Virginia Subordination by Mineral Owners of Rights to Make Use of the Surface Estate - Transfer
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FAQ
When mineral rights are inherited, the value basis is not what the previous owner bought the land for- it is the value at the time of the inheritance. The value of the inherited mineral rights should be reassessed at the time of inheritance to reflect current market value.
Whether mineral rights transfer with the property depends on the estate type. If it's a severed estate, surface rights and mineral rights are separate and do not transfer together. However, if it's a unified estate, the land and the mineral rights can be conveyed with the property.
After a death, assets like mineral rights often go through probate, which is a legal process to authenticate a will and distribute assets ing to it. If no will exists, probate helps determine how assets should be divided.
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.
After confirming your legal ownership with an attorney at law, you need to draw up a deed of transfer form in your name and register it with the county records office as the mineral owner. The land transaction, leasing transaction, and royalty compliance go through the county office.
WHO OWNS THESE MINERAL RIGHTS? In Canada, property owners generally hold the surface rights, while mineral rights are usually owned by the provincial government.
Title to a mineral or royalty interest can be transferred via conveyance (deed) or death of the owner. In every case, it is most important that we receive immediate notification that the interest has been transferred so that the new account can be established.
The most common way is through a will or estate plan. When the mineral rights owner dies, their heirs will become the new owners. Another way to transfer mineral rights is through a lease. If the mineral rights are leased to a third party, the new owner will need approval from the current lessee to claim them.