Sometimes the easiest way to make money is to sell the assets you own. If you have unexploited and underutilized minerals you can sell your mineral rights to solve your current financial crisis. However, before you engage in this form of transaction it is always important to familiarize yourself with this complicated transaction process. For example, you may need to understand the size of the mineral deposit under the surface so that you can make a reasoned decision. It is therefore recommended you consult a knowledgeable person before selling your mineral rights especially an experienced and reputable attorney. Nevertheless, there are some pertinent issues you need to understand before you leap, and here are some of them.
The first thing you need to do is to know your minerals. Generally, mineral rights allow you to extract minerals underneath the surface of the earth. The term minerals encompass various forms of minerals such as oil, natural gases, clay, stone, copper, metal ore, gravel, and copper. Make sure you hire a qualified examiner to help you determine the type of minerals under your property. It is also recommended you research the common minerals available in your area which you verify with an experienced mineral examiner. All this is geared toward helping you determine the ideal value of your minerals before you sell your mineral rights.
It is worth noting that selling mineral rights does not forfeit your surface rights. You still own the property and you reserve the ownership of the land. Surface rights are distinct from mineral rights. It is, however, good to note that in some areas or cases mineral rights holders have rights that exceed those of surface rights holders. This is why it is important to learn the provisions in your state that protect surface rights holders before you put your minerals rights on sale. It can be frustrating if you lose almost all control of your property because of a provision or a clause you overlooked when signing the minerals rights agreement with a buyer. To be on the safe side make sure you have an experienced and trustworthy attorney to go through the mineral rights and surface right provisions to make sure you are getting a good deal.
Make sure you pay attention to details. Most people out there buying mineral rights are reliable, hardworking, honest, and trustworthy. However, a few unscrupulous companies are waiting to exploit innocent minerals rights holders by using technical terms and conditions to hide their ill intentions. Read the contract word by word before signing, in fact, request for time to go through the document. It is good to run the contract by your attorney and see what can be removed, improved, or added to the contract to ensure you receive a fair deal. It is also good to make sure you are comfortable with the method of mineral extraction because of things such as noise pollution, waste generation, and treatment among other things that can influence your property. You need to make sure you are satisfied with every detail of this transaction. Those are a few factors you need to consider before selling your mineral rights.