A Suffolk New York Gift Deed of Nonparticipating Royalty Interest with No Warranty is a legal document used to transfer ownership of a nonparticipating royalty interest in the oil, gas, or mineral rights located in Suffolk County, New York, from one party (the granter) to another (the grantee) as a gift. This type of deed is often used in estate planning or during the transfer of property ownership between family members. A nonparticipating royalty interest refers to an ownership interest in the royalties generated from the extraction and production of oil, gas, or minerals, without including any executive rights or the ability to make decisions regarding the operations of the property. This specific gift deed includes a "No Warranty" clause, which means that the granter does not provide any guarantees or assurances regarding the quality, title, or ownership of the royalty interest being transferred. Without a warranty, the grantee accepts the interest "as is" and assumes any potential risks or defects associated with it. There may be different types or variations of Suffolk New York Gift Deeds of Nonparticipating Royalty Interest with No Warranty, depending on specific circumstances or additional terms included in the document. These could include: 1. Suffolk New York Gift Deed of Nonparticipating Royalty Interest with No Warranty and Reserved Life Estate: This type of deed grants the royalty interest to the grantee as a gift while reserving a life estate for the granter, allowing them to retain ownership and use of the interest until their death. 2. Suffolk New York Gift Deed of Nonparticipating Royalty Interest with No Warranty and Right of Reversion: In this case, the deed includes a clause that allows the granter to regain ownership of the royalty interest if certain conditions or events specified in the deed occur, such as the death of the grantee without any heirs. 3. Suffolk New York Gift Deed of Nonparticipating Royalty Interest with No Warranty and Joint Ownership: This type of deed may be used when multiple individuals or parties wish to share ownership of the royalty interest as a gift, allowing them to each enjoy a portion of the resulting royalties. It is important to consult with a qualified attorney or legal professional when preparing or executing a Suffolk New York Gift Deed of Nonparticipating Royalty Interest with No Warranty to ensure that all legal requirements and considerations are properly addressed.
Suffolk New York Gift Deed of Nonparticipating Royalty Interest with No Warranty
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FAQ
A royalty interest is a non-possessory real property interest in oil and gas production free of production and operating expenses, which may be created by grant or by reservation or exception.
Mineral rights deeds are not the same as royalty deeds. Royalty deeds do not allow for surface access, or for the initiation of the extraction and sale of minerals. A royalty owner will only benefit economically if the mineral owner decides to produce and sell the minerals.
A royalty deed is more restrictive than a mineral deed. Another name for a royalty deed is non-participating production interest. In this case, the deed holder has fewer rights and less control over the property below the surface.
Deed Fee Schedule $ 5.00Per Side (Include the front page only of the Suffolk County Clerk Recording and Endorsement Form in the fee calculation.)$ 15.00Cultural Education Fund$ 5.00Real Estate Transfer Tax Return TP-584$125.00Real Property Transfer Report RP-5217 Filing Fee (Residential)5 more rows
You can record property-related documents in person or online. To register a document, you must create a cover page in ACRIS, and submit document, supporting documents, and pay fees and taxes (if necessary). Learn more about recording documents, including required documentation and fees online.
What Is A Royalty Deed? A royalty deed gives its holder the right to receive a percentage of the profits from the sale of the minerals, if and when they are actually produced. This kind of legal document does not convey all of the mineral rights to the holder, only the right to receive royalties.
A mineral interest owner also possesses the right to receive lease bonuses, delay rental payments, shut-in payments and royalties. A royalty interest, on the other hand, is the property interest created that entitles the owner to receive a share of the production.
The grantor must sign the deed form and that signature must be properly acknowledged by a notary public. All signatures must be original; we cannot accept photocopies. A complete description of the property including the village, town, county and state where the property is located must also be included on the form.
A conveyance is simply the legal process of transferring certain property or interests from one person to another, or Grantor to Grantee. During the conveyance of the property, oftentimes the person transferring the property, the Grantor, will reserve certain rights attached to the property being conveyed.
