I have inherited lifetime mineral rights to this land. I live a long way from Texas and have never seen it. I also was recently sent a lease agreement by a major corporation. They want to lease the rights to the land. The paper says, Bonus-100.00 per net mineral acre Term-3 yrs Royalty-Three-sixteenths (3/16). I have no idea what these terms actually mean or if it is wise to sign these papers or not. They also sent a check for $100.00. If anyone has knowledge about this type of thing could you please offer advise? Thank you.
2006-07-18 17:56:35 · 6 answers · asked by funique35 1 in Business & Finance ➔ Other - Business & Finance
Okay I can help not only am I a mortgage lender but my boyfriend was an oil and gas surveyor that would actually take the soil samples from the land. Always keep the mineral rights and never get rid of them ESPECIALLY IN TEXAS! Yes go on ahead and sign these, you can try and bargain for more but that is pretty general. I assume your land is in west texas. If you don't mind let me know the name of the town the land is located in and what company is wanting you to lease to them. The thing is that you own the mineral rights and have every right to bargain for a little more but really I think that is pretty basic. The second is, this is how you make money in the first place with mineral rights. You aren't selling you are just leasing this company the rights to come on the land and take soil samples over a 100-1,000 acres. They then take the info to a lab, test the properties of the soil to see if it is potential oil producing or gas producing. They will let you know if they find a producing area. This is really a cool thing is they find your land to be producing!! Let me know company and town property is in and I will help you more. You can email me at holly.huston@sbcglobal.net for more info if you want.
2006-07-18 18:15:24 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Hi,
It is big deal and you must be careful while u sign anythng. I would suggest hire a lawer and a business manager who will be able to handle all these things for you.
If you need any help my end shoot me a mail. I am working as a Counter Part for a Canadian based Real Estate company with 30 years experiance and we would like to work on J/V or condomeniam basis.
If intersted send me mail on wadwekarg@hotmail.com and we will take the things further from there.
Thanks
Girish Wadwekar
2006-07-18 18:02:31 · answer #2 · answered by wadwekarg 2 · 0⤊ 0⤋
This is a life altering business question that deserves the best in legal opinion. One way that you could do this inexpensively is detailed in my "protect your family" blog on yahoo360.
When you have something so important you deserve to get the best people on your team helping you make sure it goes smoothly and the way you want it to.
Good luck
2006-07-18 19:05:51 · answer #3 · answered by mallicoatdd 4 · 0⤊ 0⤋
Consult a real estate lawyer that specializes in mineral rights so you don't get gyped.
2006-07-18 17:59:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Talk to a lawyer, man. Yahoo Answers is not the place to get this advice. Ask about your kitten here.
2006-07-18 18:00:49 · answer #5 · answered by No Cars Go 2 · 0⤊ 0⤋
As much as you can get.
2006-07-18 18:02:47 · answer #6 · answered by Mr. Stubbs 1 · 0⤊ 0⤋