The Oklahoma Subordination of Surface Rights Agreement, often referred to as Subordination by Mineral Owner, is a legal document used to establish the priority of the mineral rights over the surface rights in the state of Oklahoma. This agreement allows the mineral owner to assert their rights to access the subsurface resources while subordinating the surface rights to facilitate extraction or exploration activities. In Oklahoma, there are several types of Subordination of Surface Rights Agreements. These may include: 1. Partial Subordination: This agreement allows the mineral owner to exercise their rights over a specified area of the surface estate while maintaining the surface owner's rights over the remaining area. It is commonly used when the surface estate is utilized for other purposes such as agriculture, residential, or commercial activities, and the mineral owner only requires access to a portion of the land. 2. Temporary Subordination: This type of agreement is applicable when the mineral owner requires access to the surface estate for a limited period. It permits the mineral owner to conduct exploration, drilling, or other related activities during the specified timeframe while granting permission to the surface owner. 3. Permanent Subordination: In this type of agreement, the mineral owner permanently subordinates their rights over the surface estate to prioritize extraction or exploration activities. The surface owner no longer possesses the same control or rights over the property and must comply with the terms and conditions established in the agreement. 4. Surface Use Agreements: While not technically a subordination, surface use agreements are often closely related to these types of subordination agreements. These agreements establish the terms and conditions under which the mineral owner may use the surface estate, including the payment of surface damages, access routes, site restoration, and other related matters. Oklahoma's Subordination of Surface Rights Agreement is crucial for balancing the rights of both surface and mineral owners. By clearly defining the parameters of access and usage, these agreements minimize conflicts and ensure that extraction or exploration activities can be undertaken efficiently while preserving the surface owner's interests. It is essential for both parties to consult with legal professionals familiar with Oklahoma's laws to draft a comprehensive and legally binding subordination agreement. The agreement should include the specific rights and obligations of each party, compensation details, surface usage restrictions, avenues for dispute resolution, and any additional provisions necessary to protect the interests of both parties involved. Keywords: Oklahoma, Subordination of Surface Rights Agreement, Subordination by Mineral Owner, mineral rights, surface rights, priority, extraction, exploration activities, partial subordination, temporary subordination, permanent subordination, surface use agreements, rights and obligations, compensation details, surface usage restrictions, dispute resolution, legal professionals.
Oklahoma Subordination of Surface Rights Agreement (Subordination by Mineral Owner)
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FAQ
The record owner must: TITLE: Title the property "Transfer-on-death" by making a new deed. NAME: Name the person to get the land, home or mineral interest when the record owner dies on the new deed. This person is called the "beneficiary." SIGN: Sign the deed before two witnesses and a notary.
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.
Oklahoma has no inheritance tax. Capital gains tax must be paid on any sale of mineral rights and income generated from royalty streams. However, if the mineral rights have not been severed from the property, the county may not charge taxes beyond property taxes.
The most common way is through a will or estate plan. When the mineral rights owner dies, their heirs will become the new owners. Another way to transfer mineral rights is through a lease. If the mineral rights are leased to a third party, the new owner will need approval from the current lessee to claim them.
The only way to determine mineral rights ownership in Oklahoma is to do a title search at the courthouse where the property is located. To do this, you must review all deeds and other legal conveyances pertaining to the subject tract back to 1907. Mineral ownership information is not available online from any website.
?To pay Lessor for gas (including casinghead gas) and all other substance covered hereby, a royalty of 3/16 of the proceeds realized by Lessee from the sale thereof.? This simply means the operator will pay a royalty of 3/16 of revenue generated from production on the property.
The mineral owner has the right to: Enter onto the property to explore for oil & gas. Authorize another entity to enter the property and explore production opportunities by granting an oil & gas lease. Receive oil & gas lease payments, including bonus and royalty payments.
Effect of Property Taxes on Mineral Rights Oklahoma has no inheritance tax. Capital gains tax must be paid on any sale of mineral rights and income generated from royalty streams. However, if the mineral rights have not been severed from the property, the county may not charge taxes beyond property taxes.