A West Virginia Warranty Deed for Surface and Mineral Interests is a legal document used to transfer ownership of both the surface and mineral rights of a property in West Virginia from one party to another. This type of deed provides a warranty that the seller (granter) has clear and undisputed ownership of the surface and mineral rights and has the legal authority to convey them to the buyer (grantee). The deed includes pertinent information such as the names and addresses of the granter and grantee, a legal description of the property, and the consideration or purchase price. It also specifies that the transfer includes both the surface and mineral interests, ensuring a complete transfer of ownership. Additionally, the deed may contain any specific terms, conditions, or restrictions agreed upon by the parties involved. It is important to note that there may be different types of West Virginia Warranty Deed for Surface and Mineral Interests, such as: 1. General Warranty Deed: This type of deed provides the highest level of protection to the buyer, as the granter guarantees clear title to the property and will defend against any claims that may arise. This ensures that the granter will compensate the grantee if any prior claims or encumbrances are discovered. 2. Special Warranty Deed: Unlike a general warranty deed, a special warranty deed only guarantees that the granter has not encumbered the property during their ownership. It does not cover any defects or claims that may have existed before the granter acquired the property. 3. Quitclaim Deed: A quitclaim deed transfers the granter's interest in the property, if any, without providing any warranty or guarantee of clear title. This type of deed is commonly used when there is a high level of trust between the parties, such as in transfers between family members or in situations where the granter only intends to transfer any interests they might have. When dealing with West Virginia Warranty Deeds for Surface and Mineral Interests, it is crucial to consult with a qualified attorney or real estate professional to ensure that all legal requirements are met, and to understand the specific type of deed being used for the transfer. This ensures a smooth and legally sound transaction, protecting both the buyer and the seller.
West Virginia Warranty Deed for Surface and Mineral Interests
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FAQ
When mineral rights are inherited, the value basis is not what the previous owner bought the land for- it is the value at the time of the inheritance. The value of the inherited mineral rights should be reassessed at the time of inheritance to reflect current market value.
A general warranty deed is a type of West Virginia deed that transfers property with general warranty. 2. A property owner who signs a general warranty deed promises to stand behind the transferred title?defending the new owner's property rights against competing claims.
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.
In the State of WV, minerals are considered property and therefore fall under the Ad Valorem Property Tax.
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.
Transfer by deed: You can sell your mineral rights to another person or company by deed. Transfer by will: You can specify who you want to inherit your mineral rights in your will. Transfer by lease: You can lease mineral rights to a third party through a lease agreement.
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.