New York Term Mineral Deed of Undivided Interest

• Category: Oil Gas and Minerals - Deeds
• State: Multi-State
• Control #: US-OG-064
• Format: Word; Rich Text

Description

This deed form conveys a mineral interest for a specified term, to be designated by the grantor, after which time, the conveyed interest reverts to the grantor. A New York Term Mineral Deed of Undivided Interest is a legal document that conveys ownership and rights to minerals located beneath a specific property for a specified period. It is commonly used in New York when selling or leasing mineral rights to another party. This type of deed grants an undivided interest, meaning that the ownership is shared among multiple individuals or entities as tenants in common. Each owner has the right to access and develop the minerals on the property, subject to any stipulations or restrictions mentioned in the deed. The term specifies the duration for which the mineral rights are transferred, such as a specific number of years or until a condition is met. This time limit provides both the granter (seller) and grantee (buyer) with a clear understanding of the timeframe during which the rights will be in effect. In New York, there are various types of Term Mineral Deeds of Undivided Interest, including: 1. Fixed-Term Mineral Deed of Undivided Interest: This type of deed transfers mineral rights for a specific number of years, typically ranging from a few years to several decades. The duration is predetermined and ensures that the grantee has the right to extract minerals for the specified period. 2. Conditional-Term Mineral Deed of Undivided Interest: This deed type transfers mineral rights for a specified period, conditioned upon the occurrence of a particular event. For example, the deed may state that the rights will be in effect until a certain amount of minerals has been extracted or until a specific revenue threshold has been reached. 3. Renewable-Term Mineral Deed of Undivided Interest: With this type of deed, the grantee has the option to renew the term of the mineral rights for an additional period after the initial term expires. The renewal terms and conditions are typically outlined within the original deed. 4. Proportional-Term Mineral Deed of Undivided Interest: In this type of deed, the term of the mineral rights is determined based on the proportional interest held by each party. For example, if there are two co-owners with a 50% interest each, the term may automatically terminate upon the expiration of the term for one of the parties. It is essential to consult with an attorney or legal professional experienced in New York mineral rights laws to draft or interpret a Term Mineral Deed of Undivided Interest properly. The specifics of the deed, including the type and duration, may heavily influence the value and potential for mineral extraction on the property.

A New York Term Mineral Deed of Undivided Interest is a legal document that conveys ownership and rights to minerals located beneath a specific property for a specified period. It is commonly used in New York when selling or leasing mineral rights to another party. This type of deed grants an undivided interest, meaning that the ownership is shared among multiple individuals or entities as tenants in common. Each owner has the right to access and develop the minerals on the property, subject to any stipulations or restrictions mentioned in the deed. The term specifies the duration for which the mineral rights are transferred, such as a specific number of years or until a condition is met. This time limit provides both the granter (seller) and grantee (buyer) with a clear understanding of the timeframe during which the rights will be in effect. In New York, there are various types of Term Mineral Deeds of Undivided Interest, including: 1. Fixed-Term Mineral Deed of Undivided Interest: This type of deed transfers mineral rights for a specific number of years, typically ranging from a few years to several decades. The duration is predetermined and ensures that the grantee has the right to extract minerals for the specified period. 2. Conditional-Term Mineral Deed of Undivided Interest: This deed type transfers mineral rights for a specified period, conditioned upon the occurrence of a particular event. For example, the deed may state that the rights will be in effect until a certain amount of minerals has been extracted or until a specific revenue threshold has been reached. 3. Renewable-Term Mineral Deed of Undivided Interest: With this type of deed, the grantee has the option to renew the term of the mineral rights for an additional period after the initial term expires. The renewal terms and conditions are typically outlined within the original deed. 4. Proportional-Term Mineral Deed of Undivided Interest: In this type of deed, the term of the mineral rights is determined based on the proportional interest held by each party. For example, if there are two co-owners with a 50% interest each, the term may automatically terminate upon the expiration of the term for one of the parties. It is essential to consult with an attorney or legal professional experienced in New York mineral rights laws to draft or interpret a Term Mineral Deed of Undivided Interest properly. The specifics of the deed, including the type and duration, may heavily influence the value and potential for mineral extraction on the property.