Patience if I am rehashing a question already answered. I received a letter from Pro Mineral Partners with a potential offer of 4,000/acre for my mineral rights in 3-2S-6W. The rights are located on an 80 acre farm originally owned by Mom’s brother. I have 1/8 mineral interest or 10 acres. OK to sell?
Nancy:
Yes, you can sell if you want to. Be very careful with Pro Mineral Partners. DO NOT SIGN ANYTHING with them until you have a check in hand. They have been known to record your deed & sell the minerals before you get paid, if you get paid.
Todd M. Baker
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Be very careful of any offers. They will vary by royalty. Sometimes, the offers will say one number for 3/16ths assumption, but you might have 1/8th and get much less instead. Remember that you may have to pay capital gains tax so you need to hunt down your basis price from when you received the minerals. If you don’t have it, the IRS will set your price at $0 and you will pay capital gains on the whole amount. In my experience, first offers are usually low.
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Thanks, I did see see some reports of negative interactions with Pro Mineral on this forum.
Thank you for the advice. I had assumed that they meant the entire amount. I certainly need to do some homework and I appreciate the points you made.