The issue of mineral rights that deal with leasing land containing minerals is not something that should be taken lightly. There is a lot of work that is involved in creating documentation dealing with this issue. Some of the activities that go on when making the documentation include:
- Background and history checks of the land - Creating legal and financial grounds for lease agreement
Before you issue a go-ahead for your land to be used for exploring oil and gas, you have to consider very many issues.
The legal aspects of the lease are what form the major component of the minerals rights. Thorough checks have to be done to know who really owns the minerals. This is because there is a possibility that you could be the surface owner while the mineral's rights belong to someone else.
Truth be told, the legal words that are used on the lease can really confuse you. This is why it is highly recommended that you get legal advice from a well-established lawyer. It would be better to use a lawyer who has specialized in mineral rights transactions. This is so because they have the necessary experience in handling such matters and will advise you in the best possible way. A general lawyer may just explain to you the legal jargon used but the one who specializes with mineral rights transaction would be better poised to make you understand about the lease. Do not try and handle the lease contract on your own as you can easily be ripped off.
One of the things about mineral rights is that there are two types of owners: the surface owner and the mineral owner. This means it possible for you to be the surface owner but not the mineral owner. This can be very confusing. Nevertheless, each owner has certain rights that have been stated in the law. It would be good to know which owner you are. In whichever case, you have certain rights and benefits you will enjoy if minerals can be found on your piece of land.
The contract that outlines the mineral rights is the most important document. It is this document which outlines the activities to that will be carried out on the piece of land. It is strongly recommended that both parties have their lawyers present when drafting up the contract. The contract should be beneficial to both parties.
It is possible for disputes to arise in the future but amicable solutions should be found so that both parties can benefit.
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