My family group, owns a small amount of mineral rights. My niece and nephew have expressed the desire to sell their shares as opposed to leasing them. Myself and my daughter wish to buy them. What is the precedure to follow to get this sale registered in the county in Oklahoma it’s located in? Is a bill of sale sufficient documentation? Sent to the County Clerk? It is a very small holding and not worth consulting a lawyer. I would appreciate any advise . Thank you!
I am a mineral owner and not an attorney, but I am in the process of transferring mineral rights from a trust to individual owners/beneficiaries and we are using a deed to transfer ownership. I strongly recommend getting legal advice as this is a sale of property and will likely need to be transferred by deed and then filed with the appropriate county clerk.
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It is a very simple process. you can not believe some of the Mineral Deeds I see. Make sure you get a good description of the minerals enocupassed in the deal. You can be as vague as you want when it applies to description of the actual interest owned and simply state it is the intent of Grantee to purchase any mineral owned by grantor or the opposite as it is the in tent of Grantor to sell to grantee any and all mineral interests owned in ..blah blah blah whether correctly described or not. Many folks include a after acquired title clause of sorts and/or a clause that specifies that, as the end of the of the previous sentence somewhat covers, if later discovered, minerals or interests related to this transfer are found to be vested in grantor, those interests will be same as if they were described in this deed. But, do everyone a favor researching title in the future and reference a previous deed haha
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Your post mentioned “family group” and “shares” but didn’t really explain what you mean by those terms. If the title to the mineral rights is in the name of four individuals, then the selling parties would likely need to execute a proper deed to the buying parties.
On the other hand, if the “family group” is a partnership, corporation or trust, then the procedure is different. A deed might not be necessary and a bill of sale of “shares” may be all that is needed. (The title to the mineral rights stays in the name of the partnership, corporation or trust.)
Either way, I would highly recommend that you retain an attorney to advise you and prepare the necessary documentation correctly. If it is done incorrectly and the transfer is ineffective (and especially if turns out that leasing the rights was the better economic option), it’s possible that the selling parties might try to undo the transaction.
Mineral rights are real property rights just like any other deed for land. So, a deed is appropriate and a bill of sale is a contract. Lots of problems with going that route.
We” are 2 Sisters and several nieces and nephews who have inherited a very small number of acres of mineral rights. We have never had an actual paper deed. Our title to these rights is registered in with the County Clerk and we have copies of previous leases but no “deed” . Should/could we try and get a paper deed? My parents were the original owners and they did not have an actual deed either.