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Started By
Message
Mineral rights on a property
Posted on 6/17/10 at 12:32 pm
Posted on 6/17/10 at 12:32 pm
How big of a deal should I make of this if the seller wants to keep them?
He did include:
"Mineral Rights owned by Seller, if any, are to be retained by Seller but with waiver of any right to use the surface."
4
Posted on 6/17/10 at 1:02 pm to clamdip
Depends on the property, but in any situation, I would tell the guy to go to hell before seperating the mineral rights.
Posted on 6/17/10 at 1:06 pm to clamdip
Completely depends on where, but always a good idea to try and get them if possible. If anybody ever drills a well in downtown Lafayette I am SET 
Posted on 6/17/10 at 1:14 pm to Bussemer
oh and more info....
this property is approx 50 acres. The Seller owns several hundred more acres adjacent to the property, which is also on the market.
I'm guess he could put a directional well on that property and hit the minerals under mine in this scenario, with no further authorization from me needed?
this property is approx 50 acres. The Seller owns several hundred more acres adjacent to the property, which is also on the market.
I'm guess he could put a directional well on that property and hit the minerals under mine in this scenario, with no further authorization from me needed?
Posted on 6/17/10 at 1:20 pm to TheHiddenFlask
I talked to a guy who just decided to throw in a retainer of mineral rights on a sale. He told me the buyer was ok with it, he shrugged his shoulders and laughed.
He would have sold it without the mineral rights.
He would have sold it without the mineral rights.
Posted on 6/17/10 at 1:22 pm to Camp Randall
I think the seller can only retain them for 10 years.
Posted on 6/17/10 at 1:23 pm to agdoctor
I thought if there is a lease is on the property, the sell can retain them forever or until the lease is inactive for 10 years. I have no idea what I am talking about.
Posted on 6/17/10 at 1:29 pm to Camp Randall
he can retain them for only 10 years unless some production takes place. If a well is brought in and the owner receives some of the royalties then yes they could keep them as long as they get payments.
Posted on 6/17/10 at 1:38 pm to agdoctor
tell him no...how bad do you want the property and how bad does he want to sell it...
Posted on 6/17/10 at 1:43 pm to clamdip
quote:
I'm guess he could put a directional well on that property and hit the minerals under mine in this scenario,
Doesn't have to be a directional well - if that 50 acres (or even part of it) are included within a unit with a well on other property, the seller who retained the mineral rights gets the benefit of the production.
Posted on 6/17/10 at 1:51 pm to clamdip
Talk to your closing attorney. My understanding is that there is a pre defined amount of time that the seller can retain said rights and then they automatically revert to the land owner.
Posted on 6/17/10 at 2:19 pm to blueridgeTiger
And a vertical well on his property will/can drain from your property(which is fine if he owns the minerals).
I'd always lean towards getting them if you dont have to fork over a bunch of cash.
Is there any production in the area?
I'd always lean towards getting them if you dont have to fork over a bunch of cash.
Is there any production in the area?
Posted on 6/17/10 at 2:21 pm to agdoctor
quote:
he can retain them for only 10 years unless some production takes place. If a well is brought in and the owner receives some of the royalties then yes they could keep them as long as they get payment
good info. thanks!
Posted on 6/17/10 at 2:22 pm to Bussemer
quote:
Is there any production in the area?
that's what I'm trying to find out. This is in central West Feliciana Parish, and I don't see much signs of production. I've even toured his other hundreds of acres and not seen any sign of such, but I wasn't really looking.
Posted on 6/17/10 at 2:27 pm to clamdip
quote:
West Feliciana Parish
There's potential for Tuscaloosa Marine Shale in that area if anyone could figure out a way to drill an economic well. I'd try and get them just in case.
Posted on 6/17/10 at 3:02 pm to clamdip
FWIW, there are a lot of special laws pertaining to mineral rights.
I don't have the time to chip away at them, but you should really look into them, at least to some extent.
I don't have the time to chip away at them, but you should really look into them, at least to some extent.
Posted on 6/17/10 at 5:30 pm to clamdip
I would never own land without the mineral rights... you just never know
Posted on 6/17/10 at 10:54 pm to DaBeerz
At best I'd ask for half of them. Then at least if something happens you get a piece of the pie and eventually (in theory) you or your heirs will get the other half back.
Posted on 6/18/10 at 7:12 am to LSUGUMBO
quote:
At best I'd ask for half of them. Then at least if something happens you get a piece of the pie and eventually (in theory) you or your heirs will get the other half back.
he just counteroffered 50/50 split on mineral rights.
One question I have about this 10-year limit on owning the mineral rights if you don't own the property itself: what happens at the end of the 10 years? Do the rights go to the property owner automatically?
Posted on 6/18/10 at 1:34 pm to clamdip
quote:Yes. They revert to the naked owner automatically.
One question I have about this 10-year limit on owning the mineral rights if you don't own the property itself: what happens at the end of the 10 years? Do the rights go to the property owner automatically?
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