My husband’s family owns minerals in several counties in Oklahoma. One of his cousins has passed away and his heirs are wanting to sell their inherited interests to my husband’s family (same properties for which we already own minerals). Does anyone have a Bill of Sale that we can use as a template for our acquisition of their minerals? Any help would be appreciated.
You need to take it one step at a time. First, title to the decedent’s mineral interest need to be cleared through probate and who is the seller will depend on whether decedent had a Will or died intestate, unless assets were held in trust in which case the terms of the trust would determine who owned assets after death. You need to make sure there are no liens on property to be sold and you need an experienced oil and gas attorney to draft appropriate deed.
Thanks for the quick response. We are through Step one (probate of the Will). We have verification of ownership.
Good point about no liens on the property, but fairly certain there are not (minerals only, no surface ownership). We were hoping to avoid having to hire an attorney - as we thought this would be fairly straight-forward. Is that a bad idea???
Depending on your comfort level with working with deeds and recording things at the court-house, it is possible to do this without an attorney. You mentioned you were through with probate - make sure this means the probate was completed with a final order recorded with the county clerk in each county in which you own. If the probate is not complete the estate will need to get approval of the transfer from the court. Finally, please carefully consider “how” you want to take title. Will this be owned by your husband alone? You both as joint tenants? To be held in trust? The answer might have important consequences down the road. Best of luck to you!
You don’t need a bill of sale, a deed is required.
Rachel makes great point about planning so that your heirs don’t need to go through probate. Spending a few hundred dollars to have it done correctly is usually worth the investment and peace of mine. A few hundred now can save a few thousand down the road.