When you purchase a piece of property, you hold the deed only to the land that is above the ground. What’s below the surface is a different story. If you would like ownership of valuable minerals, rocks, gas, oil or anything else that may be beneath the surface, you must obtain mineral rights. You can lease mineral rights for a certain period of time, which is common, or you can buy these rights and hold them indefinitely.
The following is a list of steps to guide you on how to go about purchasing mineral rights:
1. The first step in the process is to find out if the mineral rights are available for purchase. Check the property deed of lands for sale to see if information is included on mineral rights. It may not be, as these rights are often recorded in a separate deed book. If you can’t locate them in the deed, they should be available in public records at your county courthouse.
2. Research what defines a mineral before you go through the process of obtaining mineral rights. The definition of a mineral changes from state to state and can also vary depending on the situation.
3. Also research any state or local laws that may exist on the sale of mineral rights. A majority of states have mining and drilling regulations that affect the purchase of mineral rights sales. Mineral rights tend to be similar from state to state, but mining and oil and gas regulations can be significantly different.
4. Once you have researched and found that the mineral rights are for sale, always negotiate the terms of the sale. Discuss the price, the minerals you will be extracting, how you will go about extracting them safely and other terms.
5. After all terms have been negotiated and decided upon, draw an agreement signed by you and the current mineral rights owner. This will finalize the agreement, making you the new owner of mineral rights.
Mineral rights can have an effect on your land ownership, so it’s important to know who holds mineral rights on your land whether you are interested in extraction or not. When purchasing lands for sale, make sure you put the time into researching mineral rights as it will be beneficial for you as the property owner. If you are interested in lands for sale, visit AllAcres.com to browse listings of affordable property in your desired area. Call AllAcres at (855) 227-3741 or contact us online for lands for sale in your area.