New Mexico Partition Deed for Mineral / Royalty Interests
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How to fill out Partition Deed For Mineral / Royalty Interests?
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FAQ
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.
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.
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.
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.
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.
Since mineral rights can be sold separately from the land itself, even if you own the land, someone else may hold ownership of what's below it. And because of the intrinsic value of what's below the surface, the land itself may come with a price tag much higher than otherwise seen in the area.
To transfer any rights to minerals successfully, follow these steps: The new owner has to acquire a copy of the deed for the site at a local courthouse in New Mexico. Review the deed to ensure it matches the description and to ensure that the so-called rights to any minerals are included in the property deed.