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re: Just bought 40 acres
Posted on 10/30/13 at 6:31 am to SD90MAC
Posted on 10/30/13 at 6:31 am to SD90MAC
Just curious, a landowner does not own the mineral rights to his own land in Louisiana? Why would anyone buy land without owning all rights to it? Is that pretty normal practice there or lots of places?
Posted on 10/30/13 at 6:57 am to kywildcatfanone
From what ive been reading on the net, all states r different with there mineral rights. Mississippi has terrible mineral right laws, whoever owns the mineral rites, keeps them forever and passes them down to kids. Atleast louisiana has a ten year limit.
Posted on 10/30/13 at 7:12 am to kywildcatfanone
quote:
Just curious, a landowner does not own the mineral rights to his own land in Louisiana?
If you have complete ownership, but many people reserve the mineral rights on sale - one must read the sale documents very carefully. This is especially true of larger tracts of rural land. As Louisiana allows, in the civilian tradition, the separation of usus, fructus and abusus. We also have servitudes (rather than rights of way).
For example, a couple can donate their home to their children, but reserve a lifetime ususfruct (or, perhaps a lifetime right of habitation), which allows them to live in the home until they die or are no longer capable of living on their own. This takes the whole - "Medicaid makes you sell your home" situation out, if done at least 5 years before Medicaid is needed.
Wiki article on usufruct
This post was edited on 10/30/13 at 7:14 am
Posted on 10/30/13 at 9:20 am to kywildcatfanone
quote:
Is that pretty normal practice there or lots of places?
Yup.
Posted on 10/31/13 at 9:53 am to kywildcatfanone
quote:
Just curious, a landowner does not own the mineral rights to his own land in Louisiana?
In LA the seller that owns the estate in total - surface and minerals can reserve the minerals. That reservation lasts for 10 years unless a well is drilled...the drilling of the well resets the 10 year clock...if there is production the clock is suspended and only restarts when production ceases.
All other states allow severance of the minerals...the only difference is there is no clock, it's in perpetuity...that's the law in your state bud. LA tries to unite the estates. In my view it's the better law.
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