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Mineral rights or mineral estates of land include all organic and inorganic substances forming a part of the soil, which possess a useful property giving them special value. Mineral Rights are property rights that allow an owner to exploit, mine, and/or produce any or all of the minerals lying below the surface of the property.
Mineral rights can also be retained when land is sold, thus making it possible for someone to own the right to mine the minerals without owning the land, this is known as conveyance of land.
Mineral rights can be leased or sold. A landowner who leases mineral rights often receives a royalty, or a percentage of the value of the minerals, which are mined by the leaseholder.
As oil, gas and power companies become increasingly interested in natural resources, it is important to protect the rights of landowners. An experienced mineral rights lawyer understands the unique needs facing landowners in negotiations and contracts with gas, oil rights, and wind energy companies.
If you are a landowner of mineral rights and have been approached by companies interested in leasing land on your property, an experienced mineral rights lawyer can draft a lease agreement that's protects your property rights. Often times companies have pre-drafted leases that are not in a landowners favor because the agreement excludes royalties, or a percentage of the value of the minerals which are mined by the leaseholder. An attorney can also make sure that you are aware of all clauses. Some clauses such as "force majeure" clause should be known before entering such an agreement. A force majeure clause generally states a leaseholder can extend a lease, if an unforeseen event, such as a natural disaster or a new regulation, prevents the terms from being followed by either party.
Owning mineral rights can be very profitable if you have an experienced lawyer to guide you with the transactions you enter. If you are purchasing or own mineral rights, contact Attorney Search Network for a free lawyer referral.
If you have any questions about the information provided above, please contact us. Call us toll free at (800) 215-1190 or fill out our online form for your Real Property lawyer referral.
If you have any questions about the information provided above, please contact Attorney Search Network.
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