Hi, I have recently inherited interests and know nothing about the industry. I have 1 company telling me they're going to pay me for surface damages for an interest in Cleveland county, but a second company offering me a lease and royalties for parcel in Roger Mills county.. that is the difference? the surface damages co has sent a certified letter this week. should I seek legal advice? thanks!!!
You can own surface land, minerals under the land, or both. Apparently you inherited a little of everything.
Since you are new to this, you might want to consider hiring a minerals manager to help you sort through what you have. There are several who frequent these Forums.
thanks! What might be a reasonable price range for their services?
What's reasonable is what you feel comfortable with ... but after initial negotiations. I suggest that you contact "several" mineral managers (can be found on this website), and tell them your situation. Before you think about hiring any of them, see which ones offer the best and most advice, then ask their flat-rate price to negotiate a package deal in "your" best behalf. You don't want to pay by-the-hour. I also suggest that you think twice about paying them with a percentage of your minerals owned. Your surface rights should negotiated separately. Protect your land and water. Once these operators get on your land, it's too late.
Good luck,
Pat
thank you!
Tammy:
In my opinion, Pat has you started on the right tract; but, before you even get this far, I would suggest that you dig up all the papers from your inheritance and do your best to know what you have and what you don't have and where. I am in Texas and it looks like you might be in Tennessee, so the rules governing your properties may very well be different, although similar, most states are a little different.
As far the question of " how much", IMO, that is a relative question on how much property you have and where it is located and what will be involved in making sure you own what you think you own. In any case, I would suggest that you keep your hands in your pocket until you have someone helping you that understands, i.e., don't sign anything until help arrives. A few dollars, even if you think it is more that you can afford now, is money well spent rather than signing and waking up sometime down the road with a nightmare as many people have done.
Good Luck!
Tammy, Look at the Blogs section of this site. There are a number of articles that may help you.
thanks!