The life estate normally gives the individual the rights to all the benefits of the land until their death. That would include any bonuses or other income generated by the property.
This is a pretty common occurrence in the oil and gas industry. The fault lies with the oil and gas company for doing faulty research. Depending on the language in the lease (warranty), the oil company may have a right to a 'refund' if the mineral owner accepted bonus money. The answer would depend on your specific situation, the state in which in mineral rights are located and the language on the lease. If you need specific answers you can ask at louisianaenergy.ning.com
The only way to make money from your mineral rights is if an oil company wants to lease them to drill and then you make more money if they drill a producing well or if you sell them. The company leasing the mineral rights will arrange payment, usually by check, depending upon the lease agreement which is signed by the owner of the mineral rights and the leasing company.
The wife would have the right to grant mineral lease, receive bonus/rental money & potential royalties on her undivided 50% interest and the husband could do same with his 50% interest. The rights are owned separately and each party can do as they wish.If the usufruct is over the mineral rights and not only the surface, the situation would be different. If need more information, visit me at louisianaenergy.ning.com
Not if you only own the surface and you don't own the minerals or mineral rights. You would be entitled to damages to the land though. I am a buyer of mineral rights or minerals in North Dakota, Colorado, Oklahoma, Texas, Wyoming and other states. Call or email me before you sell or if you need any help. Tim Metz Telephone #580-227-2456 email address: tm59707@classicnet.net
No one can answer that question for you unless they know all your details, the extent of your real estate holdings, the area where the land lies, the economics of mineral rights in your area, etc. You need to consult with an expert in your area, possibly a law firm that specializes in representing owners of land in regards to real estate law and mineral rights.
Payment received for signing an Oil and Gas Mineral lease should be reported as "Ordinary Rental Income" on Schedule E. This is ordinary income that flows from Schedule E to Form 1040, line 17. this is important because it prevents the need to also pay "Self Employment" taxes on the bonus income received.
Yes. In addition, the company should perform a title examination before signing a lease to determine the legal owner of the land. The title examination will reveal your mineral rights and the drilling company should contact you.Yes. In addition, the company should perform a title examination before signing a lease to determine the legal owner of the land. The title examination will reveal your mineral rights and the drilling company should contact you.Yes. In addition, the company should perform a title examination before signing a lease to determine the legal owner of the land. The title examination will reveal your mineral rights and the drilling company should contact you.Yes. In addition, the company should perform a title examination before signing a lease to determine the legal owner of the land. The title examination will reveal your mineral rights and the drilling company should contact you.
no. if you own the surface rights they cannot have a road, tanks, pump, or road with out your approval.
A mineral deed can last indefinitely, as it transfers ownership of the mineral rights from one party to another. There is no specific expiration date stated in a mineral deed, so it remains valid until it is legally transferred again or released.
No it would be rental income.
If their name is on the lease, yes, they have some rights in the property. If they are not named on the lease, no.