This form is used when the Lessor desires to sell, subdivide, or partition all or a part of the lands covered by the Lease (the Lands ), and has requested a partial waiver of surface use of certain portions of the Lands subject to the Lease, and a waiver is agreeable to Lessee. This Agreement relates solely to the surface use and does not in any other way affect or diminish the Lessee's rights, interests and estate under the Lease.
Ohio Agreement Waiving Surface Use by Oil and Gas Lessee
State:
Multi-State
Control #:
US-OG-655
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Agreement Waiving Surface Use By Oil And Gas Lessee?
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FAQ
The Ohio Dormant Mineral Act DMA specifies that if you own mineral rights over someone else's land, you have 20 years to perform your exploration and production of oil and gas and other mineral or the rights revert to the landowner ing to Ohio Supreme court.
You may have title to mineral rights on a property you own, or they may have been sold or leased by a prior owner, in which case they may not be yours to sell. Real estate law firms can research your chain of title to determine if the mineral rights transferred from owner to owner.
The right to minerals transfers at the time of death to the individuals named as beneficiaries. If no specific beneficiaries to the mineral rights are designated, ownership passes to the property and real estate heir.
Surface Rights in Ohio Surface rights are the rights that grant surface owners rights to the surface area of a property. This surface area includes any farm, garage or surrounding land in a property.
The Term of Your Oil and Gas Lease As a starting point, the typical term of an oil and gas lease in West Virginia, Ohio, and Pennsylvania is 5 years. The time starts on this 5 years on the date you sign your lease (even though you will likely have to wait 120 days or more to receive your bonus payment).
If you have non-producing mineral rights and do not receive a royalty check, the value is difficult to determine. You could expect anywhere from $750/acre to $3,000+/acre depending on your location in the county. If you are currently leased, that will also play a role in how much your mineral rights are worth.
You may have title to mineral rights on a property you own, or they may have been sold or leased by a prior owner, in which case they may not be yours to sell. Real estate law firms can research your chain of title to determine if the mineral rights transferred from owner to owner.
