I am looking at selling my mineral rights for financial reasons. I know the pros and cons against, but I'm afraid I have no choice.
QUESTION: I received a quote and a conveyance from a royalty company. They want me to have the conveyance signed in front of a notary and send it back by email. The cover letter included with the conveyance offers me $12,000, which they will send after I send the notarized conveyance by email. After receiving the check, I am to send them the original. The conveyance only says $10 (for privacy reasons?). Is this normal to proceed with just the conveyance and the quote by email and attached cover letter?
The conveyance says I am selling all the rights I own in the section, but there are no specifics as to "per acre" etc. Just what I own - no more, no less. They based their offer on my last couple of check statements.
Is this kind of transfer/sale normal? I am in Oklahoma.
Thanks in advance.
The "$10" problem confuses a lot of people, but rest assured they will have to pay you the amount the specified in their offer letter. Companies simply don't want to put the actual consideration they're paying into public records. BTW if you have minerals in the Permian I'd like to take a crack at 'em. All the best!
Yes, that's what I thought about the "$10 problem." I appreciate you confirming that though.
Does anyone have an opinion on whether the conveyance and cover letter is enough to proceed to receive a check?
Michael, When you email the copy of the Mineral Deed, I would make sure that the copy you send in is watermarked with a "Copy" stamp.
Thanks Myranda, that's an excellent idea!
What you described to me seems like the industry standard. Honestly, the fact they will send you a check without the deed in hand is more than a lot of mineral buyers will do. Basically everything looks perfectly normal in my opinion.
Amen, Texas Tea, pretty obnoxious. I thought something really exciting was going on, not just someone wasting our time. Linton
Really, I had to stop following every post as I was inundated with emails of post.