New York Oil, Gas and Mineral Deed — Individual or Two Individuals to an Individual refers to a legal document that transfers ownership of oil, gas, and mineral rights in the state of New York from an individual or two individuals to another individual. This type of deed is commonly used when an individual or two individuals want to sell or transfer their rights to extract or explore for oil, gas, or minerals on a particular property. When it comes to New York Oil, Gas, and Mineral Deeds, there are usually three types: 1. Oil, Gas, and Mineral Deed — This is a standard deed that transfers all ownership rights and interests related to oil, gas, and minerals from the seller(s) to the buyer. This includes the exclusive rights to explore, extract, develop, and profit from these resources on the specified property. 2. Oil and Gas Lease — This is a specific type of New York Oil, Gas, and Mineral Deed that grants the buyer the right to explore and extract oil and gas resources on the property, usually for a limited period. In this case, the seller retains ownership of the underlying minerals. 3. Mineral Rights Deed — This type of New York Oil, Gas, and Mineral Deed focuses solely on transferring the rights to explore and extract minerals from the property, excluding oil and gas. The buyer gains exclusive rights to these mineral resources while the seller retains ownership of any oil and gas deposits. Transferring oil, gas, and mineral rights through a legally-binding deed is crucial to ensure that both parties involved understand their rights and obligations. It is advisable to have an experienced attorney involved in drafting and reviewing the New York Oil, Gas, and Mineral Deed to ensure compliance with state laws and to protect the interests of all parties involved. By choosing the appropriate type of New York Oil, Gas, and Mineral Deed — Individual or Two Individuals to an Individual, individuals can confidently engage in the buying, selling, or transferring of these valuable rights and pave the way for potential exploration, extraction, and monetization of natural resources in the state of New York.
New York Oil, Gas and Mineral Deed - Individual or Two Individuals to an Individual
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Also known as a mineral estate, mineral rights are just what their name implies: The right of the owner to utilize minerals found below the surface of property. Besides minerals, these rights can apply to oil and gas. Interestingly, mineral rights can be separate from actual land ownership.
Transfer by deed: You can sell your mineral rights to another person or company by deed. Transfer by will: You can specify who you want to inherit your mineral rights in your will. Transfer by lease: You can lease mineral rights to a third party through a lease agreement.
Transfer By Will If no specific beneficiaries to the mineral rights are designated, ownership passes to the property and real estate heir. It is also possible and often easier to create a family holding company and assign mineral rights to this company, creating a limited liability company (LLC) or partnership.
Because mineral rights can be separate from surface level ownership, it's important to know what the rights are when purchasing real estate. The owner of the mineral rights can exploit the minerals or sell the authority to do so without having ownership interest in the property.
This legal document conveys the actual rights to the minerals while still remaining separate from the surface rights. A mineral deed can convey either 100 percent of the rights, or a percentage of those rights. If a percentage is granted with this legal document, then the holder of that grant owns that percentage.
To determine if you own the mineral rights on a parcel, you will first need to check the deed. The mineral rights may have been severed from the surface at some point in time. If your deed does not list this information, you will need to contact the County Clerk in the county where your minerals are located.
Mineral rights may also be subject to transfers by way of a will. In the event of death, the right to the minerals passes to the person(s) named as beneficiaries. In the absence of specific heirs, the mineral rights pass to the beneficiary of the residual surface estate and real estate.
An attorney can create a deed or assignment that conveys the mineral rights to the new owners. The original deed will need to be recorded in the county where the minerals are located. If there are producing wells on the property, each operator will need to be notified of the change in ownership.