A Warranty Deed for Surface and Mineral Interests in Idaho is a legal document that transfers ownership of both the surface and mineral rights of a property from one party to another. This type of deed provides a guarantee to the buyer (grantee) that the seller (granter) holds clear title to the property's surface and mineral rights, and that there are no undisclosed claims or encumbrances. In Idaho, there are two main types of Warranty Deeds for Surface and Mineral Interests that are commonly used: 1. General Warranty Deed: This type of deed offers the highest level of protection to the buyer as it provides a comprehensive warranty against any and all prior claims on the property. The granter guarantees that they not only have the right to transfer ownership but also that the property is free from any defects, liens, or other encumbrances. This deed ensures that the grantee can enjoy full possession and use of both the surface and mineral rights. 2. Limited Warranty Deed: Unlike the general warranty deed, the limited warranty deed only warranties the property against any claims or encumbrances that occurred during the granter's ownership. It does not protect the buyer against any undisclosed claims or encumbrances that may have existed prior to the granter's ownership. This type of deed is often used when the granter is not willing to provide a full warranty and wants to limit their liability. When executing an Idaho Warranty Deed for Surface and Mineral Interests, it is essential to include specific keywords and phrases to ensure clarity and legal precision. These may include: — "Warranty Deed": To clearly specify the type of deed being used. — "Surface and Mineral Interests": To explicitly mention the transfer of both surface and mineral rights. Granter oror" and "Grantee": To identify the parties involved in the transaction. — "Clear Title": To highlight that thgranteror holds a rightful and unencumbered ownership of the property. — "Free from Defects and Encumbrances": To emphasize that the granter guarantees the absence of any undisclosed claims, liens, or burdens on the property. — "Consideration": To state the value or compensation exchanged for the transfer. — "Execution and Acknowledgment": To outline the necessary steps required for the deed to be legally valid and enforceable. It is important to consult with a qualified real estate attorney or professional to ensure that the Idaho Warranty Deed for Surface and Mineral Interests complies with all state-specific laws and requirements. This will help both parties involved in the transaction to better protect their interests and ensure a smooth transfer of ownership.
Idaho Warranty Deed for Surface and Mineral Interests
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FAQ
The state not only owns the beds and banks of the navigable waterways below the ordinary high watermark, it also owns the mineral rights associated with this land. The Idaho Department of Lands (IDL), acting under the direction of the State Board of Land Commissioners manages the mineral estate of these lands.
Ownership types Surface rights owners own the surface and substances such as sand and gravel, but not the minerals. The company or individual who owns the mineral rights owns all mineral substances found on and under the property. There are often different surface and mineral owners on the same land.
A mineral deed is just like a warranty deed, accept it only transfers the minerals in the sub surface of a property. A warranty deed can be used transfer both the surface, and mineral rights. But a mineral deed can only be used to transfer the minerals.
As used in section 47-701, Idaho Code, the term "salable minerals," means a mineral substance that can be taken from the earth and that has a value in and of itself separate and apart from the earth and includes, but is not limited to, building stone, cinders, pumice, scoria, clay, diatomaceous earth, sand, gravel, ...
In the United States, landowners possess both surface and mineral rights unless they choose to sell the mineral rights to someone else. Once mineral rights have been sold, the original owner retains only the rights to the land surface, while the second party may exploit the underground resources in any way they choose.
A royalty is a fee that is imposed by local, state or federal governments on either the amount of minerals produced at a mine or the revenue or profit generated by the minerals sold from a mine.
Idaho leads in the production of pumice/pumicite; is a major producer of garnet, feldspar, lead, molybdenum, perlite, phosphate, silver, zeolites, and zinc; and also produces aggregates, cement, copper, dimension stone, lime, and gemstones.
A Warranty Deed is signed at closing in purchase and sale transactions. It conveys the title of the property from the grantor, or seller, to the grantee, or buyer.