I recently inherited part of a relative's mineral rights in 10N57W and 5N64W. I have received an offer to sell my rights for 7,900/NMA in 10N, and 3,100/NMA in 5N. This offer is from an end buyer and has a deadline in week. They say that once they receive the signed agreement, they will pay me earnest money within 5 days, and transfer the rest of the amount within 45 days. They also state that if it is determined that the Mineral Interest owned is less than ## acres, the company can adjust the amount paid. The company claims that the other inheritors already agreed to sell their rights to them. I am hesitant to sell what feels like 'the last of my family's land' (I'm at least the third generation owner), but the cash would be helpful.
So here are my questions that I'm hoping you all can help me (begin to) answer:
- Are the prices offered fair? Should I hire an appraiser, and if so, do you have any recommendations?
- Do I own the full amount of the acreage listed on the agreement? How do I confirm this?
- Will the value of my rights likely decrease over time? Will I receive more offers in the future? As far as I know this area is currently non-producing.
- What is the history of this area? How did my family acquire these mineral rights?
- Where can I learn more about the tax ramifications of having these assets/having income from selling the rights?
- How can I determine if the company itself is reliable and trustworthy?