What is the statute for quit claim deed in Oklahoma?

A quitclaim deed to real estate may be substantially the same as a warranty deed, with the word "quitclaim" inserted in connection with the words "do hereby grant, bargain, sell and convey," as follows: "Do hereby quitclaim, grant, bargain, sell and convey," and by omitting the words, "and warrant the title to the same ...

Are mineral rights considered an asset?

However, since mineral rights are a severed portion of the land rights themselves (they're separated from the land's "surface rights" and sold separately by deed, just like the land itself), they are usually considered real property.

What is the statute for quit claim deed in Oklahoma?

A quitclaim deed to real estate may be substantially the same as a warranty deed, with the word "quitclaim" inserted in connection with the words "do hereby grant, bargain, sell and convey," as follows: "Do hereby quitclaim, grant, bargain, sell and convey," and by omitting the words, "and warrant the title to the same ...

Are mineral rights considered an asset?

However, since mineral rights are a severed portion of the land rights themselves (they're separated from the land's "surface rights" and sold separately by deed, just like the land itself), they are usually considered real property.

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Gift Deed of Mineral Interest with No Warranty

Oklahoma Gift Deed of Mineral Interest with No Warranty

Name: Oklahoma Gift Deed of Mineral Interest with No Warranty
Brand: US Legal Forms
Rating: 4.74 (379 reviews)

Category:

Oil Gas and Minerals - Deeds

State:

Multi-State

Control #:

US-OG-059

Format:

Instant download

Description

This form of deed conveys an interest in minerals, as a gift. In States, such as Texas, recognizing community property, a gift deed creates separate property in the grantee. A Gift Deed of Mineral Interest with No Warranty is a legal document used in Oklahoma to transfer ownership of mineral rights from one party to another as a gift, without any guarantee or warranty of the title. This type of deed is commonly used when a donor wants to gift their mineral interests to another person or entity. In Oklahoma, there are two main types of Gift Deeds of Mineral Interest with No Warranty: 1. Oklahoma Revocable Gift Deed of Mineral Interest with No Warranty: This type of deed allows the donor to retain the right to revoke or cancel the gift at any time, as the mineral interests are transferred without any warranty. The donor can choose to revoke the gift for any reason, even after the transfer has taken place. 2. Oklahoma Irrevocable Gift Deed of Mineral Interest with No Warranty: Unlike the revocable gift deed, the irrevocable gift deed cannot be canceled or revoked by the donor once the transfer is completed. This type of deed permanently transfers the mineral interests to the recipient without any guarantee or warranty. Once the gift is given, the donor has no control over the mineral rights. Keywords: Oklahoma, Gift Deed, Mineral Interest, No Warranty, Revocable, Irrevocable, Ownership, Title, Transfer, Donor, Recipient

A Gift Deed of Mineral Interest with No Warranty is a legal document used in Oklahoma to transfer ownership of mineral rights from one party to another as a gift, without any guarantee or warranty of the title. This type of deed is commonly used when a donor wants to gift their mineral interests to another person or entity. In Oklahoma, there are two main types of Gift Deeds of Mineral Interest with No Warranty: 1. Oklahoma Revocable Gift Deed of Mineral Interest with No Warranty: This type of deed allows the donor to retain the right to revoke or cancel the gift at any time, as the mineral interests are transferred without any warranty. The donor can choose to revoke the gift for any reason, even after the transfer has taken place. 2. Oklahoma Irrevocable Gift Deed of Mineral Interest with No Warranty: Unlike the revocable gift deed, the irrevocable gift deed cannot be canceled or revoked by the donor once the transfer is completed. This type of deed permanently transfers the mineral interests to the recipient without any guarantee or warranty. Once the gift is given, the donor has no control over the mineral rights. Keywords: Oklahoma, Gift Deed, Mineral Interest, No Warranty, Revocable, Irrevocable, Ownership, Title, Transfer, Donor, Recipient

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How to fill out Oklahoma Gift Deed Of Mineral Interest With No Warranty?

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A quitclaim deed to real estate may be substantially the same as a warranty deed, with the word "quitclaim" inserted in connection with the words "do hereby grant, bargain, sell and convey," as follows: "Do hereby quitclaim, grant, bargain, sell and convey," and by omitting the words, "and warrant the title to the same ...

The rising value of oil and minerals have increased the popularity of investing in the mineral rights but not the property rights. To research how to attain these rights, look at the county's courthouse. They typically have a deed record of mineral rights. From there you can contact the owners of the rights.

The ownership of rights to minerals, including oil and gas, contained in a tract of land. A mineral right is a real property interest and can be conveyed independently of the surface estate.

Oklahoma law assumes that a warranty deed transfers complete?or fee simple?title to real estate unless the deed specifies otherwise. If the current owner holds less than complete title, a warranty deed conveys all title and rights in the real estate the current owner has the power to convey.

By statute and case law, mineral properties are taxable as real property and are subject to the same laws and appraisal methodology as all real property in the state.

A type of deed where a grantor guarantees that the grantor holds clear title to a parcel of real estate and has a right to sell it to the grantee.

Mineral rights are a form of real property, and they are governed by the same principles of marital property law as other real estate. If the mineral rights were owned before marriage, they are separate property.

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.

However, since mineral rights are a severed portion of the land rights themselves (they're separated from the land's "surface rights" and sold separately by deed, just like the land itself), they are usually considered real property.

Oklahoma deeds require the following: Upon delivery of the signed and notarized deed to the grantee, the deed becomes effective and is a legally binding document. The deed must be recorded with the county register to notify all third parties that the grantor has released all claims to the property to another individual.

The ownership of rights to minerals, including oil and gas, contained in a tract of land. A mineral right is a real property interest and can be conveyed independently of the surface estate.

By statute and case law, mineral properties are taxable as real property and are subject to the same laws and appraisal methodology as all real property in the state.

A type of deed where a grantor guarantees that the grantor holds clear title to a parcel of real estate and has a right to sell it to the grantee.

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Mar 2, 2012 — When someone transfer minerals or anything else, it may be considered a gift and you have to file a gift tax report, you may not owe any taxes. The General Mineral Deed in Oklahoma transfers oil, gas, and mineral rights from the grantor to the grantee. THIS IS NOT A LEASE. There are no Exceptions or ...Make the steps below to fill out Gift Deed of Mineral Interest with No Warranty online quickly and easily: Log in to your account. Sign up with your ... Oklahoma Mineral Deed Form. Check out how easy it is to complete and eSign documents online using fillable templates and a powerful editor. Select the mineral rights deed transfer form and open it. Fill out the form and add an eSignature. Save the mineral deed example, print, or email it. Jun 30, 2016 — The appraisal must be prepared no sooner than 60 days prior to the date of gift; however, donors are not required to have the appraisal in hand. 1. Create Documents ... Have an attorney draft a deed or assignment from the previous mineral owner (or their Estate or Trust) to the new mineral owner. SELL YOUR ... BASIC OIL AND GAS FORMS PROGRAM · Correction to Mineral Deed (As to Interest Conveyed) · Gift Deed of Mineral Interest (With no Warranty) · Mineral Deed (Reserving ... All that is required to transfer ownership at death in Oklahoma is for the survivor to file with the county clerk a copy of the death certificate and an ... Jun 14, 2023 — The process is complete when you approve the mineral right deed and sign it. Can you transfer mineral rights to trusts? Yes, it's possible ...

Oklahoma Gift Deed of Mineral Interest with No Warranty

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