New Mexico Surface Use Agreement
Description
How to fill out Surface Use Agreement?
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FAQ
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.
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.
Whether mineral rights transfer with the property depends on the estate type. If it's a severed estate, surface rights and mineral rights are separate and do not transfer together. However, if it's a unified estate, the land and the mineral rights can be conveyed with the property.
Concerning land ownership and property law, subsurface rights can allow a property owner to discover and utilize anything extracted from underneath a property without interference from a second party. Purchasing both rights for a property is possible.
A surface use agreement, which is also sometimes referred to as a land use agreement, is an agreement between the landowner and an oil and gas company or an operator for the use of the landowner's land in the development of the oil and gas.
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.
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.