I just closed on a house. Among the papers I signed was something saying I did not have mineral rights. Is this "standard"? I live in Corpus Christi, TX. My land is in the city limits.
2006-09-24 03:16:42 · 3 answers · asked by Nancy G 1 in Business & Finance ➔ Renting & Real Estate
This means that whoever holds the mineral rights can, if they choose to exercise those rights, mine your land for whatever mineral they hold the rights to.
In Florida the phosphate companies do this. There is a whole section of the state that in 2012 will be eligible to be mined. People think that because there have been homes built they won't mine. They have done it before. It smells awful, and drives the property values WAY down.
If the paperwork that you have does not tell you who is holding the mineral rights, the property appraiser's office might be able to. It is worth finding out when they can exercise their right if a large company is holding those rights.
2006-09-24 03:48:48 · answer #1 · answered by Sharingan 6 · 0⤊ 0⤋
Many properties will have these type of limitations and more than likely the zoning in Corpus Christi would not allow future mining or extraction of oil etc. I suspect you live in a residential area and its something not to worry over.
Welcome to home ownership.
2006-09-24 10:51:17 · answer #2 · answered by Jimmy 5 · 0⤊ 0⤋
You maybe are in the city now but I expect the rights were sold off many years ago when the propriety was in the country.
My Grandfather (near Abilene) sold 50% of his farms mineral rights in the 30's. I suspect it was a fairly common practice then.
It might be interesting for you to see if you can track down who has it now, I assume that's something that could be done.
2006-09-24 10:24:54 · answer #3 · answered by madjer21755 5 · 0⤊ 0⤋