Replies to This Discussion

Permalink Reply by MTSpaces on July 18, 2008 at 9:51

It's my understanding mineral rights can be held for a period of 10 years at which time they revert to the current surface owner as long as there has been no production in the section.
I don't think there is any requirement to disclose who has the mineral rights in a sale. It's up to the buyer to do the homework. (Probably should have been caught during the title search). The real problem is until this all broke loose, for most areas mineral rights were next to worthless so no one gave it a second thought.

Permalink Reply by Florida Ginnie on July 19, 2008 at 12:31

Thank you Joe:)

Permalink Reply by Florida Ginnie on July 19, 2008 at 12:32

Thank You MTS Spaces:)

Permalink Reply by Joe on July 18, 2008 at 20:04

The longest the previous owners could hold the rights is until the same date the deed was signed in the year 2011. However, I am hearing that the companies more than likely know who owns the rights and if you got a letter, its probably you. The best advice is to go to the court house and confirm, they'll tell you for sure.

Permalink Reply by connie IIS on July 23, 2008 at 17:10

We bought 4 acres in Benton 1.5 year ago without the mineral rights (who knew!). We also have 1.4 acre in Lakewood Sub. which does have the rights (at least I don't kick myself all the time). I doubt seriously that there will be no activity for another 8.5 years up in Benton, BUT how would you know? And, I wonder what happens when the rights "revert". Any type of process/documentation that would need to be done? (I seriously doubt I'll get a Hallmark card to mark the occasion - "Congrats On Your Reversion!!") Would I have to "claim" them? Just wondering...

Permalink Reply by BMP on July 24, 2008 at 9:54

You will not have to claim the mineral rights.