How Do You Buy Mineral Rights With A Land Purchase?
When purchasing property, most people look at the exterior and do not give a second thought to what may be beneath the property. This is where the mineral rights come in. If you purchase the land but not the mineral rights, and a substantial oil field is located under the property, then any proceeds from that oil deposit goes to the owner with the mineral rights. Here’s how to make sure that you own the mineral rights on your property. Determine if the property may possess any mineral deposits through a geological survey. You will not want to purchase the mineral rights if there are no minerals on the property. To find a reputable local geology surveyor, ask a real estate lawyer if he can recommend one. Understand the local and state laws regarding mineral right purchase and extraction. Each state has different definitions of what a mineral is and the elements included in the definition. Some states also restrict certain mineral extraction in protected areas. Contact the local land com
