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If you don't ratify the lease, the company won't have permission to drill or extract minerals from your land, and they may look elsewhere for opportunities.
While it's not strictly necessary, having a lawyer can help you understand the fine print and make sure you're not getting the short end of the stick.
As a mineral owner, you have the right to negotiate the terms of the lease, receive royalties, and sometimes receive compensation for damages to your property.
The mineral owner is the person or entity that holds the rights to the minerals beneath a piece of land, which can be different from the landowner.
To ratify a lease means you're officially agreeing to the terms of the lease, giving the company the green light to start their work.
An Oil, Gas, and Mineral Lease is an agreement that allows a company to explore for and produce oil, gas, and minerals from your property.