South Carolina Term Royalty Deed
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How to fill out Term Royalty Deed?
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FAQ
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.
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.
Before you can transfer property ownership to someone else, you'll need to complete the following. Identify the donee or recipient. Discuss terms and conditions with that person. Complete a change of ownership form. Change the title on the deed. Hire a real estate attorney to prepare the deed. Notarize and file the deed.
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.
Preparation & Execution MUST be completed prior to attempting to record the document in the Register of Deeds. Please note: South Carolina is an Attorney State when it comes to Deed preparation. Any preparation by an individual is considered an unauthorized practice of law.
Generally, all documents presented for recording require: An original, ?wet? signed document. Signature of the Party of the First Part. ... Two witnesses to the signature. A South Carolina Probate or Acknowledgement. A property description to include a recorded plat reference or metes and bounds description.
Surface rights are what you own on the surface of the property. These include the space, the buildings and the landscaping. Mineral rights, on the other hand, cover the specific resources beneath the surface. In areas designated for mining, it's common for surface rights and mineral rights to be separate.
The general (common law) rule in the case of a split estate is that the mineral estate is ?dominant.? This means that the owner of the surface estate cannot prohibit the owner of the mineral estate from accessing and developing the minerals.
