Correct wording in a mineral interest sale deed I'm asked to sign. Any advice?

I’m currently selling some mineral rights I own and after receiving the deed in the mail today, I’m wondering why it does not state anywhere what I’m selling the the interest for. It doesn’t state the per net mineral acre price or the total sale price. When I asked the gentleman handling this sale why this was, he responded that the deed states:
"for and in consideration of the sum of Ten and More Dollars, cash in hand paid and other good and valuable considerations"
He said this is standard language for a mineral deed.
Is he correct? Or should I ask for something that mentions the exact pricing etc?
I’m new to this and have not sold any mineral interests before.
Thank you for any help you can give.

From my understanding the "mineral deed" is what gets filed. I think there are other papers to sign that outlines prices, the detailed location of property, amount of mineral acres and total due to you.

Hello Urrisa, please add me as a friend if you would like to determine if you're getting a fair price for your minerals. We can perform a fair market valuation of your minerals in under a week.

In general, legal conveyance documents do not mention the sales price exactly to protect the privacy of the parties to the transaction. In the case of a mineral sale, the county will collect a mineral deed tax (Oklahoma documentary stamp tax) based upon $0.75 tax per $500.00 of sales price. You can look at the mineral tax amount and determine the sales price. However, privacy is still protected by not always spelling out exactly how many acres the buyer and seller think are involved. (Even if you can back-calculate the sales price, you will not necessarily see the net mineral acres spelled out.) The exact number of net mineral acres may not be exactly known until a title opinion has been received from a lawyer.

Thanks Tom

Thank you for the info.

Thank you Marilyn. He also told me that when I sign and send him back the deed, I will then get a check for the total sale price, from their closing agent.

Urrisa,

Seems to me that doing it that way only serves the person buying. Personally I would request the paperwork detailing their intent to purchase before sending back a signed deed. Have someone look at it with you to help clarify wording to make sure you completely understand the agreement and that it is correct. If they have completed a title search, request a copy to attach to the agreement for your future reference. You should be able to request a electronic transfer of funds where they deposit the monies in your bank account. Have your bank confirm the transfer, then send the signed deed with at least a signature confirmation of receipt. Just my opinion. I am not a professional of any sort.

Urrisa,

Be sure the property description is accurate and only includes the interest you intend to sell. Some unscrupulous buyers will add language that includes any property that you own in the county or other non-specific area so that you might lose other interests you want to keep.

Excellent point. The wording can accidentally sell interests in other minerals in other parts of the county.

I have double checked the deed and it does list only the exact description of the section of land I am selling. Thank you for the insight.