Can anyone explain in layman’s terms how selling the mineral acres works exactly? Our family has 10 mineral acres on a 659 acre section.
For example: If we were told to lease the acreage its about 7k per mineral acre. And to choose to sell them they would be roughly 20k-30k per mineral acre.
If we went the selling route. How does the company calculate what they would pay out to us? What would be the approximate total?
And, there’s 8 of us who are the heirs to this. So at that point do we split that lump sum into 8 equal pieces? Are there taxes, fees anything else that would be deducted off the top of the lump sum if we sold or leased?
Please break this down to me in the easiest way. We are newbies. As always thank you all for your pateince and help!