Are you living in Oklahoma? You might have heard about mineral rights. Owning mineral rights means that you legally own the rights to any material mined or extracted underneath a particular tract of land.
These materials can be anything such as oil, coal, metal ore, or even precious stones. You can own mineral rights to a piece of land without owning the property itself, and vice versa.
Not everyone, however, has the energy or the resources needed to extract valuable resources from their land. If such is the case for you, then you can still earn from this land by selling its mineral rights to someone who can make the most out of it. If you’re planning to sell mineral rights in Oklahoma, here’s a guide to help you get started.
Check Your Assets
Always remember to review the legal paperwork on the land before selling the mineral rights. Keep an eye on the terms or specific wordings. Make sure you’re explicitly named as the owner of the property’s mineral rights to avoid any legal stumbling blocks. Consider consulting a professional if necessary.
Do Your Research
Check the potential materials that can be found in your property, as this may affect the price of the mineral rights. Don’t be afraid of doing surveys. Once you’re sure that your land has extractable materials, set your sights on the prices.
Trends in buying and selling mineral rights might change over time, so you might want to wait until you can make the most out of the sale. Knowing the current prices will also help avoid buyers who might set a lower selling price than the average.
Consider Your Options
Generally, you have two options when selling your mineral rights:
- One would be to sell the rights to the minerals in your land ultimately. You also have the opportunity to sell the rights for certain minerals only.
- Another is to lease the rights. This would allow someone to own the mineral rights to your property for a set amount of time. Upon expiration, you retain ownership of the rights unless you agree to a lease extension or renewal.
Either option may also include royalty rights when minerals in your land are sold. There is usually a fixed rate set when the agreement is made.
Transfer the Rights
Now that you have your bases covered, you can finally transfer your rights. You can do this by filling out a mineral deed form, signing a lease contract, or through a notary. If a company specializing in mineral rights sales act as a middleman, there may be additional paperwork too.
Don’t be frightened of taking your time if you plan to sell your mineral rights in Oklahoma. If you need further assistance or additional consultation, consider getting in touch with a professional.
Selling your mineral rights is not an easy task. You need to do some thorough planning and preparation if you want to make the most out of the sale.