Virginia Partition Deed for Mineral / Royalty Interests
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How to fill out Partition Deed For Mineral / Royalty Interests?
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FAQ
If the parties cannot come to an amicable agreement, either party may file the formal partition action through the courts, which might include suing for full ownership. The court will review that partition action and hear arguments from both party's legal counsel regarding the final disposition of the property.
Yes, it can be beneficial to sell your mineral rights for a fair price, even producing rights. First, sellers must be aware of the different stages of the production process. They must also know the value their minerals and royalties command in every development stage.
§ 8.01-81. Who may compel partition of land; jurisdiction; validation of certain partitions of mineral rights; when shares of two or more laid off together.
In Virginia, any joint owner of real estate can file a partition suit in the jurisdiction where the property is located. In a partition action, the court is asked to divide the property among its owners.
The price for the part of the property allotted to one or more parties shall be the fair market value of such part as determined by the court unless all the parties agree to a value for the part, which the court shall adopt.
Who May Pursue a Partition Suit? Va. Code Ann. § 8.01-81 provides that ?[t]enants in common, joint tenants, executors with the power to sell, and coparceners of real property, shall be compellable to make partition and may compel partition.?
A partition by allotment occurs where one or more of the co-owners purchase the other co-owners interest in the property, at a price set by court-ordered appraisal. If a co-owner seeks to buy out the interests of the other owners, courts in Virginia must consider a number of factors in evaluating the request.
§ 8.01-92. Allowance of attorney fees out of unrepresented shares.