How much land will be conveying in the purchase? If it is only a normal residential lot then you will probably not be impacted by the seller retaining the minerals. However, if you are buying a larger tract, you need to have an attorney review the contract and any mineral leases that are currently on the property. If in doubt, speak to an attorney.

Wed Apr 16 2008, 09:30

Hi Lyla,
Dirk has the best answer on this -- first the price should be different if you do not purchase the mineral rights. second it is NEVER in your favor for this type of a deal. I have a friend that experience this in Colorado..and he has lived to regret everyday that he didn't spend (going on memory for a deal that happened 15 years ago) the extra $15K per acre to own the mineral rights on a 500 acre tract of land in Trinidad NM.
Mary

Sun Jan 20 2008, 12:55

Lyla

This happens all the time in states where mineral rights can be conveyed.

You may want to speak with a knowledgeable Local real estate broker who can evaluate your property with and without the conveyance of the mineral rights. (Each right of ownership in real property has its own value)

You can then determine the value of what you are purchasing.

Best of luck

Sun Jan 20 2008, 06:22

Please contact a local real estate attorney. Every state has different laws regarding mineral rights and this could potentially adversely impact your investment

Sun Jan 20 2008, 06:17

Discuss this with a knowledgeable LOCAL real estate broker. This is critical. Esp if you are buying in Fort Worth. You could be throwing money away, why not find out 1st?

Sat Jan 19 2008, 22:17

I have never heard of this one but I guess there is first time for everything. What is next air space?
Anyhow I thought that this might be a bit helpful
http://geology.com/articles/mineral-rights.shtml

Sat Jan 19 2008, 21:52

If you totally understand what you are getting into. Sit with an attorney and the seller if necessary and clarify what minerals, where, how, for how long, how close to your home, will there be excavation, will the land be put back the way it was. You get the idea.

Sat Jan 19 2008, 21:07

If you're getting a great price for it and it doesn't disrupt your home, I don't see the problem. However, "If thar' are gold in them thar hills" you better make sure your agreement protects your home. How does the seller plan to get the minerals out? Dig under your foundation? Tear up your brand new landscaping? Put holes for you to fall into while hiking through your acres? Does he think Black Beard buried treasure on the land? Would gold coins be considered "minerals" if they have already been processed and then buried?

This sounds like a case for an attorney and a psychologist. Why does he want the rights and how does he plan to use them? It just sounds odd and unrealistic. The only way I can see it working is if the mineral rights are along the line of a option to buy. If valuable minerals are discovered, the seller would have to buy your home back to access them? Talk to a Virginia attorney.

Good luck,
Ruth

Sat Jan 19 2008, 20:36

Why not. It happens all the time. Just make sure that there are clear terms on this aspect. The price should be adjusted for this. Also what rights do they have?? Can they mine everything off the surface and make the place look like the Planet Mars? Is it for gas or oil? Would they be able to come and go as they please? I think the answer is that this is done all the time but you need to have conditions and maybe attach a map to clarify what area of the land this applies too. In this market you may just tell him "No" and see if he really is a seller or not. There are a lot of reasons to say no. But if the conditions are fair enough it might be ok. It has been doen this way for years.

Best of luck with this.

regards;

Dirk T Knudsen
Remax Hall of Fame
#1 rated ReMax team in Oregon
"The Real Estate Doctor"

Sat Jan 19 2008, 20:19