What is a fair offer per acre in North Franklin Township, Washington County PA?
Like many others, I received the random inheritance call that I was completely unaware of and given an offer for what I own which I believe the divided interest comes down to 4.0 acres (no surface rights.)
What are some tools or resources I could use to verify the value and should I even sell to begin with? How can I confirm they haven’t already started “harvesting” without my permission and this is a ploy to get one over on me?
I have no experience or knowledge on the subject so any advice or direction would be greatly appreciated.
I wouldn’t sell but if you have to, search for local mineral companies and don’t sign a PSA (Purchase Sales Agreement), if they want the deal, have them meet you with a deed and check in hand.
It would be wise for you to look up your area on the PA oil and gas site to see what kind of activity is nearby. You may not want to sell, Offers to buy usually come before the bit and in my experience have been low ball. Buyers intend to make a profit off of their purchases. You can see if there are already wells there or nearby.
Make sure that your inheritance documents and your name and address are properly filed in the county where the minerals are located so that the landmen can find you to lease.
The National Association of Royalty Owners www.naro-us.org has an Appalachia chapter that is knowledgeable about what is going on in those states.
Here is a link to the PA Oil and Gas Mapping site. https://gis.dep.pa.gov/PaOilAndGasMapping/
This is pretty poor advice. A mutually agreeable PSA protects both the seller and the buyer. NO credible buyer is going to invest time, money and employee resources to complete a title exam to verify ownership without having an agreement in place that ensures they can close.
Thank you everyone. I’ve been reaching out to law offices in the area. Unfortunately, I’ve been running into road blocks as each office I’ve spoken to has a conflict of interest so I’m still on the hunt.
Someone did mention the offer seemed fairly low and that they would expect something 2-3x what I was offered. I’m still up in the air on what to do so if any more advice comes to mind please share.
