I am in the process of selling some of my mineral rights. The buyer sent me a Mineral deed to sign, but it says “for and in consideration of the sum of Ten dollars and other good and valuable consideration, cash in hand paid by (the company’s name).” When I asked why it was $10 and not the considerable larger amount they had offered me, they said it was just for privacy for others wouldn’t know the exact amount that I was paid. Is this what anyone else has seen in their mineral deed that they are to sign over to be recorded? Please help, thank you
That is the standard language. Never hand over a deed or a lease without getting paid the same day. Do not sign a draft payment letter as that can extend your payment date by months.
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Exchange the signed deed at the same time the buyer hands you the check or cashier’s check for the full amount. I think most would agree it is not good practice to accept a “Bank Draft.” Make sure there is not language which sells other minerals you own in other parts of the county or in other counties in the state(s) which may not be specifically described in the document and you may not even know you own. I think a generic term for such language might be a Mother Hubbard clause. I would want to have an attorney look over everything, even physically exchange the deed for the check payable in immediately available funds, if possible.
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