How to Buy Mineral Rights With a Land Purchase. When purchasing property, most people look at the exterior and do not give a second thought to what may be beneath the property. This is where the mineral rights come in. If you purchase the land but not the mineral rights, and a substantial oil field is located under the property, then any proceeds from that oil deposit goes to the owner with the mineral rights. Here's how to make sure that you own the mineral rights on your property.
Determine if the property may possess any mineral deposits through a geological survey. You will not want to purchase the mineral rights if there are no minerals on the property. To find a reputable local geology surveyor, ask a real estate lawyer if he can recommend one.
Understand the local and state laws regarding mineral right purchase and extraction. Each state has different definitions of what a mineral is and the elements included in the definition. Some states also restrict certain mineral extraction in protected areas. Contact the local land commission or a real estate attorney in your area for further details.
Define what minerals are included in the rights purchase. It is easiest to write the contract of sale to include all sub-surface extractions. However, the seller may want to keep some minerals and you will have to negotiate the price of the mineral upward to obtain all the mineral rights.
Negotiate the price of the mineral right and the definition of the minerals included in the real estate transaction.
Write up the final mineral right contracts, and have both parties approve the final details of the purchase. Have a real estate lawyer look over every single detail of the contract before giving final approval.
Sign the mineral right purchase contract.