Philadelphia Pennsylvania Quitclaim Deed for Mineral / Royalty Interest

Name: Philadelphia Pennsylvania Quitclaim Deed for Mineral / Royalty Interest
Brand: US Legal Forms
Rating: 4.73 (322 reviews)

Category:

Oil Gas and Minerals - Deeds

State:

Multi-State

County:

Philadelphia

Control #:

US-OG-067

Format:

Instant download

Description

This form of deed addresses the situation where a party has been identified as owning an interest in a particular tract of land, but the party makes no claim to the interest. This form allows the party to Quitclaim and relinquish all claimed interest to the owner or owners of the interest.

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How to fill out Philadelphia Pennsylvania Quitclaim Deed For Mineral / Royalty Interest?

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FAQ

You'll need to pay a fee, which varies from county to county. For example, in Montgomery County, near Philadelphia, the fee for recording a deed is $86.75 for up to four pages and up to four names, and $1 per additional name and $4 per additional page.

How to transfer mineral rights in Pennsylvania? A copy of the deed for the site must be obtained from a local courthouse in Pennsylvania by the new owner. Verify that the deed matches the description and that the so-called mineral rights are included in the property deed.

Realty Transfer Tax Statement (Form REV-183 EX) (§ 91.112) All quit claims must have this form and between a 1% to 2% transfer tax paid (based on the sales price). You may view your County's Transfer Tax to get an estimate of how much the buyer and seller will have to pay (usually split 50/50 among the parties).

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.

If you want to transfer the rights to these minerals to another party, you can do so in a variety of ways: by deed, will, or lease. Before you transfer mineral rights, you should confirm that you own the rights that you seek to transfer.

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.

What does it cost? The recording charge is set by the county and we charge a administative fee. For counties from Erie, Elk, Franklin and Centre to Bucks, Berks, and Butler, the charge for a deed transfer across Pennsylvania is $700, with the sole exception of Philadelphia, which is $750.

Mineral rights have sold for as high as $40,000 per acre, and usually, the average price can be between $250 and $9,000. If mineral rights buyers and sellers conduct proper due diligence, both parties can negotiate the best mining rights deal and avoid future legal quagmires.

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.

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Quit claim is deed a real estate in what? In a quitclaim deed, the title is not warranted.H.R. 249 Mr. Issa (Oversight and To amend title 5, United 24 Apr. 12 Government Reform). United States. Congress.

Philadelphia Pennsylvania Quitclaim Deed for Mineral / Royalty Interest

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FAQ

How much does it cost to file a quit claim deed in PA?

How do I transfer mineral rights in PA?

Do you have to pay a transfer tax with a quit claim deed in PA?

What is a royalty deed?

What are the methods of transferring oil and gas rights?

Are mineral rights inherited?

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

How much are mineral rights sold for?

What does it mean when mineral rights do not transfer?

Interesting Questions

What is a Quitclaim Deed for Mineral / Royalty Interest?

Why would someone use a Quitclaim Deed for Mineral / Royalty Interest?

Can I use a Quitclaim Deed to transfer other types of property rights?

How does a Quitclaim Deed affect my ownership rights?

What should I consider before accepting a Quitclaim Deed for Mineral / Royalty Interest?

Does a Quitclaim Deed provide any guarantee of clear title?

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