Hi,
Sold mineral rights in CO to a buyer in 2017. Buyer's due diligence came up with Net Mineral Acres (NMA) about 15% short of what we thought we had. We hired a landman to verify the NMA and the landman validated our holdings. How would we proceed now to get paid for these validated acres? Is the original buyer legally liable to make up the difference to us? Or do we try to find another buyer?
Thanks,
Jerry
What does your deed say. Is it a special consideration deed? A general warranty deed? A quit claim deed? In the grantors clause what exactly is granted? Is it all of your rights, ownership? Or is just specifically a net acre number....What you are talking about is common in West Virginia....along with absolutely horrendous take all residue clauses. If there is or was a competing title then a special consideration deed should have been used, and a specific net acreage count allocated in the grantors clause.
Mr. Nutter is on it. If you signed a deed, you may not have recourse. If you have a Purchase and Sale Agreement that your lawyer wrote, you may have a case. In mineral sales, it is seller beware. Dozens of contributors to MRF consistently advise to get professional help. Its like an insurance policy against getting ripped off.
Gary L Hutchinson