Grantor(s) convey, with limited warranty, unto the grantee all of grantor(s) mineral interest, including but not limited to oil, gas, carbon dioxide, and all other minerals in, on and under certain property described in the document.
California Oil, Gas and Mineral Deed - Individual or Two Individuals to an Individual
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Multi-State
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US-00576
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FAQ
Like land, mineral rights are conveyed through a deed transferring ownership to the buyer. While the property deed will reference the transfer at the time of the separation of land and mineral rights, subsequent sales of the land will not.
If you sell the mineral rights, you might have to pay a capital gains tax on the sale profit. If you purchased the minerals, the profit is based on the difference between the value or price you paid for the mineral rights when you made the purchase and the amount you sold the rights for.
If you collect royalty income of $100,000, you could pay $30,000+ in taxes and only keep $70,000 and it would takes years to collect. Your basis in mineral rights can affect how much tax you owe when selling mineral rights vs collecting royalties. If you inherited mineral rights, it nearly always makes sense to sell.
It's important to know the mineral rights of your property. If you own the rights, they can become a reliable source of income. If someone else owns the rights, they can remove valuable minerals from under your feet, literally.
To find out if you own the mineral rights to your land you can go to the county clerk's office in your town and they can help you find the historical land ownership records. You'll need to locate the deed for your property.
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.
Mineral rights deeds are not the same as royalty deeds. Royalty deeds do not allow for surface access, or for the initiation of the extraction and sale of minerals. A royalty owner will only benefit economically if the mineral owner decides to produce and sell the minerals.
If you want to sell the mineral rights to another person, you can transfer them by deed. You will need to create a mineral deed and have it recorded. You should check with the county Recorder of Deeds in the county where the land is located and ask if a printed mineral deed form is available to use.