Buying a land with prehistoric mineral deposits is really interesting and exciting since we are not only buying a land but are also becoming the owners of the minerals beneath the land which bring us more benefits. So, whenever we are going for a purchase of such land it is important to note few points and they are as follows.
When buying the property in the areas of potential mineral development, the primary thing is to investigate whether the fee simple estate of the property is being purchased or whether the ownership is being shared with others. Make sure that the seller has sole rights on the property and the minerals under the property is a fee simple estate or not. Even though the mineral right transactions are done by the public, the copies of deeds and other agreements are filed at the government office.
The buyer of such property should make sure that all the rights conveyed by the seller are genuine with the help of the attorney. Also confirm that the seller is the sole owner of what is being sold. A professional attorney who has sound knowledge in all these mineral transactions and deals will help to check whether the seller owns all the rights of the surface as well as the minerals since in government deeds, the ownership of the surface and the ownership of mineral rights will be recorded differently and the individual documents will never tell you the complete fact about the sellers ownership. Hence in order to research all these things an attorney is quite essential.
