Texas is one of the wealthiest mineral states in the country with large deposits of iron ore, hematitic sandstones, and asphalt-bearing rocks, among others. The mining industry is also one of the state’s economic enablers.
If you’re from other parts of the world, you’ll know that the government owns all and every mineral resources. Harvesting, processing, and using any mineral commodity is illegal unless you get permission from the government.
But if you’re from the Lone Star State, you’ll probably know about mineral rights in Texas and how some people can obtain money from it.
What is Mineral Right?
For those who are not aware, mineral rights are obtained by an individual or an organization. You get it when mineral resources are found on the land you own.
In the US, the landowner controls what happens on the surface, subsurface, and even the air above their property. That said, if minerals, rocks, or oil and gas are found underneath their property, they instantly gain the rights to it.
How they use it is up to them. Many use it to gain monthly royalties by leasing their mineral rights in Texas. Some sell it at the highest value possible.
Meanwhile, others use these mineral resources for their benefit by producing, selling, or anything they see fit. As they have freedom, they can even gift or bequest the rights individually or entirely.
How to Sell Your Mineral Rights
If you wish to sell your mineral rights, there are a few things you have to know first.
Finding an attorney or an authority expert is the initial step if you want to do it properly. When selling and transferring your mineral rights, you’ll need to sign a few papers. You must know what’s in the documents you sign to ensure you’re entering a legal contract.
Additionally, you have to know what your mineral right is.
“Mineral” is a rather broad term. It can either be gold, clay, sand, copper, iron, metal, ore, oil, or natural gas, among others. But if we’re talking about Texas, it is possible to get oil and gas since the state is well known for these.
You should also know what are yours. Check your deed and understand what it says about mineral rights. If it means you “fee simple,” then you likely own all mineral rights.
However, you might not if it says something along the lines of “subject to” or “less and except.”
Once you know all these, it is time to understand what you’re selling. Technically, you only own these minerals once they are brought to the surface. From there, there are several transactions that you can do.
Lastly, know what it’s worth. For all you know, you should have sold your mineral rights at a higher price. You need to see the average and stop jumping at anyone willing to buy your rights.
Partnering with a knowledgeable company or expert can help you breeze through these transactions and even find reliable mineral buyers
Buying, leasing, and selling mineral rights is not a simple transaction. You don’t just go to the cashier and exchange money for the product. It should take lots of research and paper works to guarantee your contract is legal. And always consider that you’re getting the highest possible amount for your mineral rights.