West Virginia Subordination of Surface Rights Agreement (Subordination by Mineral Owner)
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How to fill out Subordination Of Surface Rights Agreement (Subordination By Mineral Owner)?
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FAQ
In the State of WV, minerals are considered property and therefore fall under the Ad Valorem Property Tax.
In the United States, landowners possess both surface and mineral rights unless they choose to sell the mineral rights to someone else. Once mineral rights have been sold, the original owner retains only the rights to the land surface, while the second party may exploit the underground resources in any way they choose.
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.
The value of mineral rights per acre differs from state to state. Typically, the price ranges from $100 to $5,000 per acre in several states. In Texas, the average price per acre for non-producing mineral rights is usually between $0 and $250 per acre, as a general guideline.
Risks Associated with Owning Mineral Rights ? Declining Oil and Gas Reserves. Oil, gas, and other minerals are finite resources. ... ? Steep Decline Curves. ... ? Held By Production (HBP)
It's important to know the mineral rights of your property. If you own the rights, they can become a reliable source of income. If someone else owns the rights, they can remove valuable minerals from under your feet, literally.
Cons of Selling Your Mineral Rights Loss of Potential Future Income: When you sell your mineral rights, you also give up any potential future income from those rights. This can be a significant loss if the mineral rights end up producing more than expected or if there are new discoveries in the future.
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.