Palm Beach Florida Gift Deed of Mineral Interest with No Warranty

Name: Palm Beach Florida Gift Deed of Mineral Interest with No Warranty
Brand: US Legal Forms
Rating: 4.74 (379 reviews)

Category:

Oil Gas and Minerals - Deeds

State:

Multi-State

County:

Palm Beach

Control #:

US-OG-059

Format:

Instant download

Description

This form of deed conveys an interest in minerals, as a gift. In States, such as Texas, recognizing community property, a gift deed creates separate property in the grantee.

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How to fill out Palm Beach Florida Gift Deed Of Mineral Interest With No Warranty?

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FAQ

All deeds executed in Florida must be signed in the presence of a notary public and two witnesses. Because there are several different types of deeds used to convey real estate, it is important to work with a Daytona real estate attorney.

Remember, the property and the mineral rights are two separate entities. You may have inherited the mineral rights, but you need to know who owns the property if you want to drill. The opposite scenario is to check who owns the mineral rights on the property you inherited.

Mineral rights give the owner the right to drill for and sell any oil, water, or precious minerals that can be found underground. Some property owners opt to separate their interest in the land's mineral rights from the surface rights, and can pass down that interest to their heirs.

According to Florida Statute 704.05, a mineral rights owner who is separate from the owner of surface rights to a property can legally enter a property to extract minerals from the subsurface without the consent of the surface rights owner.

A Deed of Gift is a formal legal document used to give a gift of property or money to another person. It transfers the money or ownership of property (or share in a property) to another person without payment is demanded in return.

Inherited music royalties are non-taxable.

Filing a Deed in Florida The comptroller's office charges a small fee for the deed's filing in the form of a documentary stamp tax, levied at 70 cents per $100 of the sale or transfer amount. There will also be a $10 fee for the first page of the document and $8.50 for each additional page.

How do I calculate transfer tax in Florida? The transfer tax rate is equal to 70 cents per $100 of the deed's consideration. For example if a property is purchased for $200,000, first divide the sales price by $100, then multiply by . 70 for a total of $1,400 for documentary tax stamps.

Most mineral owners have inherited mineral rights. If you inherited mineral rights, you will get a stepped up basis at the time you inherited the property. This means that your tax basis in the property will be the value when you acquired the mineral rights through inheritance.

Call the county where the minerals are located and ask how to transfer mineral ownership after death. They will probably advise you to submit a copy of the death certificate, probate documents (if any), and a copy of the will (or affidavit of heirship if there is no will).

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A mineral rights deed does not discuss title to surface land or structures on the land, unless it is actually a warranty or quitclaim deed. The eLearning Program is a training series focused on the needs of new lawyers and paralegals working in the areas of trust and estate law.Grantor Trust. 2016. Are NOT respecting my request to opt out and I would like to have something done. Completing training and obtaining necessary documents can be a challenge for employees on any type of extended leave. Sec. Huntington Beach fields in California into Texas working for Sunset Oil Company.

Palm Beach Florida Gift Deed of Mineral Interest with No Warranty

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Do I need a lawyer to transfer a deed in Florida?

Are mineral rights inherited?

What does it mean to inherit mineral rights?

Does Florida have mineral rights?

Is a deed of gift a legal document?

Are inherited royalties taxable?

How much does it cost to transfer a deed in Florida?

How much is the deed transfer tax in Florida?

Is inherited mineral rights taxable?

How do you handle inherited mineral rights?

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What does 'No Warranty' mean in this deed?

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