A West Virginia Oil, Gas, and Mineral Deed — Individual or Two Individuals to an Individual is a legal document used in West Virginia to transfer ownership of oil, gas, and mineral rights from either one individual or two individuals to another individual. This deed is specifically designed to handle the transfer of these specific rights and is commonly used in the state. When it comes to different types of West Virginia Oil, Gas, and Mineral Deeds — Individual or Two Individuals to an Individual, there are mainly two variations based on the number of granters or individuals transferring ownership — one individual or two individuals. Let's explore each type in detail: 1. West Virginia Oil, Gas, and Mineral Deed — Individual to an Individual: This type of deed is used when one individual, known as the granter, wants to transfer their ownership rights of oil, gas, and mineral interests to another individual, known as the grantee. It enables seamless and legal ownership transfer, ensuring both parties are protected by the state laws governing such transactions. 2. West Virginia Oil, Gas, and Mineral Deed — Two Individuals to an Individual: This variant of the deed is employed when two individuals, acting as granters, desire to collectively transfer their ownership rights of oil, gas, and mineral interests to a single individual, who acts as the grantee. It is essential for all parties involved in this arrangement to ensure the deed is drafted accurately and signed properly to maintain the validity and enforceability of the transfer. In both types of West Virginia Oil, Gas, and Mineral Deeds, it is crucial to include relevant details such as a clear legal description of the property, identification of the granters and the grantee, the consideration or payment for the transfer, and any specific rights or restrictions associated with the conveyed interests. These deeds provide a legal framework for the transfer and create a record of ownership changes in the public records. It is advisable to consult with an attorney or legal professional experienced in real estate and mineral rights matters to ensure all necessary elements are included, state-specific requirements are met, and the interests of both parties are protected during the transfer process.
West Virginia Oil, Gas and Mineral Deed - Individual or Two Individuals to an Individual
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If you collect royalty income of $100,000, you could pay $30,000+ in taxes and only keep $70,000 and it would takes years to collect. Your basis in mineral rights can affect how much tax you owe when selling mineral rights vs collecting royalties. If you inherited mineral rights, it nearly always makes sense to sell.
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.
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.
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.
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.
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.
In the State of WV, minerals are considered property and therefore fall under the Ad Valorem Property Tax.