Hello, I am a newbie with a question about Mineral Rights Deeds...My father is deeding his mineral rights to his children. He lives in Florida and owns mineral rights in Colorado.
What type of deed is best to use for this transaction? Any advice will be greatly appreciated.
I am not an attorney, but have acquired minerals through quit claim deed- life estate. When this deed is created, the remaindermen (people who are being deeded property) are vested property owners from that time forth. With the life estate, the life tenant retains rights to the property as they were his, just upon death, the property is automatically transferred, without probate. The life tenant can reserve the right to all rents, royalties, and bonuses from said property. Note that the remaindermen must ratify a lease that is signed by the life tenant. If the life tenant signs a lease, not ratified by remaindermen, and life tenant dies, the leased is invalid. Good luck
Thank you Jody, I appreciate your help!
Jody can you tell me a little more what you thinks about this? my situation is very similar to what you have written below, my mother has all the minerals and etc. in a life estate and has now gotten her third oil well and wants to give her minerals on one of the current wells to her children now, can she do that if its already in a life estate, can she do a quick claim deed?
jody kuntz said:
I am not an attorney, but have acquired minerals through quit claim deed- life estate. When this deed is created, the remaindermen (people who are being deeded property) are vested property owners from that time forth. With the life estate, the life tenant retains rights to the property as they were his, just upon death, the property is automatically transferred, without probate. The life tenant can reserve the right to all rents, royalties, and bonuses from said property. Note that the remaindermen must ratify a lease that is signed by the life tenant. If the life tenant signs a lease, not ratified by remaindermen, and life tenant dies, the leased is invalid. Good luck
About your guit claim. I am trying to get some mineral right that my great grandfather left the family do you think a guit claim deed would work?.
jody kuntz said:
I am not an attorney, but have acquired minerals through quit claim deed- life estate. When this deed is created, the remaindermen (people who are being deeded property) are vested property owners from that time forth. With the life estate, the life tenant retains rights to the property as they were his, just upon death, the property is automatically transferred, without probate. The life tenant can reserve the right to all rents, royalties, and bonuses from said property. Note that the remaindermen must ratify a lease that is signed by the life tenant. If the life tenant signs a lease, not ratified by remaindermen, and life tenant dies, the leased is invalid. Good luck