severed mineral rights refers to a state of title to a given parcel of land in which the mineral estate is owned by a party other than the party that is the owner of the surface estate ? in other words, the mineral estate has been severed from the surface estate.