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Warranty Deed Conveying Oil...

Puerto Rico Warranty Deed Conveying Oil, Gas, and Minerals - Mineral Rights Transfer

Category:

Real Estate - Deeds - Warranty

State:

Multi-State

Control #:

US-02060BG

Format:

Instant download

Description

A mineral deed is a document that transfers mineral rights in a property, which may include the right to disturb the surface to access the minerals. Mineral rights deal with the privilege of gaining income from the sale of oil, gas, and other valuable resources found on or below land. Mineral rights can be sold or leased separately from the land ownership. There is a considerable difference of court opinion as to the character of the interest created by such conveyance. Under the ownership-in-place theory, a fee simple estate in whatever mineral is conveyed passes to the grantee, but in states rejecting that theory, no definite title of any kind passes, and the grantee gains only the right to acquire title by entering on the land and extracting the specified mineral.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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How to fill out Warranty Deed Conveying Oil, Gas, And Minerals - Mineral Rights Transfer?

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FAQ

For example, in Duhig, the grantor only owned one-half of the minerals in a tract of land, the other having been reserved prior. Duhig, 135 Tex. 503 at 505. The grantor later conveyed the land to the grantee while reserving one-half of the mineral interest.

Transfer By Will If no specific beneficiaries to the mineral rights are designated, ownership passes to the property and real estate heir. It is also possible and often easier to create a family holding company and assign mineral rights to this company, creating a limited liability company (LLC) or partnership.

Minerals include gold, silver, coal, oil, and gas. If you want to transfer the rights to these minerals to another party, you can do so in a variety of ways: by deed, will, or lease. Before you transfer mineral rights, you should confirm that you own the rights that you seek to transfer.

This legal document conveys the actual rights to the minerals while still remaining separate from the surface rights. A mineral deed can convey either 100 percent of the rights, or a percentage of those rights. If a percentage is granted with this legal document, then the holder of that grant owns that percentage.

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.

An 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.

Mineral rights may also be subject to transfers by way of a will. In the event of death, the right to the minerals passes to the person(s) named as beneficiaries. In the absence of specific heirs, the mineral rights pass to the beneficiary of the residual surface estate and real estate.

You can hire a geologist or land surveyor to help you determine if there's something of value on your land. You can also look at mineral rights listings to see if your property has separate mineral rights for sale.

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