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Guera | I am buying a home, but the contract said they wont sale the oil rights, what does this means? should Ibuy? |
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Searchlight Crusade
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That was J Paul Getty's great contribution to real estate, and why he got so rich. He retained the mineral rights on every parcel he sold, and it has become standard practice in the industry nationwide, if not worldwide, with respect to residential property. To counter one silly previous answerer, such rights typically pass without any rights of ingress (meaning they can't enter your property), but it typically isn't difficult for them to buy such rights from someone.
Odds are that the person selling you the property does not, themselves, own the mineral rights. Since they can't sell what they don't own, that's what the contract is going to say, period. If you want a parcel with mineral rights, look elsewhere. If you want a place to live, all it means is that the chances of you getting a mineral windfall change from remote to zero. |
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nite_angelica
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It means you will own the land, but not the mineral rights. Whoever owns the land (or maybe even a previous owner) still has the mineral rights and is not giving them up in case they ever drill on the land. That way they get all of the money for any oil/gas found on the property.
It is up to you, but one thing to keep in mind is that it is REALLY difficult to find any land for sale right now where the owner is giving up the mineral rights. The oil/gas industry is booming right now. |
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AppM
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If oil is ever discovered on the land.. You get 0 |
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wizjp
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Means they retain the rights to any oil under the property and probably a degree of rights to drill to get it. Ask for a copy of a standard oil rights lease exception to review, see an atty, or skip it if you think they will be drilling |
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mike1942f
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Depends on where you live. Right now a lot of people in the Ft. Worth builtup area are getting checks for $10-15,000 for signing over the gas rights under their property because of a newly developed field - the Burnett Shale. Drilling is being done by putting well site in vacant or park land (protected by trees and distance) and putting several wells on same site by drilling at an angle.
The sentence may mean they don't own the rights - they may be required by law to tell you the mineral rights are not included. |
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Suthern Yankee's S.O.
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What is it saying is "There's Oil in them thar hills" and they are saying if they do strike Oil, you don't get any money. Ask the question. Does this mean there's Oil on this Property?
Start there and i think you can work through this. Would I buy? I'd be very skeptical. |
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wrkey
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You will hardly EVER get mineral rights to property purchased for 'top area use'. Mineral rights are sold seperately. But, for the right price you can buy the mineral rights but unless your buying at least 10 acres or more, you'll find that you won't be able to purchase them for smaller land parcels.
Don't worry about the 'mineral rights' clause, it's very typical and they are either worthless or the cost to purchase would probably not make it worth it.
Good luck and I hope this helps! |
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Dude
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means if oil is found on your property, you have no rights to it. I may also mean they can come drill to look for it. Check with an attorney that you should already have when buying a house. If you don't have one, get one, it's worth the cost or so to have it. |
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C M
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That just means that if there is ever oil discovered on the land, you will not be the get a dime. I would not worry about it, are you interested in drilling?? I mean, I own a home, and have never tried to drill. Not once. :) |
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a-mac
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I've never heard of that clause! Consult your buyer's agent and attorney. You can counter to remove that clause.
Congrats on the home!!! It's exciting. |
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absteal
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like the dude before me said. If oil is ever found on your property, whoever owns the oil right will get all the money from the oil, and not you. if you like the house buy it. |
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Phurface
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Mineral rights do not pass on a real estate sale. You'll need to purchase them in another transaction. Yes, you should buy the rights if the owner is willing. Consult with an attorney. |
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Jaime M
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Screw it! Buy next door! |
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newmexicorealestateforms
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You can still buy you simply won't get anything out of any oil & gas royalties dicovered on the property. However if you do decide to buy you need to get information on what agreements if any there are in place regarding access to your property and how the land will be reclaimed by any exploratory or actual production of the product found and what easements have been granted if any to the companies. If no agreements have been granted you can place a clause on your purchase agreement that stipulates what you will and will not allow on the use of the surface for the oil and gas issue. |
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