I need to transfer ownership of 9 mineral rights in the New Mexico Permian Basin between two living persons. What would be the forms and can this be done with one piece of paper distributed to the two counties in which the mineral interests are located? Second question: How does one go about getting an appraisal done on these interests and what is an approximae cost?
Gosh I thought that was an easy to answer question. I guess it was not.
Since no one has offered up any suggestions you might look at a starting point with the County Clerks office for the county involved. I have found most will be more than happy to point one in the right direction as a start to get you going with a simple courteous phone call. MK
You will need a deed for each county. Have a New Mexico oil and gas attorney prepare the deeds to make sure they are done correctly. If the deeds are not worded correctly, you will probably be creating headaches in the future that will cost you a lot more than the cost of a properly prepared deed now. You should also check with your CPA regarding the tax consequences of the transfer. Appraisals vary widely in cost depending on the specific characteristics of the mineral interests involved. You can google mineral appraisers or check with oil and gas attorneys-some do appraisals.
Also what are you trying to accomplish? Probate avoidance? Medicaid Planning? Visit with an attorney as transferring may have unintended consequences.
This post is not legal, investment or tax advice, it is for discussion purposes only. Reading or responding to this post does not create an attorney-client relationship.
Thanks! That is a story in itself. My daughter actually owns them and was not interested since she could not eat them or drive them (instant gratification generation you know). In desperation I had her give me a power of attorney and have done all the stuff on them for years. She is not the wisest spender in the world, and I was considering transferring the rights to the family trust to keep her from giving them away when I loaned her money to buy a home. Not sure if that is wise or not, just considering that option.
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