A partition deed for mineral/royalty interests in Alabama are a legal document that allows for the division or distribution of ownership rights among multiple parties regarding mineral rights or royalty interests in a particular property located in Alabama. This deed acts as a formal agreement between the co-owners, outlining the terms and conditions of how the interests will be divided. The Alabama partition deed for mineral/royalty interests is specifically applicable in cases where multiple parties hold ownership rights to a property, such as family members, business partners, or individuals who have inherited or acquired interests in the royalties and minerals on a property. By executing a partition deed, the co-owners can establish clear guidelines for their respective shares, defining their rights, responsibilities, and entitlement to the proceeds generated from the mineral resources or royalties. Key elements typically included in an Alabama partition deed of this nature may involve the identification of the property in question, the names and addresses of the co-owners, the specific percentage or fraction of interests allocated to each party, and any accompanying terms or conditions related to their respective shares. The deed may also address issues such as the distribution of expenses relating to the extraction or marketing of the minerals, as well as the rights to lease or sell the interests. It's important to note that there may be variations or specific types of partition deeds for mineral/royalty interests in Alabama, such as: 1. Undivided Partition Deed: This deed is used when co-owners wish to divide the ownership rights of the overall property into undivided shares. Each co-owner will have an undivided interest in the entire property, but their respective shares will be determined based on the terms specified in the deed. 2. Fractional Partition Deed: A fractional partition deed goes a step further by explicitly defining the fractional interests of each co-owner. For example, one co-owner may hold a 1/3 interest, while another may hold a 2/3 interest. This type of deed clarifies the precise ownership percentages. 3. Per Acre Partition Deed: This partition deed type is relevant when co-owners prefer to divide their shares based on the number of acres within the property. Each party's interest will be determined by the number of acres they own or possess, guaranteeing proportional ownership in relation to the property size. In conclusion, an Alabama partition deed for mineral/royalty interests serves as a legal instrument to establish the allocation of ownership rights among co-owners. Various types of partition deeds may exist, including undivided, fractional, and per acre versions, each catering to specific scenarios and preferences of the co-owners. It is advisable to consult with an attorney experienced in Alabama real estate law to ensure the appropriate type of partition deed is chosen and all relevant considerations are duly addressed in the document.
Alabama Partition Deed for Mineral / Royalty Interests
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To locate your mineral rights records, begin at the county recorder's office. The legal description of the property should be in county deed books. You can specifically search the book and page where the property is located if you have a take-off.
Also known as a mineral estate, mineral rights are just what their name implies: The right of the owner to utilize minerals found below the surface of property. Besides minerals, these rights can apply to oil and gas. Interestingly, mineral rights can be separate from actual land ownership.
Transfer By Will It is also possible to transfer or pass down mineral rights by will. The right to minerals transfers at the time of death to the individuals named as beneficiaries. If no specific beneficiaries to the mineral rights are designated, ownership passes to the property and real estate heir.
Whether mineral rights transfer with the property depends on the estate type. If it's a severed estate, surface rights and mineral rights are separate and do not transfer together. However, if it's a unified estate, the land and the mineral rights can be conveyed with the property.
Mineral Deed for Real Estate Located in Alabama The General Mineral Deed in Alabama transfers oil, gas, and mineral rights from the grantor to the grantee. THIS IS NOT A LEASE. There are no Exceptions or Reservations included. The transfer includes the oil, gas and other minerals of every kind and nature.
?Throughout our history, Alabama landowners have severed mineral rights from the property,? Daniel explained. ?The chain of title of all mineral rights will be found in the Probate Court land records in your county's courthouse.