Things to be Considered When Buying Property with Mineral Rights

By | December 2, 2011

Unlike in many parts of the world, the government of United States made a law to all its citizens stating that the person who owns the land do have all the rights on the minerals beneath that particular surface. This made many people to show interest in buying the lands which have some kind of mineral resources. However, it is not correct to think that every mineral right will make you rich. There are so many things related in order to get proper income from the mineral rights you own. If expert care is taken for every thing you can definitely buy some good land which can yield you consistent benefits. Following are the few things to be considered when buying a property with mineral rights in order to get real time benefits.

  • Someone, or the land owner himself told you that his/her land do have some mineral resources and he wants to sell him the land along with the mineral rights. By this simple word of mouth propaganda can you really purchase such land? Of course, not. Because you are going to buy something you didn’t see so you have to be careful while choosing a proper land. You have to check the property with the help of a local geologist to make sure that the said property have minerals. If not you can ask around any real estate agent,lawyers or any other surveyors who are well versed about the details of the land.
  • There are lot more laws regarding the buying and selling of properties having mineral resources, which vary according to the state. So, it is often useful to be aware of the state laws in which the property is.
  • Also make sure that the surface rights and the mineral rights of the said property belongs to the same person and he only reserves all the rights, and the rights are also not shared with any of his heirs.
  • When it is the time to make agreement make sure that every thing along with the mineral rights and the exploration rights are included in the deal and each and every point is mentioned clearly. Include the sub surface extractions and clear up any issues regarding the price of the mineral rights.

These things seems to be small but costs you a lot when neglected, so make sure that you are taking care for each and every issue.

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