Is the only way to figure out ownership interests (even if I have a lease) to go through a title search or ask the mineral producer? Chains on title can be long and complicated with many documents to review/research.
If a title search with a title company is the path, is there any common cost per hour of research? How would you determine the best title company to talk to and possibly engage?
As always, thank you for your help!
What are you trying to accomplish? If you already have leases, just ask the Lessor what your net acres are, not sure why you would want to pay someone $500+ a day for the chain of title?
An “Abstract Of Title” is usually a complete search of All documents ever filed of record concerning the property including the surface, mineral rights, royalty, liens, easements, property tax, IRS liens and so on. In Texas this goes back to the Spanish Land Grants usually about the mid 1830’s. Ever document ever filed from then until the present. Usually this is done by an abstract company. It is very expensive and time consuming and from what I have been hearing is hardly ever done much any more, I may be wrong on this statement. Back in the early 1980’s an oil company I had about a 1,200 acres leased to planned to drill a well on this property. They had a complete “Abstract of Title” done on Paper with every document put in a Binder containing several volumes. When the lease expired about 3 year’s later I got a call from the companies landman that offered this to me at NO COST! I went and picked them up and still have them. Each time I have leased these tracts I have the company give me an update from 1981 forward. The lease brokers don’t want to do this, but 3 of the separate companies have agreed and I have them. Most of the field landmen have never heard of an Abstract of Title.
In Texas, at least, when you buy land or get a loan using the tract of land as collateral, Title Insurance Companies WILL NOT insure the mineral title.
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