How to determine who owns mineral rights
02/10/2015 | Author: Editorial Staff
The increase in oil and gas drilling around the state brings with it a heightened interest in mineral ownership among your buyers and sellers. Charles Porter, a Texas real estate broker, Texas REALTORS® University instructor, and member of the Addendum for Reservation of Oil, Gas, and Other Minerals form task force, explains what you should know about determining who owns mineral rights.
Get a landman. A buyer or seller can hire a representative of the oil and gas drilling company, generally known as a “landman” or “petroleum landman,” to attempt to identify all owners of the minerals and holders of the executive rights. An oil and gas attorney is another resource for this task.
Know it may not be easy. Thanks to a long history of severed mineral estates, many sellers have negotiated to keep the mineral rights for future income, even when they no longer own the surface of the land. And those ownership interests don’t always stop there. For example, when minerals become part of an inheritance, the route to finding the true owner can become more complicated.
Read more about this issue, plus recent changes in the mineral addendum, how to use it properly, and the basics of mineral rights in Porter’s article, “What you need to know about mineral rights,” in the January/February 2015 issue of Texas REALTOR® magazine.
The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.
While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.