Oklahoma Warranty Deed for Surface and Mineral Interests, with Reservation of All Coal is a legal document that transfers ownership of both surface and mineral rights of a property in Oklahoma while reserving the right to all coal resources. This type of deed is commonly used in real estate transactions involving properties in Oklahoma that have promising coal deposits. When executing an Oklahoma Warranty Deed for Surface and Mineral Interests, the granter (seller) conveys the property to the grantee (buyer), with a guarantee that they hold clear and marketable title to both the surface and mineral rights. Additionally, the granter reserves the rights to all coal resources present on the property, meaning that the grantee does not gain the right to extract or access the coal deposits. This specific type of warranty deed is relevant in areas of Oklahoma where coal mining is a significant industry and coal resources are abundant. It ensures that both parties understand the division of rights and responsibilities regarding the surface and mineral interests, providing legal protection and clarity in property transactions. It is important to note that although this description encompasses the primary features of an Oklahoma Warranty Deed for Surface and Mineral Interests, With Reservation of All Coal, there may be variations or additional types based on specific contractual agreements or unique circumstances. Some of these variations can include: 1. Oklahoma Mineral Deed with Reservation of Coal: This type of warranty deed focuses solely on the transfer of mineral rights, including coal reserves, while exempting the surface rights from the transaction. 2. Oklahoma Surface Deed with Reservation of Mineral and Coal Rights: In contrast to the primary warranty deed, this variation only transfers surface rights while reserving both mineral and coal rights to the granter. 3. Oklahoma Warranty Deed for Surface and Mineral Interests, With Partial Reservation of Coal: This deed reserves only a portion of the coal resources present on the property, providing the grantee with limited access or usage rights while retaining ownership over the majority of coal reserves. It is essential to consult with a qualified attorney or real estate professional familiar with Oklahoma real estate law to determine the specific type of warranty deed that best suits your needs and circumstances when dealing with the transfer of surface and mineral interests, particularly with coal reservations.
Oklahoma Warranty Deed for Surface and Mineral Interests, With Reservation of All Coal
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The ownership of rights to minerals, including oil and gas, contained in a tract of land. A mineral right is a real property interest and can be conveyed independently of the surface estate.
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.
A lawful warranty deed includes the grantor's full name, mailing address, and marital status; the consideration paid for the transfer; and the grantee's full name, mailing address, marital status, and vesting. Vesting describes how the grantee holds title to the property.
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.
A general warranty deed is the most common type of deed used for transferring real estate. It basically promises that: not only does the seller have good and proper title to sell the property, but all the prior owners also had good title, thus making a complete ?chain of ownership?; and.
A mineral deed is just like a warranty deed, accept it only transfers the minerals in the sub surface of a property. A warranty deed can be used transfer both the surface, and mineral rights. But a mineral deed can only be used to transfer the minerals.
What are Outstanding and Reserved mineral rights? Outstanding mineral rights are owned by a party other than the surface owner at the time the surface was conveyed to the United States. Reserved mineral rights are those rights held by the surface owner at the time the surface was conveyed to the United States.
A traditional deed simply transfers the ownership of a property from one party to another (in other words, the seller to the buyer.) Whoever legally holds the deed is the rightful owner of the property. A warranty deed, on the other hand, contains special assurances that the seller makes to the buyer.