General Area in Fort Worth>Question Details

Duane Macomb, Home Buyer in Fort Worth, TX

Who own the mineral rights for a condominium.?

Asked by Duane Macomb, Fort Worth, TX Wed Sep 17, 2008

If a condo is sold can the seller retain mineral rights or do they automatically pass to the buyer?

Help the community by answering this question:

Answers

3
Mineral rights are usually retained by the developer of the condo complex. You don't even own the soil with a condo so you don't own the mineral rights.

Naima
Web Reference: http://www.sumnerrealty.com
1 vote Thank Flag Link Wed Sep 17, 2008
Texas Association of Realors: Information About Mineral Clauses in Contract Form:

Line 3; Most real estate brokers are not familiar with the status of title to the mineral interests, the specific clauses that may be important to a party who desires to retain or convey mineral interests, or the value of mineral interests or mineral leases. Such transactions may require the neogotiation of complex legal clauses to accurately reflect the rights and obligations of the paries. Real estate brokers and salespersons are not attorneys and may not engage in the unauthorized practice of law. (this is just a partial reading of Information About Mineral Clauses in Contract forms.

I would definetly get legal advice from a Mineral Rights attorney.
0 votes Thank Flag Link Thu Sep 18, 2008
The seller can retain mineral rights if it is stipulated in the deed and the contract. Otherwise, the default agreement is to transfer all interest in the land to the center of the earth.

If you are talking about a single unit being sold, then the seller may have never owned mineral rights to begin with. They own the space in which they inhabit and a percentage of common areas. It is likely that the condo developer holds any mineral rights, or has passed them on to the owners in equal portions which may be bound to the land.

This part of Real Estate can be confusing and very inconsistent. I would check the deed.

Good Luck!
0 votes Thank Flag Link Wed Sep 17, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer