Virginia Stipulation of Ownership of Mineral Interest of Mineral Ownership in Specific Lands
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FAQ
§ 55.1-2307. "Agent" means the authorized agent designated by the purchaser or seller in a ratified real estate contract, listing agreement, or other writing designating such agent.
Removal of a cloud on title; nature of plaintiff's title.
The default is that the rights to minerals ? including diamonds (like the 23-carat diamond found in Richmond in 1855!)* ? that exist under a piece of property convey with the land itself. In Virginia, owners can separate mineral rights from other property rights.
Title 55 - PROPERTY AND CONVEYANCES. Chapter 1 - Creation and Limitation of Estates; Their Qualities (55-1 thru 55-25.1) 55-17.1 - Trusts not to fail because no beneficiaries are specified by name and no duties laid on trustee; when interest of beneficiaries deemed personal property; liens.
§ 55.1-100. Aliens may acquire, hold, and transmit real estate; when reciprocity required. Any alien, not an enemy, may acquire by purchase or descent and hold real estate in the Commonwealth, and such real estate shall be transmitted in the same manner as real estate held by citizens.
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.
An immediate estate or interest in or the benefit of a condition respecting any estate may be taken by a person under an instrument, although he is not a party to such instrument; and if a covenant or promise is made for the benefit, in whole or in part, of a person with whom it is not made, or with whom it is made ...
In the United States, landowners possess both surface and mineral rights unless they choose to sell the mineral rights to someone else. Once mineral rights have been sold, the original owner retains only the rights to the land surface, while the second party may exploit the underground resources in any way they choose.
