A Puerto Rico Term Royalty Deed is a legal document that establishes a contractual arrangement between a property owner (the granter) and a third party (the grantee) regarding the rights and obligations associated with the extraction and production of natural resources, specifically oil, gas, or other minerals found on the property in Puerto Rico. This type of deed allows the granter to grant the grantee the exclusive right to explore, exploit, extract, process, and sell these natural resources within a specific time frame, known as the term. In return, the grantee agrees to pay royalties, which are a percentage of the proceeds generated from the sale of the resources, to the granter. One of the specific types of Puerto Rico Term Royalty Deeds is the Oil Royalty Deed. This deed refers specifically to the extraction and production of oil resources on the property. The grantee, typically an oil exploration and production company, gains the rights to access, extract, refine, and sell oil while fulfilling their obligations to pay royalties to the granter. Another type is the Gas Royalty Deed, which focuses on granting rights related to the exploration and production of natural gas resources found on the property. Similar to the Oil Royalty Deed, the grantee gains exclusive access to the natural gas deposits and agrees to pay royalties to the granter based on the proceeds generated from selling the gas. Furthermore, there is the Mineral Royalty Deed, which covers a broader range of mineral resources such as coal, metal ores, and non-metallic minerals. This type of deed allows the grantee to extract and utilize these minerals while compensating the granter through royalties. In summary, a Puerto Rico Term Royalty Deed establishes the contractual rights and responsibilities between a property owner and a third party regarding the extraction and production of natural resources. The different types of royalty deeds include Oil Royalty Deeds, Gas Royalty Deeds, and Mineral Royalty Deeds. These deeds enable the grantee to access, exploit, and sell specific resources while providing the granter with financial compensation through royalties.
Puerto Rico Term Royalty Deed
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How to fill out Puerto Rico Term Royalty Deed?
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FAQ
Notary Law is very important because unlike many places in the U.S., Puerto Rico uses notary attorneys to execute all deeds that transfer property. All public documents, affidavit, and sworn statements must be drafted by and signed by a notary attorney.
In PR, only a notary attorney (unique position for PR attorney) who originally recorded the document(s) will have the originals and can provide copies to interested parties at an additional fee. The attorney typically charges anywhere from $25.00 to $50.00.
Attention all property owners in Puerto Rico! Don't forget that your property tax bills are due at the end of this month, January 2023. As a reminder, property taxes in Puerto Rico are paid twice a year, with the first installment due at the end of June and the second at the end of January.
By visiting the Land Registry, you can verify who owns it and if the property has any charges or encumbrances.
A royalty deed gives its holder the right to receive a percentage of the profits from the sale of the minerals, if and when they are actually produced. This kind of legal document does not convey all of the mineral rights to the holder, only the right to receive royalties.
In PR, only a notary attorney (unique position for PR attorney) who originally recorded the document(s) will have the originals and can provide copies to interested parties at an additional fee. The attorney typically charges anywhere from $25.00 to $50.00.
