I recently purchase a ranch, the seller had ( in his name personally ) all the leases, 50% of remaining minerals, ececutive leasing rights, and the land.
Upon closing and signing the warrenty deed there were no exceptions and the seller transfered everthing in his name to me.
Did everthing actually transfer?
My gut reaction would be to say yes as to what the seller owned, if there were no reservations or exceptions in the warranty deed. However, it sounds like 50% of the mineral rights were owned by someone else? There wasn’t an exception in the deed mentioning that? That 50% wouldn’t have transferred. However, because it is a warranty deed, the seller is on the hook for the value of those, if in fact there was no exception listed.
There were no exceptions or reservations listed on the warranty deed. Seller is claiming that the leases were discussed at closing, just before he threw up his hands and said " you can have it all, all i want is out of this county"
Yikes! I kind of feel sorry for the guy. Apparently he is frustrated, but he really screwed himself. You were on notice of the exceptions, but I don’t think that matters–a warranty deed is a warranty deed. I could very well be wrong though, so I’m curious to hear what anyone else has to say.
Jim Moylan said:
There were no exceptions or reservations listed on the warranty deed. Seller is claiming that the leases were discussed at closing, just before he threw up his hands and said " you can have it all, all i want is out of this county"
Lisa, fell sorry for him, this is the same guy that came to the closing and 24 hrs prior had transfered 50% of his minerals to another corporation he owned. When I called his hand he said" I always give 50% to my kids" . This was after we had already made the deal for the ranch and I was to get all the everthing in his name personally. Great guy.
Okay, I take it back! Go get him!
Jim Moylan said:
Lisa, fell sorry for him, this is the same guy that came to the closing and 24 hrs prior had transfered 50% of his minerals to another corporation he owned. When I called his hand he said" I always give 50% to my kids" . This was after we had already made the deal for the ranch and I was to get all the everthing in his name personally. Great guy.