"Many people assume that owning land means owning everything beneath the surface, but that's not always true. In some cases, the mineral rights - which include natural resources such as oil, gas, or precious metals - may be owned separately from the land itself. Remember the opening of The Beverly Hillbillies when Uncle Jed was "shootin' at some food, and up through the ground came a-bubblin' crude"? Oil, that is - black gold, Texas tea."
"A property may include both surface and mineral rights, or these rights may be severed into separate ownerships. When mineral rights are severed, the mineral owner holds the legal authority to access underground resources - even if another person owns the land above. Several minerals aren't included in mineral rights. The rules vary by location, so if you're unsure whether something is covered by your mineral rights, check with a real estate attorney or your local land office."
Mineral rights define legal ownership and control of subsurface resources such as oil, gas, coal, and precious metals. These rights can be owned separately from surface rights, and can be severed, sold, or retained independently. Missing or previously sold mineral rights can reduce property value and limit seller negotiation power during a home sale. Specific minerals may be excluded from mineral-rights claims depending on jurisdiction. States with highly active mineral markets include Texas, Oklahoma, Colorado, North Dakota, and Pennsylvania. Buyers and sellers should identify who holds mineral rights before transactions and consult a real estate attorney or local land office for clarity.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
Unable to calculate read time
Collection
[
|
...
]