I have recently sold mineral rights to an oil and gas company after learning I was an heir to the property via my deceased stepfather.
I am now interested in selling both my land and its included timber as well. The landman for the oil company that I sold my minerals to informed the family back in October (2010) that I desire to sell my land and timber interest back to the family.
However, my stepfather's family is dragging its feet in making me an offer and settlement on the property.
Can anyone advise me on what my rights are, what I should now do, and how I should proceed legally should the family not be forthcoming in purchasing my interests?
In advance, thanks.
kl
Dear Mr. Love,
Your stepfather's family is under no obligation whatsoever to make an offer to buy you out, no more than you have any obligation to buy them out.
You apparently have common ownership with others. There is no law that requires you to remain in co-tenancy. The right of partition is incident to the right of common ownership. If you wish to sell your interest, buy all means, find a buyer.
If you are unsuccessful in finding a buyer for your fractional interest, you could request either a voluntary partition in kind or a voluntary partition by licitation from your step family. I do not think that partition by allotment is available in this jurisdiction, but I could stand corrected on this. In any event, if the other co-tenants refuses, a suit is your last resort. Courts do prefer voluntary partition.
Before anybody on this board tries to think too much, refer to Sec 23.001, et seq, Texas Property Code.
Hire a lawyer.
I'm having a very similar problem with the property which I have inherited in Oklahoma. Is this type of law which you have in Texas the same in Oklahoma? Most want to sell but one is deliberately being a horses behind. I refer here to an undivided interest in 200 acres of land only. It is our understanding the minerals are separate and we can do whatever we want with them as individuals. Was unaware an individual could even offer for sale a fractional interest.
Your input would be appreciated.
Thanks, Mr. Cotton…much appreciation.
Buddy Cotten said:
Dear Mr. Love,
Your stepfather's family is under no obligation whatsoever to make an offer to buy you out, no more than you have any obligation to buy them out.
You apparently have common ownership with others. There is no law that requires you to remain in co-tenancy. The right of partition is incident to the right of common ownership. If you wish to sell your interest, buy all means, find a buyer.
If you are unsuccessful in finding a buyer for your fractional interest, you could request either a voluntary partition in kind or a voluntary partition by licitation from your step family. I do not think that partition by allotment is available in this jurisdiction, but I could stand corrected on this. In any event, if the other co-tenants refuses, a suit is your last resort. Courts do prefer voluntary partition.
Before anybody on this board tries to think too much, refer to Sec 23.001, et seq, Texas Property Code.
Hire a lawyer.
Best,
Buddy Cotten
www.cottenoilproperties.com