A Partial Release of Mortgage or Deed of Trust on a Mineral/Royalty Interest Sold by Granter in West Virginia refers to a legal document that releases a specific portion or interest held by a lender on the mineral or royalty rights sold by the granter. This document is essential for both parties involved in the transaction to ensure that the lender releases their claim on the specific portion of the mineral or royalty interest that has been sold. In West Virginia, there are distinct types of Partial Release of Mortgage or Deed of Trust on Mineral/Royalty Interest Sold by Granter. Some of these include: 1. Partial Release of Mortgage on a Mineral Interest: This type of release is used when the granter has sold a portion of their mineral rights to a buyer, and the lender (mortgagee) agrees to release their mortgage claim on that specific portion of the mineral interest. 2. Partial Release of Deed of Trust on a Royalty Interest: When the granter sells a portion of their royalty interest, this release type allows the granter to request the lender (beneficiary) to release their claim on the specific portion of the royalty interest that has been sold. 3. Partial Release of Mortgage/Deed of Trust on Mineral and Royalty Interest: In certain cases, a granter may sell both their mineral and royalty interests separately. In such situations, this type of release is utilized to release the lender's claim on the specific portion of both the mineral and royalty interests sold by the granter. The Partial Release of Mortgage or Deed of Trust on a Mineral/Royalty Interest Sold by Granter in West Virginia includes crucial information such as the names of the parties involved, the property description, the specific amount or percentage of the mineral or royalty interest being released, and the legal description of the released portion. It also specifies the obligations of both parties, the effective date of the release, and any other relevant provisions or conditions. By properly executing this document, the granter can ensure that the lender's claim on the sold portion of their mineral or royalty interest is effectively released, providing clarity and legal certainty to both parties involved.
West Virginia Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Grantor
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FAQ
In the State of WV, minerals are considered property and therefore fall under the Ad Valorem Property Tax.
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.
In most states, the borrower actually transfers legal title to the trustee, who holds the property in trust for the use and benefit of the borrower. In other states, the trustee merely holds a lien on the property.
A West Virginia deed of trust transfers a borrower's real estate to a trustee to secure their financial obligation to a lender. The borrower is returned their property title upon repaying their debt to the lender.
There are three parties involved in a deed of trust: Trustor: This is the borrower. Trustee: This is the third party who will hold the legal title to the real property. Beneficiary: This is the lender.
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.
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.
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.
