Just got an offer to sell the following.
.500% overriding royalty under Federal Lease No. NMNM-06789 covering Township 20 South, Range 30 East, section 35:S2
320 Gross Acress, Net Royalty Acres 12.80
This is property we inherited and didn’t know we owned. The other 50% belongs to another family member. They are offering $4,500 per net royalty acre.
They are doing the title search.
What are we really selling? Is this a fair price? Should we have been paying taxes or receiving royalties on this?
Any help is appreciated.