cash sale encumbrance
A buddy of mine purchased some acreage in '04. The cash sale language fails to address mineral rights issues/ownership, specifically. It simply states that the sellors or grantors ..."have bargained and sold and do by these Presents bargain, sell, transfer, convey, and deliver, with full warranty of title and subrogation to all rights and actions in warranty they may have against former owners, and free from all encumbrances, unto"..... buyer.
The closing attorney mailed a letter, dated several days after the sale to the buyer stating that the title was good, and valid, etc., but under encumbrance to an oil lease, (from sellor in 1995, ratified in 1997, to the oil company).
Does the buyer own any mineral rights?
Views: 319
Replies to This Discussion
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Permalink Reply by Skip Peel - Mineral Consultant on -
Lacking a specific reservation of minerals by the seller in the deed, the buyer owns the minerals. The minerals are still subject to the existing lease in all its terms.
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Permalink Reply by Darrell Blanchard on
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Thank you, Gosh and Skip.
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