North Dakota Quitclaim Deed for Mineral / Royalty Interest
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How to fill out Quitclaim Deed For Mineral / Royalty Interest?
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FAQ
To estimate mineral rights value in North Dakota you need to multiple your total lease bonus by 2x to 3x. Generally speaking the mineral rights value in North Dakota for leased mineral rights will be between 2x to 3x the lease bonus.
Minerals include gold, silver, coal, oil, and gas. If you want to transfer the rights to these minerals to another party, you can do so in a variety of ways: by deed, will, or lease. Before you transfer mineral rights, you should confirm that you own the rights that you seek to transfer.
Mineral interests last indefinitely as long as they are not abandoned. Minerals are considered abandoned when they have not been used or claimed for twenty or more years. Minerals are ?used? when some type of activity such as production, leasing, or conveying occurs under North Dakota law.
How do I transfer mineral rights in North Dakota? To convey or transfer ownership of mineral rights to a new owner, the current owner of the rights has to engage a title insurance company or an attorney at a district court to perform a search of the property title.
Laws & Requirements Signing Requirements § 47-19-03: A grantor must sign a quitclaim deed in North Dakota before a notary public and have it notarized. Recording Requirements § 47-19-07: A quitclaim deed in North Dakota is filed with the County Recorder's Office in the county where the property is located.
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.
A mineral rights owner does not necessarily have to own the land property itself but must have a legal agreement with the property owner. In North Dakota, mineral rights can be transferred in three ways: deed, probate or court action.
The mineral rights value in North Dakota is typically be between a few hundred per acre and a couple thousands per acre for non-producing/non-leased mineral rights. A lot will depend on which county you are in. If you have mineral rights in McKenzie County North Dakota you are going to see more demand than other areas.
