Replies to This Discussion

Permalink Reply by RL on July 24, 2008 at 9:23

PG, I was thinking the same thing about the trees as the mineral rights. Prior to HS, when we bought a house we assumed that everything on and under was included. Never crossed our minds that someone else would have the mineral and timber rights without it being explicitly covered in the contract.

And it is ok for someone to hold those rights as longer as the buyer is aware of it...that way he/she can decide whether or not they want to agree to such a purchase.

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Permalink Reply by P.G. on July 24, 2008 at 9:31

Well I was also wondering that if the mortgage company held a lien against the mortgaged property, does that also include the minerals under it as well?
Could you, assuming you got the minerals and timber with the purchase, sell those off without permission from your mortgage company?
Does the mortgage company's lien only apply to the surface?

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Permalink Reply by John on July 24, 2008 at 13:08

From what I hear he is not the only one . The developer of Foresthills and Lakewood also kept the mineral rights, or so I have heard.

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Permalink Reply by SJ on July 31, 2008 at 10:16

I think it should be a law that developers shouldn't be able to retain the minerals. A similar situation happened over on Bellevue Rd. in Bossier Parish where Mike Salter, owner of Realty Executives, reserved minerals on 3 different subdivisions. ALOT OF UNHAPPY LANDOWNERS!!!! And just to think, he still has to do business in S'port/Bossier. Most of the transactions happened about 8 yrs. ago but I am positive that a producing well be in place before the 10 yr rule comes up....

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Permalink Reply by louisiana lady on July 31, 2008 at 13:40

I doubt that he will need to do much business after the bonus checks. But eight years ago the minerals weren't worth anything. The rule of capture in Louisiana states that minerals only have value when they are "captured" and marketed. Properties have been bought and sold in TX and OK for decades without minerals because those states do not have a ten year prescriptive right back to the current surface owner for nonuse.

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Permalink Reply by Bobi Carr ("parker") on July 31, 2008 at 14:34

Why should he not be allowed to keep what is his.

If you sell your property, don't you want to keep your mineral rights?

I am sure that any of us would be unhappy if we thought we had mineral rights and then found out we didn't. But once you find out you don't have them, its time to move on. It is not time to stamp your feet and get some useless Attorney that no one has heard of to file an unecessary suit.

I don't personally like the Browns, not do I have any admiration of Mike Salter, but come on this was theirs to hold onto or to let go of.

I think some of the unhappiness stems from the fact that these people have more money than the everyday Joe. SO WHAT - IT'S STILL THEIR MONEY, AND IT'S STILL THEIR MINERAL RIGHTS.

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Permalink Reply by Meauxmoney on August 29, 2008 at 14:15

How about when the LLC's came through and leased people's land right up until April of this year, knowing full well what was happening. There should be a class action suit filed against those that used the knowledge of what was going on and bought mineral rights out from under people, especially if the mineral leases were flipped within a certain amount of time.
A friend of mine sold his on 15 acres for 100 per acre, and a week later the guy that came by the house called us and apoligized. He said when he found out what the company he worked for was doing, he quit them, and felt really bad he had been part of it. I talked with him the other day and he told me they let him in on what was happening right before it was announced.
I feel like that would be comparable to swindling. It's not good business as some people feel, its lack of morals. I wouldn't sleep good at night if I was the companies in Shreveport/Bossier that done that to the homeowners. There was nothing right about it.

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