West Virginia Underground Storage Lease and Agreement (Surface Only)
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How to fill out Underground Storage Lease And Agreement (Surface Only)?
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FAQ
Mineral rights give ownership, for a specified time, of the underground minerals that do not include sand, limestone, gravel, or subsurface water. If the mineral rights to your property have been sold before you acquired the land, that means you own only the surface rights and cannot use the minerals.
Mineral rights include everything under the ground with some exceptions like groundwater, sand, and limestone in most cases. These minerals in West Virginia typically include coal, oil and natural gas. Precious metals mining in West Virginia is not prevalent.
A West Virginia month-to-month rental agreement is a short-term lease that ends when written notice is provided by either the landlord or tenant. The minimum required notice period is thirty (30) days. If not notice is made the lease will continue for an indefinite period.
Royalty is a portion of the proceeds from the sale of production which is paid monthly to the mineral rights owner. The royalty is usually described in the lease as a fraction such as 1/8th, or 1/6th.
How many royalties do you get from an oil well? The customary royalty percentage is 12.5 percent or 1/8 of the value of the oil or gas at the wellhead. Some states have laws that require the owner be paid a minimum royalty (often 12.5 percent).
Mineral interests in WV are taxed the same as your home. You will pay 60% of the appraised value on the minerals at the levy rate for your county.
