Replies to This Discussion

Permalink Reply by Carver on July 23, 2008 at 15:47

RL: The purchasers were made aware of any mineral reservation, weren't they? In their title policies?

I only heard about the Haynesville Shale a few months back. What news was there of it before then?

• ▶ Reply

Permalink Reply by Randy on July 23, 2008 at 15:57

It is the purchasers discretion whether they want to pay to have title research done, or require the seller to provide it. Most people don't. But I feel like that is their fault.

Randy

• ▶ Reply

Permalink Reply by ez on July 23, 2008 at 16:07

i think all this stuff is stupid. when someone buys land house or pasture unless it has producing wells on it when it is sold then the buyer should get land and all rights at that time. these laws were made up years ago buy rich greedy people and should be change. and no i have my mineral rights.

• ▶ Reply

Permalink Reply by Randy on July 23, 2008 at 16:11

You can only reserve minerals in Louisiana for 10 years...

Go to Texas where you can reserve minerals for LIFE. Some old man that owned your property 60 years ago and it's been bought and sold 9 times, could own the minerals. Everyone in Louisiana should count themselves very lucky. A few people could have mineral rights on the majority of the area if not for the 10 year rule that we have in Louisiana.

I know that's no comfort to you folks that got a raw deal, but LOTS more people could have gotten shafted if not for a good law of prescription.

Randy

• ▶ Reply

Permalink Reply by Snake Stewart on July 23, 2008 at 17:41

Tough call. If they had to sell minerals with the land , would they ever sell any land , period. After this Haynesville thing I am sure many will look differently about selling property. I know I do.

• ▶ Reply

Permalink Reply by Carver on July 23, 2008 at 16:23

That is not my experience, Randy. All of my friends and family who buy property use a title company to close it. That company's job is to research the title.

If so, wouldn't the buyers have been informed of any lease or mineral sale in their title opinion?

Or am I incorrect about this?

• ▶ Reply

Permalink Reply by Randy on July 23, 2008 at 16:29

I read many a lease that say something to the effect of:

"Both parties have waived title verification" If there was a title company involved in the closing, and they were paid to perform a title search, and they warrantied that the title was fully free and clear of encumbrances & reservation, etc, that would be one thing. That isn't the case as I understand it.

Most people have skimped on this service in the past because "it didn't matter".

I think mineral verification can also be a extra service they will provide for an extra fee.

Randy

• ▶ Reply

Permalink Reply by insomniacnla on July 23, 2008 at 16:40

Most urban title opinions state "Minerals not examined".

• ▶ Reply

Permalink Reply by Carver on July 23, 2008 at 17:19

Most urban title opinions state "Minerals not examined".

Yes, but even so, wouldn't the title opinion show that there was an earlier reservation of minerals?

I was thinking that the title opinion would list any and all recorded documents against the property. Like deed restrictions for example? Utility rights of way? Hunting leases? Etc.

• ▶ Reply

Permalink Reply by Randy on July 23, 2008 at 17:42

You are continually missing one thing, title companies won't do mineral examinations on residential properties without you paying extra. This can be very complicated in certain situations and they won't give this away. In the title documents it states this, and everyone signed off on it.

• ▶ Reply

Permalink Reply by Carver on July 23, 2008 at 18:07

I'm not sure you understand my question, Randy. I'm not saying that title companies examine mineral title. I know that they don't, not unless you pay a lot of extra money.

I'm asking if a title opinion lists all recorded documents filed against the property. If so, wouldn't they also list any mineral reservation or sale... without giving any opinion as to the status of the minerals?

It seems that if they list one recorded doc, they'd have to list them all?

But maybe I misunderstand. Maybe title opinions don't even list docs recorded against a property... like deed restrictions, easements, etc?

Permalink Reply by Bobi Carr ("parker") on July 23, 2008 at 22:42

Hi Carver,
Land title research is not so cut and dry. You cannot pull a deed and have everything is on it. Most people think it is like a car title where you have a title and on the back it shows whether there are liens or not. Running title is a tedious process. No one would want to pay for a mineral title UNTIL it is worth it. Just like no one wanted to develop this HS until it was worth it. It had to become cost effective before someone would do it.

• ▶ Reply

• ‹ Previous
• 1
• …
• 3
• 4
• 5
• 6
• 7
• 8
• Next ›
• Page