Michigan Surface Lease (to Store Materials)
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FAQ
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 mineral lease is a contract between a mineral owner (the lessor) and a company or working interest owner (the lessee) in which the lessor grants the lessee the right to explore, drill, and produce oil, gas, and other minerals for a specified period of time. mineral lease - IRMI irmi.com ? term ? insurance-definitions ? mi... irmi.com ? term ? insurance-definitions ? mi...
Mineral rights ownership information can be found with the register of deeds in the county where the land is located.
As the landowner, you own both your land and the minerals beneath your land. Therefore you have the right to negotiate an acceptable lease or to refuse an offer, unless the mineral rights were severed from the surface rights by a previous owner and were never purchased by you. Oil, Gas, and Mineral Leases - Michigan Farm Bureau michfb.com ? land-use-regulation ? oil-g... michfb.com ? land-use-regulation ? oil-g...
Mineral rights can expire if the owner does not renew them or if they go unclaimed for a certain period of time. Mineral rights can also be sold, fractionalized, or transferred through gifting or inheritance.
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.
