I’m an heir to 40 acres of land. This includes the mineral rights as well. My grandmother leased the land and was receiving royalty checks in varies amounts($35,$40,etc.) She was being paid 1/28% per barrel when she first signed the lease in 1982. How do I negotiate?
You need to clarify with a state, county and a legal description. No one can answer at this point. 1/28% does not make sense. Can’t mix a fraction and a percent.
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If there is a lease or pooling order there is no opportunity to renegotiate a lease that is producing.
If living your grandmother may want to put the interest in a mineral trust or use a transfer on death deed to avoid probate for your parent or whoever she wants to inherit. If she already has a trust, the property needs to be placed into it.
To find an attorney in the state where the minerals are located you may want to click above.
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I/6 for royalties on 80 acres tract
Interest was 0.000000000035. Some incredibly small number similar to this