Mecklenburg North Carolina Mineral Owner's Subordination (of Rights to Make Use of Surface Estate)
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FAQ
Freehold mineral rights are an estate in real property and hold the right of the owner to exploit, mine, and/or produce any or all of the minerals lying below the surface of the property.
Subsurface rights usually include the right to oil, minerals and even water that's found beneath the land's surface. Like surface and air rights, subsurface rights can be bought, leased or sold alone.
Mineral rights don't come into effect until you begin to dig below the surface of the property. But the bottom line is: if you do not have the mineral rights to a parcel of land, then you do not have the legal ability to explore, extract, or sell the naturally occurring deposits below.
Typically, a property conveyance (sale) transfers the rights of both the surface land and the minerals underneath until the mineral rights are sold. Mineral rights are conveyed meaning transferred to a new owner through a deed.
Remember, the property and the mineral rights are two separate entities. You may have inherited the mineral rights, but you need to know who owns the property if you want to drill. The opposite scenario is to check who owns the mineral rights on the property you inherited.
Texas and some other oil-, gas- and coal-producing states have long allowed property owners to separate surface rights from rights to what lies underground (such as oil, gas, or minerals, known in the industry shorthand as OGM).
Many times these subsurface rights are called mineral rights. If an individual owns mineral rights to a tract of land, they are legally entitled to the minerals beneath the surface and may utilize the surface within reasonable perimeters to access the minerals underneath.
A property owner with mineral rights may explore, extract, and sell natural deposits found underneath the land surface. But surface rights only refer to exclusive rights to all physical property on the land.
Retirement: A lot of mineral owners choose to sell during retirement. Many retirees decide to sell to avoid paying taxes each year and to put some cash in the bank. In addition, the sale of mineral rights converts the property into cash which makes estate planning significantly easier.
Surface rights are what you own on the surface of the property. These include the space, the buildings and the landscaping. Mineral rights, on the other hand, cover the specific resources beneath the surface.