Are you ready to buy some Georgia land for sale? If the answer is yes, then let me give you a few things to consider before you accept the price tag on the property. When considering the value of the property, know this, just because you purchase the property for sale in Georgia doesn’t mean you have purchased the mineral rights to it.
You might be thinking that if you buy the property you must be buying the mineral rights too. Wrong! If you have purchased land before, you may not even know if you have purchased the mineral rights or not. One reason you may not know is because the realtor wanted the deal closed or possibly because the land owner did not make public whether he sold the mineral rights. There are several ways that you could end up with land but not mineral rights. You might be asking yourself why does it matter? Well, mineral rights are separate from land ownership. It would matter a lot to you if you don’t own the mineral rights if once you bought the land for sale in Mississippi the owner of the mineral rights gets an offer from an oil company to lease the minerals. Next thing you know your property is inundated with equipment, exploration attempts, and loud noises from drilling efforts. And then the property resale values might decrease.
If you buy property for sale in Georgia without mineral rights, you can never put the mineral rights back together with the property in one document. That’s just something to think about. If the owner of the mineral rights leases to the oil company, really the oil company now owns the mineral rights.
In the state of Georgia the Supreme Court holds that the mineral rights are superior to the surface rights, which sounds very disturbing. The oil and gas company will promise to hold disturbances to a minimum, especially in a residential area, but you know that if it is called for further exploration they can get away with entering your land without warning and unless the damage if found to be malicious there is nothing you can do about it. And if this happens on property that you own without the mineral rights just know that every month someone else is making a pretty penny from the drilling on your property and there is absolutely nothing you can do about it.
After reading this blog I hope that you at least will think about mineral rights when you purchase land for sale in Georgia before it’s too late. Always check your purchase agreement and talk about the mineral rights with your land broker, if it is not covered in the contract and you sign it the purchase agreement your shot at the mineral are gone forever. Try and predicate your contract on at least one thing that will give you a legitimate reason to back out of the contract. Or you might just want to move to the next piece of property for sale in Georgia that you have your eye on.