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
Oklahoma Gift Deed of Mineral Interest with No Warranty
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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.
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.
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.
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.
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.
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.
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.
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.
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.
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 ...
