Buying Land Without MINERAL RIGHTS? 11 Things You Must Know First
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- เผยแพร่เมื่อ 30 พ.ค. 2020
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There are a number of things you should know before making your decision whether to purchase or not.
Below are the top eleven items to consider if you are buying land without mineral rights.
Please note that we are not lawyers. The information contained in this video is based on our research and experience and is intended for informational purposes only. You should be sure to consult a lawyer or other real estate professional before making any investment or purchasing decisions.
1. There are two kinds of rights.
2. Surface rights give control over the surface of the property, including improvements.
3. Mineral rights give you the right to explore for and extract subsurface minerals.
4. The definition of a mineral can vary from state to state.
5. Mineral rights are often separated from surface rights (called a split estate), but this does not mean that a property that is only conveyed with surface rights is worthless.
6. Mineral rights can have multiple or fractured ownership.
7. There are certain instances in some states where the mineral rights can revert to the surface rights holder.
8. Mineral rights holders do have some rights to use the surface in order to explore for and extract minerals.
9. It can be hard to know who owns the mineral rights, especially because your deed (for the surface rights) probably won't spell it out.
10. Mineral rights can be very profitable.
11. But the actual value of the mineral rights varies and can change rapidly.
For more information on buying land without mineral rights, check out our blog post on Mineral Rights at:
gokcecapital.com/buying-land-...
You may also want to check out our blog post on Surface Rights at: gokcecapital.com/surface-rights/
Mineral Rights are often a title exception, for more information you can check out our blog post on title exceptions here: gokcecapital.com/title-except...
If you are interested in equitable title vs legal title, you can check out our blog post here: gokcecapital.com/equitable-in...
For information on riparian rights, you can read more here: gokcecapital.com/what-are-rip...
And if you are interested in learning about land investing, you can check out our blog post on How to Get Started in Land Investing: gokcecapital.com/land-investing/
For free land, check out our Free Land Giveaway at: • New Promotion in the d...
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Thank you
Thanks for the information, what exactly is an abstract company?
Hello Geraldine, an abstract company is a company that specifically produces abstracts of title: gokcecapital.com/abstract-of-title/
What I am confussed about is that I just refinanced in CA, when I signed loan docs mid December there was a mineral rights acknowlegment & agreement form in the docs that I signed was this something that I shouldnt have signed I am not sure what this all means that someone can come & take my property where I live? whats odd is I refinanced with this same lender 7 months ago & there was no mineral rights acknowlgement agreement form back then when I signed docs?
Hello Burt, I would reach out to a local real estate attorney since mineral rights laws differ from jurisdiction to jurisdiction.
I own land in North East Navada 2 Acer's no mineral rights can I still pan or metal detector gold search?
Hello Michael, every jurisdiction has slightly different laws around mineral rights so I would check with a local attorney to see if this is allowed.
Is there a common depth limit for surface property?
I would consult a lawyer in the particular state you have property in.
Wow this can become complex. But I'm sure a lot of it can be argued for.
A lot of the details will depend on the state you're in.
You're screwed if you're in Texas or Montana. Those 2 favor big corporations over their citizens.
are mineral right owners responsible for part of the property taxes?
It depends on the county and state, I would speak with the local tax assessor to see how mineral rights are taxed in your area.
Ummm, so the ONLY rights that are covered with mineral rights, are minerals, and not excavations to make foundations, basements, or tornado bunkers, or underground parking garages, or basement water wells, or onsite septic... Just minerals?
Hello Elmer, every state has slightly different regulations, so I would recommend speaking with a local land use attorney, but my understanding is that mineral rights do not cover other excavations for construction, wells or septic.