How to Sell Mineral Rights Obtained by Inherietemce
In order to sell mineral rights obtained by the death of a family me,beer, you must first have the rights transferred into your name. This will require documentation and gathering of information that may not be readily available.
What paperwork will be required?
if the mineral rights were obtained as part of an inheritance, you will need:
- A copy of the death certificate of the family member who previously owned the mineral rights
- A copy of the will naming you as a sole or part beneficiary of the property
- A notarized affidavit of transfer, which details your personal information and that of any other family members who may have been given a share of the mineral rights.
The information on the affidavit of transfer must be answered accurately to the best of your knowledge. You will be asked how and when the deceased obtained the mineral rights.
If the rights were passed down from a family member of a previous generation of the deceased, this information may be difficult to obtain with accuracy, especially if no will was made.
If no information is available, simply write unknown in the spaces where the information is requested. You will be contacted if further information is required.
Where does the documentation need to be sent?
You will need to send the affidavit, death certificate, and a copy of the will to the court clerk in the jurisdiction that the property is located on which the mineral rights are held. If the will is probated in that state, then it can be sent to the local court clerk.
When the transfer is recorded in the court where the property is located, you must send a copy of the recording, along with the previous information , to any company who is leasing the mineral rights and paying monthly residual fees for the rights.
What are the options when transfer of ownership is completed?
You may choose to continue the relationship with the company that is leasing the mineral rights and receive monthly fees. This may be beneficial if the prices are high for the product. If there is a glut, such as in the market for natural gas, and fees are low, you may decide to sell the rights.
How can you sell the mineral rights?
You can sell mineral rights to the company who is leasing the mineral rights, or you can put them on the market with a broker, who will arrange their sale for a fee.