Hurst, Bedford and NRH (North Richland Hills, Flower Mound: apartment complex, rentals, condos)

[jetso]

I got a notice in the mail today from Dale Property Services concerning mineral rights to our property, a lot here in Hurst off Harwood. They wanting to pay a bonus for signing and then 25% royalty. I thought the mineral rights were sold long ago for these subdivisions. Is there any chance these lots retained their mineral rights? Mayfair North Addition Blk 16....anyone have any knowledge of this? Thanks.

[loves2read]

if you have recieved a letter asking about your rights--I am sure that came because a title check was done and you do have the mineral rights---you probably bought that property before the Barnett Shale play started....

[Synopsis]

We received the same thing and apparently we own the mineral rights to our property as well. There are some issues though; we received a bunch of material (documents) from other neighbors about neighborhoods having problems with the companies involved. I haven't had time to go through the details, but there is a meeting on the 11th and one or two after that. Once I find out more, I'll let you know. It would be nice to have some extra income coming in..

[loves2read]

be very aware that most of the profit coming from any oil/gas venture is going to the company that is actually running the play and operating the well---most people who actually own a city lot and have mineral rights will get very small percentage of the overall money the well generates...you may also be asked in the contract to pay your own share of the operating expenses for the drilling and maintenance of the well itself, which cuts into any profit you might see...
you get a signing bonus which will probably be worth as much as 2-3 years of what your monthly checks might be...you need to check with a tax man about how this income/bonus should be counted--capital gains or ordinary income...

not that it is any of my business---but Synopsis, do you own your home or still have mortgage on it? I wonder if that makes a difference...

[Synopsis]

Hi loves2read. We still have a mortgage. We are organizing a neighborhood committee to discuss this. As you've stated, it's not all roses and there appears to be problems with cashing the royalty checks. Something about your mortgage company charging a 500 dollar fee and even then there's no promise that you'll get the checks. Sounds shady to me and I doubt if I'll sign.

[loves2read]

whether or not you sign, you can't really prevent that company from drilling the well---you just go what they call "no-lo"--meaning you are getting the min that the law provides for if you don't negotiate anything better...there will be enough people within the lease that will sign and they will drill....
I wondered if having a mortgage meant that the mortgage company got into the act---
our mortgage co is on the check from the ins co for the roof claim after our hail damage...
I would think that for people who owe more mortgage--the mortgage company actually owns most of the royalty check...

[Synopsis]

Originally Posted by loves2read

whether or not you sign, you can't really prevent that company from drilling the well---you just go what they call "no-lo"--meaning you are getting the min that the law provides for if you don't negotiate anything better...there will be enough people within the lease that will sign and they will drill....
I wondered if having a mortgage meant that the mortgage company got into the act---
our mortgage co is on the check from the ins co for the roof claim after our hail damage...
I would think that for people who owe more mortgage--the mortgage company actually owns most of the royalty check...

I agree about the mortgage company. The same for us with our check from the ins company for the roof claim. One way or another, the big boys get their cut before it dribbles down to us little guys.

[colt357_2000]

Private title to all land in Texas emanates from a grant by the sovereign of the soil (successively, Spain, Mexico, the Republic of Texas,qv and the state of Texas). Under the laws of Spain and Mexico, mines and their metals or minerals did not pass by the ordinary grant of the land without express words of designation.
By a provision of the state Constitution of 1866,qv which was carried over in substantially the same language into the constitutions of 1869 and 1876,qqv the state released to the owner of the soil all mines and mineral substances therein. This constitutional provision had retrospective effect; the landowner was given complete ownership of the minerals in all lands that passed from the sovereign.
All this and a lot more is on this link.
Handbook of Texas Online:
I don't own any part of the mineral rights to this property, but I have a friend that didn't think they did either, but found out they did when a drilling company contacted them.
I guess you check all your paper work from your closing. We never talked about it.
I don't know how much they will actually get , but anything is better than nothing.

[loves2read]

but if you don't own your home outright and are paying a mortgage monthly--then your percentage of ownership is what you have paid for to the mortgage company---you don't own the mineral rights 100% until you own the house 100%...

[crossroad]

can someone please recommend a couple good apartment complexes in Bedford? One bedroom rent range: $650 -1000. Thanks, CR