Why hire a mineral rights attorney in New Mexico?
Compare the best Mineral Rights lawyers near Bernalillo, NM today. Use our free directory to instantly connect with verified Mineral Rights attorneys.
What are the laws for mineral rights in Texas?
Whether you have mineral rights or not, it is in your best interest to find out by contacting an Albuquerque mineral rights lawyer. The lawyer can research records to determine if any mineral rights exist, who owns them, and can help protect your rights of ownership.
What is a mineral rights lease?
Mineral Rights. Mineral rights give legal title to any minerals found on or beneath real property. But not all property owners have mineral rights, depending upon what is in the deed to the property and on applicable law. The party that owns the mineral rights can exercise those rights without anyone’s permission.
Do mineral rights extend to the surface of the property?
Understanding the basics of how New Mexico mineral rights operate is essential for land and business owners with mining interests related to oil and gas or other mineral resources. Since 1921 when the first oil/gas well was found in New Mexico, many oil/gas companies and mining companies have set up their sites looking for oil/gas and other ...
How do I find out who owns the mineral rights to my property?
Common ways to research mineral rights include: Reviewing County Records and Tax Assessor's Documents – By performing a title deed search at the county records office, you can see the ownership history of any particular property over time.31 Aug 2017
What is mineral rights only?
Mineral rights are the ownership rights to underground resources such as fossil fuels (oil, natural gas, coal, etc.), metals and ores, and mineable rocks such as limestone and salt. In the United States, mineral rights are legally distinct from surface rights.
How do you transfer inherited mineral rights in Texas?
Call the county where the minerals are located and ask how to transfer mineral ownership after death. They will probably advise you to submit a copy of the death certificate, probate documents (if any), and a copy of the will (or affidavit of heirship if there is no will).
How do I find out if I own mineral rights in Texas?
The only way to determine your rights is to conduct a search of the public land records in the county where the property is located. All the deeds conveying the property must be reviewed. This is known as reviewing the property's Chain of Title.24 Oct 2019
How important are mineral rights?
In short, the rights of mineral estate owners can significantly impact your land. It's for this reason that some buyers avoid land that features mineral rights, or refuse to purchase property unless they become the owners of the mineral estate as well.4 Jan 2022
Are mineral rights securities?
For this reason, many partnership interests are securities, and the federal Securities Act of 1933 specifically defines fractional undivided interests in oil, gas and other mineral rights as securities.31 Aug 2011
Can royalties be inherited?
Any royalties associated with the mineral rights are inherited along with the rights. An oil company landman may contact you and confuse the matter by getting you to sign lease papers before you have had a chance to understand any implications of your inheritance.
Are inherited mineral rights taxable?
Are inherited mineral rights taxable? The federal government does not consider inherited mineral rights taxable. Still, any income you accumulate from those rights does have to be reported on your tax return. This is another question you should ask when you accept your inheritance.11 Feb 2022
How do I calculate cost basis for mineral rights?
To determine your tax basis on the sale of mineral rights, check out InflationData.com and look up the inflation adjusted price of oil in 2003 and 2018. This would be $40.91 in 2003 and $62.50 in 2018. In the example above, on a $100,000 sale we would show the basis as $65,456.22 Jul 2021
How do you find out if there are minerals on your land?
Go to the Courthouse to Search Mineral Ownership Records If you don't have the description, go to the tax office first. As a surface owner, you are paying property taxes and they can assist you with your property description. It's best if you have the deed that was signed when you or a relative purchased the property.25 Aug 2020
Do I own the minerals under my land?
It can't be assumed that you own the minerals under your land; minerals and the right to mine them can be sold in their own right, or more commonly, they can be reserved by a vendor when selling his land to a third party.9 Nov 2017
Do mineral rights expire in Texas?
In Texas, Oklahoma, Colorado and Montana, mineral owners can own the mineral rights indefinitely and there is no way for them to passively revert to the surface owner. If a surface owner wants to own the mineral rights under their land, they must find and contact the mineral owners and offer to purchase them.1 Jun 2020
Who is entitled to extract the minerals from a mineral deed?
The holder of the mineral deed is entitled to extract the minerals and reasonable surface use of the property to do so. The deed holder can lease their oil and gas rights to a third party and is entitled to all of the income generated from the minerals.
What is a mineral deed in Texas?
Key terms related to oil and gas agreements include: Mineral Deed: Landowners can severe and transfer mineral rights through a mineral deed in Texas. Creating a mineral deed ensures mineral rights become legally separate from surface rights. A deed is a conveyance of property from one party to another.
What is mineral rights lease?
Mineral Rights Lease: Through a lease, a property owner can give an oil and gas company the right to enter the property and conduct tests to determine if a potentially profitable reservoir exists. A lease gives the company a specific period for exploration.
What is oil and gas law?
Oil and gas law govern various property rights, mineral ownership agreements, oil and gas leases, royalties, extraction and production rights, land use and development, as well as transport and delivery. A fundamental law in Texas and New Mexico is that property owners’ rights extend to the mineral deposits under the surface of their property.
What happens when you dispute mineral rights?
When you are dealing with a mineral rights or oil and gas contract dispute, it can be costly . An oil and gas company may have failed to pay you thousands of dollars in royalties. The damage to your land may be extensive and impossible to repair fully.
What rights do you have as a property owner?
Gas and Mineral Rights. As a property owner, you own the minerals that are part of your land. It is generally lawful for you to separate your surface estates (the property above the ground) and your mineral estates (the property below the ground).
What is the rule of capture in Texas?
Under this rule, a person owns any oil and gas produced from a well bottomed on their land, regardless of where the oil or gas originated, with a few exceptions.
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How do mineral rights work in New Mexico?
There are two types of rights given to landowners in the state; mineral and surface rights. These belong to a landowner who may own the rights to the land except if either has been severed and resources leased.
Surface rights vs mineral rights in New Mexico
Owning the minerals gives the holder access to minerals found underground such as precious stones, oil and gas, and other minerals. These minerals include every resource found underground except underground water which is not considered as a resource.
How do I find out who owns mineral rights in New Mexico?
Getting general information about who owns minerals in New Mexico requires a sufficient amount of research.
How does mineral rights inheritance work in New Mexico?
The most common way in which the legal right to minerals is passed on is when an owner splits the ownership of New Mexico mineral rights among their children after the original owner’s death. If you have inherited some form of legal right to minerals, you may need to confirm the legitimacy of your claim before completing any other process.
How much are mineral rights worth in New Mexico?
The best way to calculate the amount is to examine an existing offer. This is the easiest way to predict what the current worth might be. However, there are certain rules of thumb that we can use to get an idea of the current worth. But remember that what we want to discuss further are just estimates. There can always be higher estimates.
How do I buy mineral rights in New Mexico?
Becoming the owner of minerals in the state follows an easy process. After confirming the legitimacy of the owner on the public database website, your attorney can start evaluating the relevant rights to that property.
New Mexico Mineral Rights
New Mexico mineral rights were first exploited about the time of the founding of the state. The first successful gas well was completed in 1921. The first oil well in New Mexico was produced in 1924 by Van S. Welch, Tom Flynn, and Martin Yates. This oil well was drilled in southeastern New Mexico.
Oil and Gas Companies Active in New Mexico
Oil & Gas 101 – General information for mineral rights owners. Start here if you’re a newbie.
Oil and Gas Law in Texas and New Mexico
- The Permian Basin is one of the most oil and gas productive formations in the U.S. It is spread across Texas and New Mexico, and while a great deal of land is already owned by oil and gas producers, there are also several areas owned by individuals and other businesses that could contain oil and gas reservoirs. Because of this, mineral rights are a significant legal subject in Te…
Gas and Mineral Rights
- As a property owner, you own the minerals that are part of your land. It is generally lawful for you to separate your surface estates (the property above the ground) and your mineral estates (the property below the ground). You can lease or sell your mineral estate to another party while maintaining ownership of the surface estate. You can lease or sell both estates to the same or s…
Types of Agreements
- If you choose to sell or lease your oil and gas mineral rights in Texas, New Mexico, or anywhere in the Permian Basin you need to work with a mineral rights lawyer. By retaining a knowledgeable and experienced attorney, you protect yourself from oil and gas operators acting in bad faith. You will be in a better position to obtain favorable terms in exchange for giving up your rights and, at …
Common Oil and Gas Mineral Rights Legal Disputes
- At Kemmy Law Firm, our oil and gas lawyers deal with all types of disputes related to mineral rights and oil and gas contracts. The most common oil and gas disputes we handle include: 1. Payment Disputes: We often work with individual property owners and smaller businesses that claim to have not received their fair share of royalties, bonus payments, or other payments from …
Recovering Oil and Gas Compensation
- When you are dealing with a mineral rights or oil and gas contract dispute, it can be costly. An oil and gas company may have failed to pay you thousands of dollars in royalties. The damage to your land may be extensive and impossible to repair fully. Whatever your experience, talk with an oil and gas lawyer about your economic and other intangible damages. Depending on the circum…
Proof of Damages
- When you pursue legal action against an oil or gas company, you need proof that the party violated a contract or law. You also need proof of how this breach or violation harmed you. The harm could be financial losses, property damage, mental anguish, and more. Proving the severity and value of your damages can be difficult, which is why we recommend working with an oil an…
Oil & Gas Rights Lawsuits and Litigation
- Our oil and gas lawyers will guide you through the process of handling a mineral rights or oil and gas dispute. When first taking on your case, we will: 1. Review the contract or law that governs your relationship with the other party; 2. Investigate the other party’s wrongdoing; 3. Collect evidence of your injuries, including unpaid royalties, property damage, and mental anguish; 4. Se…
How We Approach Oil and Gas Mineral Rights Cases and Win
- We can never guarantee a specific outcome in a case. However, we can assure you that we are experienced litigators with an excellent track record of success. At Kemmy Law Firm, we never push our clients to accept low settlement offers. As skilled litigators, we are not afraid to take your case to court when that is the best chance of obtaining a resolution in your favor. When we …
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