Does anybody know what acreage is selling for in Creek County, OK? I have some surface acreage there and have been offered less than $200 per acreage. $1,480 for 6 acres of land. It is an undivided interest I have with my mineral rights. This seems low. Any advice would be appreciated.
It will take a little bit of digging, but if you go on okcountyrecords, and find deeds in the same township and range you’re in, or close by, you can figure out the sale price by looking at the documentary stamps. They are priced at $1.50 per thousand dollars of sale price. so, if you find a deed where the documentary stamps, shown at the top of the deed, shows $4.50, you know it was sold for $3000.00.
Are you sure you are being offered an amount just for the surface? If your surface and minerals are not severed, then they may be offering for both and if you want to keep your minerals, you would need to get some legal help to sever the minerals properly should you decide to sell. In addition to what Tim said about okcountyrecords.com, go to your local newspaper or real estate groups in the area and see what the going rates are for surface in the area. Always ask yourself, why do they want my acreage and what do they know that I do not know and what do I need to find out about the going rates in the area. If you do decide to sell, never hand over a deed without getting paid at the same time, not in some future time. Getting legal help for legal matters is usually a wise investment.
Merideth: Creek County is ont on okcountyrecords.com. However, you can do research as Tim suggested at http://24.173.220.139/Creek/SearchPartyNames.aspx However, you may need to create a free account to research. $200 per acre (without minerals) sounds very low, then again it is Location Location Location
Surface only, surface and minerals or minerals only; that price is way too low. You say its an undivided interest. How large is tract the undivided interest is a part of?
I own 6 surface acres as part of an undivided interest in Section 23-18N-8E in Creek County, OK. I also own the mineral interests. Because it’s an undivided interest, there are no metes or bounds. I was offered $1,450 for my 6 acres, about $240 an acre. I ignored it. Then two months later I was served in a lawsuit by one of the other undivided interest holders, along with several other plaintiffs. It’s a partition lawsuit that wants to define the boundaries within 2 tracts of land encompassing 160 acres. At first I thought about selling the acreage to be dismissed from the lawsuit, but then I decided to just await the court’s decision because it will appoint an independent appraiser. My property will eventually be more defined and if I sell later, I will feel better about the actual value of the acreage. So that’s where I am. I’ve never experienced a lawsuit like this. Not sure how common they are.
Might be a good idea to get an attorney. You probably need representation.
in a partition suit, you’re not given a lot of options. The appraisers will come back with the value of the land. To keep things simple, lets say its $3000.00. Then for a period after that, each owner has the chance to purchase the totality at $3000, less their share. In other words, if the owner owned 1/3, then he/she could purchase the entirety of the surface for $2000 (because he/she already owns 1/3), plus costs or attorneys fees. If no one seeks to buy, or more than one person seeks to buy, it goes up for an auction starting with the bid of 2/3 the appraised value, or $2000 in my example. The entire interests will be auctioned off. It gets sold to the highest bidder, whether they are an owner or not. Each owner then gets their share of the funds, less attys fees and costs. Important–you can’t just choose not to play. this property will get sold whether you like it or not. You should seek legal counsel.
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Tim made a fantastic summary. There is also a possibility to partition in kind. This means that the property is divided into separate lots for each owner. This is often difficult to achieve if there are numerous owners. Also, make sure that you understand whether it is the surface only being partitioned. It is possible to partition minerals.
I realize that there will be a forced sale. I’m not interested in keeping the surface property. I just want an appraisal. So why do I need to contest the lawsuit?
It’s only surface property. I do not want the surface acreage therefore I do not care if it is a force sale. Either way, I get rid of the surface and I do so with an appraised value, which I do not have now.
It is strange that they did not attempt to purchase your interest or otherwise negotiate before filing a lawsuit.
There are ways to protect yourself even without having an attorney appear in the case, but this forum is not the place to fully discuss this.
I wasn’t suggesting you contest it. I was suggesting you seek legal counsel to make sure everything is okay. An example, only, is sometimes, a quiet title suit is part of the action, and you would want to make sure they don’t quiet you out of title.
I have talked to my attorney about it. Melissa Gardner with Phillips Murray in OKC. She read the lawsuit. She says I do not have to respond to the lawsuit because I’m not contesting the partition. She called it a “friendly lawsuit.” So I will be awaiting the court’s decision and I will then sell my acreage. Before I was served with the lawsuit, a land broker approached me in February, but the offer was too low and I ignored it. Then came the lawsuit. I believe they are either one-in-the same or the broker is working for the defendant. All I want is a fair market value for my land.
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