Hello All! I’ve been away from all of this for a while and need a refresher. Earlier this year my sister passed away unexpectedly, and she was the one who was always most interested in selling, so I stepped back from everything for a bit.
A company that previously made us a very low offer has reached out again, and before I respond, I want to make sure I’m informed. What should I be aware of or cautious about when considering selling mineral rights? I’m trying to start fresh rather than digging through all my old notes. I don’t have a lot of NMA.
Any updated advice or things to watch for would be appreciated.
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I think you both (buyer and seller) want to make sure that you think you own the same thing, amount, etc.
I would request to see an offer in terms of $/NRA and number of NRA. Or NMA if you are unleased. And see if that agrees with what you think you own. Or what you are currently being paid on.
Then I would try to determine if there are things that you don’t know about that would make your acreage be worth a lot more than you might think it is worth . Simple way to do that perhaps is to ask people here if there is any activity on your acreage or nearby, or just ask people what a reasonable price is to sell in your specific acreage. End of the day nobody here can tell you if its a good idea to sell or not sell for your specific situation (they might anyhow), but they can probably tell you if the pricing is within the range of the market.
It’s always a decent idea to have a lawyer or landman read over the offer letter and make sure nothing is out of whack, but that may not make sense if you are talking about a very small amount of $.
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One way is to ask the buyer how much in Dollar Amount are you actually going to be paid. Not after they run the title but the actual amount of a Cashier’s Check. Don’t sell.