Oklahoma Legal Description and Well or Unit Information
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How to fill out Legal Description And Well Or Unit Information?
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FAQ
Hear this out loud PauseA third way of giving a legal description is called the lot and block description, which is used in cities with new subdivisions. The lot and block description is recorded on a plat map.
Hear this out loud PauseAre mineral rights considered real property in Oklahoma? The severability and fractionalization of Oklahoma mineral rights create a rich trove of mineral rights opportunities across the state. Since mineral rights are treated as real estate in Oklahoma, these rights are considered real property.
The only way to determine mineral rights ownership in Oklahoma is to do a title search at the courthouse where the property is located. To do this, you must review all deeds and other legal conveyances pertaining to the subject tract back to 1907. Mineral ownership information is not available online from any website.
Effect of Property Taxes on Mineral Rights Oklahoma has no inheritance tax. Capital gains tax must be paid on any sale of mineral rights and income generated from royalty streams. However, if the mineral rights have not been severed from the property, the county may not charge taxes beyond property taxes.
The record owner must: TITLE: Title the property "Transfer-on-death" by making a new deed. NAME: Name the person to get the land, home or mineral interest when the record owner dies on the new deed. This person is called the "beneficiary." SIGN: Sign the deed before two witnesses and a notary.
Hear this out loud PauseAn 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.
?To pay Lessor for gas (including casinghead gas) and all other substance covered hereby, a royalty of 3/16 of the proceeds realized by Lessee from the sale thereof.? This simply means the operator will pay a royalty of 3/16 of revenue generated from production on the property.
Hear this out loud PauseThe property description used in deeds and other land documents will refer to the name of the subdivision and the lot number. For example: "Lot 42, Block 3, of North Lakes Subdivision #1, ing to map or plat thereof as recorded in Plat Book 62, Page 9, of the Public Records of Orange County, Florida."
