New Mexico Subordination of Surface Rights Agreement (Subordination by Mineral Owner) is a legal document that outlines the rights and interests of both the mineral owner and the surface owner in relation to their respective properties. In New Mexico, mineral rights and surface rights are considered separate property interests, and this agreement governs the subordination of surface rights to mineral rights. Keywords: New Mexico, Subordination of Surface Rights Agreement, Mineral Owner, mineral rights, surface rights. Types of New Mexico Subordination of Surface Rights Agreement: 1. Absolute Subordination Agreement: This type of agreement involves the complete subordination of surface rights to mineral rights, giving the mineral owner full control and access to the property for exploration and extraction activities. 2. Partial Subordination Agreement: In this agreement, the surface owner retains limited rights and restrictions on the mineral owner's activities. It may specify certain areas or periods where the mineral owner's activities are restricted to minimize the impact on the surface owner's use of the land. 3. Temporary Subordination Agreement: This agreement allows the mineral owner temporary access to the surface rights for a specific period. It is commonly used when the mineral owner needs temporary access to conduct surveys or exploratory work before deciding whether to pursue full-scale extraction. 4. Reverse Subordination Agreement: Unlike the standard subordination agreement, a reverse subordination agreement gives priority to surface rights over mineral rights. It is often used when the surface owner has a significant interest in protecting the land and restricting mineral extraction activities. The New Mexico Subordination of Surface Rights Agreement serves as a crucial legal instrument to establish the boundaries and relationship between mineral and surface rights owners. It ensures that both parties have a clear understanding of their rights and responsibilities, preventing any potential conflicts or disputes in the future. By naming the different types of agreements, it provides a comprehensive overview of the various scenarios that can arise in subordinating surface rights to mineral rights in New Mexico.
New Mexico Subordination of Surface Rights Agreement (Subordination by Mineral Owner)
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FAQ
Severance by mineral deed occurs when someone who owns both the surface and mineral rights chooses to sell all or a portion of the mineral rights to another party. Another scenario is when the owner of both the surface and mineral rights sells the land to one party and the minerals to a different party.
A mineral rights holder or subsurface rights holder may explore and exploit minerals such as natural gas, oil, and coal below the ground within the boundaries of their specific property. Commonly called mineral rights, these rights are real estate assets, which differ from the rights to the land surface of a property.
Since mineral rights can be sold separately from the land itself, even if you own the land, someone else may hold ownership of what's below it. And because of the intrinsic value of what's below the surface, the land itself may come with a price tag much higher than otherwise seen in the area.
Mineral rights are automatically included as a part of the land in a property conveyance, unless and until the ownership gets separated at some point by an owner/seller. An owner can separate the mineral rights from land by: Conveying (selling or otherwise transferring) the land while retaining the mineral rights.
To transfer any rights to minerals successfully, follow these steps: The new owner has to acquire a copy of the deed for the site at a local courthouse in New Mexico. Review the deed to ensure it matches the description and to ensure that the so-called rights to any minerals are included in the property deed.
A subordination agreement is one where the lending party agrees to assign the pre-existing lien a lower priority to a subsequent oil and gas lease. As a result, it is as if the lease had been executed and recorded prior to the lien.
Yes, it can be beneficial to sell your mineral rights for a fair price, even producing rights. First, sellers must be aware of the different stages of the production process. They must also know the value their minerals and royalties command in every development stage.
A property owner with mineral rights may explore, extract, and sell natural deposits found underneath the land surface. But surface rights only refer to exclusive rights to all physical property on the land.