What does it mean when seller retains mineral rights?
A mineral owner’s rights typically include the right to use the surface of the land to access and mine the minerals owned. This might mean the mineral owner has the right to drill an oil or natural gas well, or excavate a mine on your property.
Are mineral rights worth anything?
If you are ready to list or purchase mineral rights, the best mineral rights value rule of thumb to use is the current market price. Today, your mineral rights may sell for $2,000 an acre, but if the developers drill a few dry wells tomorrow, that value could plummet.
What does surface rights only mean?
In states with split ownership laws, land can be sold to only include surface rights. This means that if oil or gas is present under the soil, the landowner will have no legal rights to them.
What does it mean to not own mineral rights?
Mineral rights don’t come into effect until you begin to dig below the surface of the property. But the bottom line is: if you do not have the mineral rights to a parcel of land, then you do not have the legal ability to explore, extract, or sell the naturally occurring deposits below.
What is subsurface rights in real estate?
Subsurface rights are the right to the earth below the land, and any substances found beneath the land’s surface. Subsurface rights are important because landowners will sometimes acquire the right to valuable items in the earth’s ground.
What does mineral rights convey mean?
Mineral rights are conveyed — meaning transferred to a new owner — through a deed. At the time of the initial conveyance, the property deed will include the separation of the surface and mineral rights. Subsequent land deeds will not reference the mineral rights transfer.
How do I find out if I own mineral rights in Texas?
If you’re interested in who owns your Texas Mineral Rights located below your property, the best place to start is your local County Clerk’s Office–not only is this a free resource; they typically have some of the most up-to-date information you can find.
Who owns the mineral rights to my property in Texas?
Mineral rights in Texas are the rights to mineral deposits that exist under the surface of a parcel of property. This right normally belongs to the owner of the surface estate; however, in Texas those rights can be transferred through sale or lease to a second party.
What is a mineral acre?
Generally speaking, a mineral acre is defined as full (100%) mineral interest in one (1) acre of land. The way to calculate it is to multiply your gross acreage by the fractional interest in the minerals you own in that tract.
Do mineral rights ever expire?
Even if mineral rights have been previously sold on your property, they could be expired. There is no one answer to how long mineral rights may last. Each mineral rights agreement will have different terms. A mineral rights agreement may range from a few to 20 years.