A West Virginia Oil, Gas, and Mineral Deed — Individual to Two Individuals is a legally binding document that facilitates the transfer of ownership rights to oil, gas, and mineral interests from one individual to two separate individuals. This type of deed is commonly used in West Virginia when two individuals wish to jointly own and manage these valuable assets. Keywords: West Virginia, oil, gas, mineral deed, individual, two individuals, ownership rights, transfer, assets, valuable, joint ownership, management. Different Types of West Virginia Oil, Gas, and Mineral Deed — Individual to Two Individuals: 1. Traditional Deed: This is the most common type of West Virginia Oil, Gas, and Mineral Deed, where the current owner (the individual transferring the ownership rights) conveys their interests to two new individuals as joint owners. 2. Concurrent Tenancy Deed: In this type of deed, the ownership interests are transferred to the two individuals as concurrent tenants. This means that both individuals have an equal and undivided interest in the oil, gas, and mineral rights, and in the event of one individual's death, the surviving tenant automatically receives the deceased tenant's ownership share. 3. Tenancy in Common Deed: With a Tenancy in Common Deed, the ownership interests are transferred to the two individuals as tenants in common. Each individual holds a distinct share of the oil, gas, and mineral rights, which can be freely transferred or inherited. In case of one individual's death, their share will not automatically pass to the other tenant, but rather to whomever is designated in their will or according to the state's laws of intestacy. 4. Trustee Deed: A Trustee Deed is used when the oil, gas, and mineral interests are being transferred to two individuals through a trust. This type of deed allows for efficient management and distribution of the assets while imposing specific obligations and responsibilities on the trustee. 5. Life Estate Deed: With a Life Estate Deed, the current owner retains the right to use, manage, and receive income from the oil, gas, and mineral interests in their lifetime. However, upon their death, the ownership rights are transferred to the two individuals, known as the remainder men, who then become the full owners of the assets. Overall, a West Virginia Oil, Gas, and Mineral Deed — Individual to Two Individuals is a crucial legal instrument used to transfer ownership rights to valuable oil, gas, and mineral interests between individuals in West Virginia, allowing for joint ownership and management of these assets.
West Virginia Oil, Gas and Mineral Deed - Individual to Two Individuals
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How to fill out Oil, Gas And Mineral Deed - Individual To Two Individuals?
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FAQ
After confirming your legal ownership with an attorney at law, you need to draw up a deed of transfer form in your name and register it with the county records office as the mineral owner. The land transaction, leasing transaction, and royalty compliance go through the county office.
The current owner transferring property must sign a West Virginia deed. The county clerk cannot record an unsigned deed. An agent acting under power of attorney can sign a deed on the owner's behalf if the owner has signed a power-of-attorney agreement giving the agent authority. Notarization.
Mineral rights give ownership, for a specified time, of the underground minerals that do not include sand, limestone, gravel, or subsurface water. If the mineral rights to your property have been sold before you acquired the land, that means you own only the surface rights and cannot use the minerals.
Cons of Selling Your Mineral Rights Loss of Potential Future Income: When you sell your mineral rights, you also give up any potential future income from those rights. This can be a significant loss if the mineral rights end up producing more than expected or if there are new discoveries in the future.
Mineral interests in WV are taxed the same as your home. You will pay 60% of the appraised value on the minerals at the levy rate for your county. The value of these minerals in based on WV Code procedures and is the same for all counties in WV. Minerals are taxed at a minimum value until production begins.
In the State of WV, minerals are considered property and therefore fall under the Ad Valorem Property Tax.
Surface rights are what you own on the surface of the property. These include the space, the buildings and the landscaping. Mineral rights, on the other hand, cover the specific resources beneath the surface. In areas designated for mining, it's common for surface rights and mineral rights to be separate.