Virginia Surface Lease Agreement

State:
Multi-State
Control #:
US-OG-254
Format:
Word; 
Rich Text
Instant download

Description

This form ias used when the Lessor grants the Lessee the right to construct, operate, and maintain on the Lands a pumping and injection station, oil production facility, buildings, pipeline connections, tanks, offices, and fixtures necessary for that station. Lessee shall have the full, free, and exclusive use of the surface of the Lands during the term of this Lease, together with the right of ingress and egress to and from the Lands, and from, over, and across other lands owned by Lessor.

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FAQ

Transfer By Will It is also possible to transfer or pass down mineral rights by will. The right to minerals transfers at the time of death to the individuals named as beneficiaries. If no specific beneficiaries to the mineral rights are designated, ownership passes to the property and real estate heir.

Mineral rights can expire if the owner does not renew them or if they go unclaimed for a certain period of time. Mineral rights can also be sold, fractionalized, or transferred through gifting or inheritance.

To locate your mineral rights records, begin at the county recorder's office. The legal description of the property should be in county deed books. You can specifically search the book and page where the property is located if you have a take-off.

In Virginia, owners can separate mineral rights from other property rights. Since future deeds may not specify that mineral rights aren't included, title searches are important.

One quick and dirty approach is the ?rule of thumb.? Those following the rule of thumb say that mineral rights are worth a multiple of three to five times the yearly income produced. For example, a mineral right that produces $1,000 a year in royalties would be worth between $3,000 and $5,000 under the rule of thumb.

Surface Lease means a lease, easement, or other agreement providing the holder with the right to enter the surface of any land for the purpose of constructing and operating a well, facility, flowline, roadway, or power line; Sample 1.

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Virginia Surface Lease Agreement