A Franklin Ohio Quitclaim Deed for Mineral / Royalty Interest is a legal document used to transfer ownership of mineral rights or royalty interests in Franklin County, Ohio. This deed allows the current owner, known as the granter, to release their claim or interest in the minerals or royalties to another party, called the grantee. In Franklin Ohio, there are different types of Quitclaim Deeds for Mineral / Royalty Interest that can be utilized, depending on the specific circumstances. Some common variations include: 1. Individual-to-Individual Quitclaim Deed: This type of deed is typically used when an individual wants to transfer their ownership of mineral or royalty interests to another individual. It is often used for private transactions between family members or close acquaintances. 2. Corporation-to-Individual Quitclaim Deed: This deed involves the transfer of mineral or royalty interests from a corporation to an individual. It may occur when a company wishes to sell or transfer its ownership rights to an individual owner or investor. 3. Individual-to-Corporation Quitclaim Deed: In this situation, an individual transfers their mineral or royalty interests to a corporation. This can happen when the individual wishes to sell their ownership rights to a company for various reasons, such as consolidation or financial benefits. 4. Trust-to-Individual Quitclaim Deed: A trust, acting as the granter, transfers ownership of mineral or royalty interests to an individual. This type of deed is commonly used for estate planning purposes, ensuring a smooth transfer of ownership upon the trust or's passing. Regardless of the specific type of Quitclaim Deed for Mineral / Royalty Interest used, these legal documents must comply with the laws and regulations of Franklin County, Ohio. It is essential to consult with an attorney or a qualified professional experienced in real estate law to ensure the transfer is conducted correctly and all relevant details are accounted for. By utilizing a Franklin Ohio Quitclaim Deed for Mineral / Royalty Interest, individuals or entities can easily transfer their ownership rights to these valuable resources, allowing for the smooth transaction and transfer of assets between parties involved.
Franklin Ohio Quitclaim Deed for Mineral / Royalty Interest
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How to fill out Franklin Ohio Quitclaim Deed For Mineral / Royalty Interest?
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FAQ
Regardless of whether the Ohio mineral rights are still held by the property owner, have been sold to someone else by the property owner or have been leased to someone else by the property owner, the ownership records will be recorded by a county recorder.
Mineral rights are automatically included as a part of the land in a property conveyance, unless and until the ownership gets separated at some point by an owner/seller. An owner can separate the mineral rights from land by: Conveying (selling or otherwise transferring) the land but retaining the mineral rights.
Transfer Your Mineral Rights 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.
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.
After confirming your ownership with a lawyer, you should draw up a deed of transfer of the dormant mineral in your name and file it with your local county records office as the new mineral owner according to the state laws.
Mineral rights do not necessarily transfer with the property. Typically, a property conveyance (sale) transfers the rights of both the surface land and the minerals underneath until the mineral rights are sold. Mineral rights are conveyed meaning transferred to a new owner through a deed.
Transfer by deed. If you want to sell the mineral rights to another person, you can transfer them by deed. You will need to create a mineral deed and have it recorded. You should check with the county Recorder of Deeds in the county where the land is located and ask if a printed mineral deed form is available to use.
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.
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.
Ohio adopted its Dormant Mineral Act ("DMA") in 1989 and amended it in 2006. Ohio Rev. Code § 5301.56. Act provided that a mineral interest "shall be deemed abandoned and vested in the owner of the surface" unless a savings event occurred within the preceding 20 years.
