Oklahoma Surface Use Agreement (Contains Provisions Relative to Indemnity)
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How to fill out Surface Use Agreement (Contains Provisions Relative To Indemnity)?
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§15-221. "Construction agreement" defined - Limitations on liability arising out of death or bodily injury void - Exceptions.
A landowner may own the rights to everything on the surface, but not the rights to underground resources such as oil, gas, and minerals. In the United States, landowners possess both surface and mineral rights unless they choose to sell the mineral rights to someone else.
In the United States, mineral rights can be sold or conveyed separately from property rights. As a result, owning a piece of land does not necessarily mean you also own the rights to the minerals beneath it. If you didn't know this, you're not alone. Many property owners do not understand mineral rights.
To own oil or any other mineral coming from your land, you must have mineral rights in addition to your property rights. In other countries, the government has a sovereign claim over all mineral rights. In the United States, private individuals can own mineral rights, unless already reserved by the government.
Without mineral rights, the buyer forfeits any potential financial gains that could have been made from extracting valuable resources. If the land does contain valuable minerals or resources, the buyer will not benefit from any royalties or leasing agreements.
Surface rights refer to the legal rights and privileges associated with the use, control, and ownership of the surface of a piece of land or property. These rights typically include the ability to occupy, build, develop, and make use of the land's surface for various purposes.
When you come across oil on a piece of land, research whether you own the rights to the minerals or not. If you own the mineral rights, you can either participate in developing the minerals, lease them, or sell them. You should also hire the services of an attorney to help make the process smoother.
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.