Buying Land With Mineral Rights
Many people don’t really give a thought if there is anything valuable underneath the surface of a property. Most of us would only look at the exterior part of the property and the land, but not really what’s beneath it. Well, you just might have to, especially when you’re buying a property in a place where minerals and resources are abundant. In this case you have to buy the land with the mineral rights.
Check first whether the property you’re buying really does have mineral deposits underneath. You can ask for help from a local geology surveyor for this. You can ask around real estate agents, developers, or lawyers for any recommended surveyor.
Local and state laws regarding mineral rights are usually the same in many states. But it won’t hurt to check just to make sure. The state you’re in may have different definitions and elements for mineral rights purchase and extraction. Ask help from the local land commission or a real estate lawyer you know in the area.
When creating the contract for the purchase of the land and the mineral rights, it is important to write down the minerals included in the purchase. Include the sub-surface extractions and clear up any issues regarding the price of the mineral rights.
Now the seller might want to keep some of the minerals of the property. In order to obtain all the mineral rights, you’ll have to negotiate the price of the mineral upward. You should define the minerals and rights included in the transaction clearly to avoid future disputes.
One important thing to remember when doing a deal with a property with mineral rights is to always seek counsel from a real estate lawyer. Have your contract looked over and checked before finally agreeing to the deal. Buying land with mineral rights, after all, have great advantages for you as the buyer and you’ll need to make sure that the mineral rights are yours.
