My wife received an offer to buy mineral rights to 14 ac in Carter County OK. He sent paperwork with a Mineral Deed stating for "consideration of $10 and OVC?? Why wouldn’t it be for the agreed sale amount? Also has anyone used the US Mineral Exchange to post their property for sale? Is it legite? Thanks
There are lots of offers out there to buy in Carter County. Also some pending horizontal drilling, so consider if the offer is a good value versus the value of the pending drilling and possible future wells. Depends upon what your priorities are and what you want to invest in and your time frame. Most offers I have received in Carter have been fairly low compared to the potential. Never hand over a signed lease without getting paid for it.
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Most title doc’s - deeds, assignments, etc. state the amount of consideration this way for privacy reasons, as they will ultimately be filed in the public land records of the applicable county. The OVC stands for Other Valuable Consideration. The sale price and other terms of the “deal” will be stated in a letter agreement, contract for sale or alike.
Regarding title docs and sale price: The easiest indicator of sale price is the Documentary Tax Stamps amount - said stamps are figured at a rate of $0.75 per $500. Keep in mind inter-family transactions are exempt from these taxes.
Thanks for the feedback. Does $4800/ac in Carter County sound fair?
I’d take that in a heartbeat for my 5s2e property…but it’s apples & oranges i suspect.
Your offer will vary according to your royalty amount if leased.
What section, township and range?
Offers will depend upon location and the geology