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Old 05-03-2009, 02:31 PM
 
1 posts, read 5,408 times
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We are moving to Texas and buying some property on Lake Lewisville. The seller wants to retain the mineral rights and we are not comfortable with this. We feel we would be abdicating our ability to have a say in whether drilling will take place and potentially damage the property (physically or with noise).

I would appreciate any thoughts / advice from those more knowledgeable than I.
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Old 05-03-2009, 07:54 PM
 
Location: Grapevine, Texas
10,543 posts, read 22,433,698 times
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Very few sellers are willing to let go of their mineral rights these days because of the potential income from the Barnett Shale. Unless you are buying a large tract of land (over 20 acres) there is not a chance of drilling taking place on your property because of the setback requirements, which are usually 500+ feet from a residence. The only way they can drill on a residential lot is horizontally.
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Old 05-03-2009, 09:57 PM
 
32,550 posts, read 51,093,178 times
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1) owning mineral rights or not--you can always protest what you don't like--that is called free speech
2) yes--most people in residential areas won't have the rig in their yards but they might be bothered by trucks going through neighborhoods at all hours of day/night--and by any type of gas tank batteries or pump stations that might be close to residential areas..
and you only get paid as the surface owner if they drive on/have a well site on your land--
frankly most of the drilling has fallen off with price of NG down in the dumps--and lease money is also going down in the dumps--
we probably had one of the last signing sessions before people realized Cheseapeake was nuts to be raising lease/bonus money as high as they were for Barnett Shale land..
we got 25K an acre/prorated by our lot size--was a nice christmas bonus...
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Old 05-06-2009, 05:05 PM
 
Location: Visitation between Wal-Mart & Home Depot
8,308 posts, read 36,216,497 times
Reputation: 7130
Quote:
Originally Posted by mineral rights questions View Post
We are moving to Texas and buying some property on Lake Lewisville. The seller wants to retain the mineral rights and we are not comfortable with this. We feel we would be abdicating our ability to have a say in whether drilling will take place and potentially damage the property (physically or with noise).

I would appreciate any thoughts / advice from those more knowledgeable than I.
How big is the property? Is it actually waterfront?

If you're talking about a lot in the 1/2 acre to 3 acres range, I really wouldn't worry about it. That isn't a big enough tract to build a Barnett surface location on if the lot has a house or any other pre-existing structures on it. Also, even with the minerals, that isn't big enough to stop someone from drilling immediately adjacent to your property.

What this may be is an excellent opportunity to negotiate the purchase price down. You have a legitimate claim that the value is damaged by severing the mineral estate. It may or may not fly with the seller, but it may be worth it for the seller to leave you with 25% of the minerals (or 1/8 or 3/16, something like that). If you can negotiate keeping a fraction of the mineral estate then you would have some protection against someone drilling where you didn't want them to on your property, but again, if this is a small tract I doubt you are in much danger. Just a thought.

Last edited by jimboburnsy; 05-06-2009 at 05:15 PM..
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Old 05-22-2009, 01:51 AM
 
58 posts, read 188,727 times
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as previous posters have stated, mineral rights are now rarely transferred with a residental sale in North Texas due to the Barnett Shale. I would just adderss you concern with the seller... it's seems to be about having drilling on your actual property (which with 500ft requirement would be very unlikely) and not about the loss of mineral royalty payments.
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Old 05-22-2009, 02:17 PM
 
350 posts, read 1,186,278 times
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You can reserve surface mineral rights if you want, but you won't retain mineral rights for income generated from gas below your lot.
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Old 05-22-2009, 07:04 PM
 
7 posts, read 21,599 times
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My husband and I are under contract on a home in a development in Fort Worth. We negotiated to have the mineral rights transferred to us as closing. Something may come of it or nothing but at least I will got them. It was just something to negotiate in the purchase agreement.
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Old 05-23-2009, 02:54 PM
 
Location: Fort Worth Texas
12,481 posts, read 9,352,489 times
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Quote:
Originally Posted by doodlebug939 View Post
My husband and I are under contract on a home in a development in Fort Worth. We negotiated to have the mineral rights transferred to us as closing. Something may come of it or nothing but at least I will got them. It was just something to negotiate in the purchase agreement.
i agrtee the mineral rights shoudl be at least a negotiation point. I am looking for houses and if they do not transfer the mineral rights i consider it at least a 4000 lower bid
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Old 05-25-2009, 04:55 PM
 
32,550 posts, read 51,093,178 times
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you can consider it all you want--does not mean that is why they are reducing price if they agree to do so
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Old 09-03-2009, 10:58 PM
 
350 posts, read 1,186,278 times
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Sorry to revive an old thread, but I thought loves2read or someone else might know the answer to this.

We have a signed contract with no exclusion of mineral rights, just found out at closing that they intended to keep them and didn't realize it until the title co told them. They have a signed lease and some modest royalties. I'm being told that they have to close and the mineral rights will convey under our present contract. The rights were factored into my offer, so I plan on keeping them if I can. Does that sound right?

I probably will run this by a real estate lawyer.
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