mineral rights: Buyer’s need to Understand Title Insurance Commitment’s
- 04/09/13 12:37 AM
This article was originally posted by a REALTOR® in Texas. Nevertheless, the information is relevant for buyers in Oklahoma who are trying to understand their title opinion. Keep in mind, however, that you cannot get title insurance on the mineral estate. Title insurance was only ever intended to cover the attorney's opinion regarding the surface estate. What gets confusing for me is that even when a property is being conveyed in fee simple, the title insurance will make an Exception in Schedule B of the title insurance policy regarding the oil, gas & other minerals. So if you want to know … (10 comments)
mineral rights: Can the Federal Government Tell Us What We Can and Cannot Do with Our Personal Property? -- A Moratorium on Drilling in the Allegheny National Forest Has Implications for Oklahoma and Other States
- 01/12/10 03:10 PM
Can the Federal Government Tell Us What We Can and Cannot Do with Our Personal Property? -- That's Exactly What The Obama Administration is Doing by Imposing a Moratorium on Drilling in the Allegheny National Forest Has Implications for Oklahoma and Other States. There is a very quiet battle going on about which most real estate professionals are unaware. However, its outcome has far reaching consequences underpinning everything we sell, no matter where we sell real estate in these United States, be it Pennsylvania or Oklahoma. I’m talking about the struggle for the acquisition and control of the severed mineral estate which underlies … (2 comments)
mineral rights: Mineral Rights and Surface Rights in Oklahoma -- Do What Your Client Wants
- 11/08/09 01:26 AM
Mineral Rights and Surface Rights in Oklahoma -- Do What Your Client Wants If you have been following my blogs, you know I am passionate about my clients getting the mineral rights -- putting the chocolate cake back under the icing. I showed property this week in Osage County, Rogers County, Tulsa County, Okmulgee County, Okfuskee County, and Pittsburg County to two different sets of clients. In every case the realtors said the minerals did not come with the property, that the sellers were only selling the surface rights. However, when meeting and speaking with the sellers directly, in half the cases … (7 comments)
Who has jurisdiction when there is a conflict between the surface owners and the owners of the mineral estate? Can the Federal Government constitutionally use it's police powers to restrict access to private property in the form of mineral rights or is this a right of the states and the people under the constitutional principle of federalism? In a recent article by Robert J. Keir, Appalachian Basin Land Manager, entitled, "The Battle for the ANF is Really a States Rights … (0 comments)
mineral rights: Buying the Entire Basket of Mineral Rights -- Its Time to Acquire Mineral Rights Now While the Price of Oil is Cheap
- 09/30/09 04:42 AM
It's time to buy the whole enchilada, the chocolate cake under the icing, the entire basket of mineral rights -- while oil prices are low. A family came to an open house the other day and stated that another realtor had told them that the oil rights never come with the land. I am so sick and tired of hearing that. Just because realtors don't know about oil & gas does not mean they should say what isn't true. Here is the problem. In Oklahoma there are two government agencies that come into play regarding our land -- the Oklahoma Real Estate … (0 comments)
mineral rights: Helping Sellers Put the Cake Back under Their Icing
- 09/14/08 03:01 AM
Is anyone out there in Active Rain land offering landman services to their sellers to help them acquire the mineral rights under their land? I have the expertise to do this and I think it would be even more valuable than home staging and other ancillary services that we offer to get the homes sold. It seems to me that in an era when landmen are doing "roof-top leasing" to get homeowners in subdivisions to lease out their minerals, we really owe it to our homeowners to help them to get those minerals back. It is our generation that should be … (2 comments)
mineral rights: Is it Possible to Do a 1031 Exchange of Mineral Rights?
- 09/11/08 06:21 PM
Has anyone ever done a 1031 tax deferred exchange of mineral rights that have been severed from the surface estate? I am assuming that it is possible to do a 1031 exchange, because mineral rights are part of real estate, but I don't know anyone who has done it. Mineral rights are part of what is called the mineral estate as opposed to the surface estate when we talk about real estate. Here is the problem: The tax assessors only keep track of who owns the surface of the land. To find out who owns the mineral rights oil & gas producers hire … (4 comments)
mineral rights: PUTTING A CAKE UNDER YOUR ICING -- PURCHASING MINERAL RIGHTS
- 09/07/08 02:16 PM
I had a very pleasant experience at a closing in Poteau last week. The buyers were from Minnesota and after four months of looking, we found the perfect house on 15 acres in Wister, Oklahoma. There's a view of a mountain off every porch in all four directions. It's an awesome property. The house was built from the materials salvaged from the old barn that had once stood on the site. Just one problem: the sellers did not own the mineral rights. You have to understand what the search parameters were in looking for this "perfect place to retire:" good dirt for … (2 comments)
mineral rights: Drilling to Be Grandfathered Despite Annexation by Sand Springs
- 09/02/08 07:58 PM
I attended last night's meeting of the Sand Springs Planning Commission. Six of the seven commissioners were present. The staff recommended that the Commission vote to recommend to the City Council to annex the 109 acres south of Weaver Road and to zone it RE -- (which means Residential Estate). This would be more restrictive than the current Tulsa County zoning of Agricultural. The staff representative stated that the other two options open to the Commission were to annex the land and zone it AG (Agricultural) or to deny the request for annexation. Several of the 16 home owners spoke saying that they … (0 comments)
mineral rights: Real Estate is Like a Cake -- Fee simple explained in layman's terms
- 08/15/08 11:18 PM
Real estate is like a cake. When you own the entire cake, you own the land in fee simple, essentially from the top of the ground to the center of the earth. When you own land in fee simple, you own the icing and the cake itself. When someone sells the land and retains the mineral rights, then it is said that they sever the mineral rights. The surface owner effectively owns just the icing on the cake, which effectively means everything "from the grass roots up." The mineral owner owns everything from "the grass roots" to the center of the earth. The … (3 comments)
AuthorBio: Debbie Solano has earned two Masters degrees: 1) an MLS (Masters in Library Science) from SUNY at Albany, School of Library and Information Science, 1978 and 2) an M.Div (Masters in Divinity) from Southern Methodist University, Perkins School of Theology, 1997. Debbie earned her Oklahoma Real Estate license in 1994 and has been a REALTOR full time since 2005. She is a member of the Greater Tulsa Board of REALTORS®(GTAR) and a member of the Northeast Oklahoma Board of REALTORS® (Grand Lake), the Oklahoma Association of REALTORS® (OAR), and the National Association of REALTORS® (NAR). She is also an active member of the American Association of Professional Landmen (AAPL) and the REALTORS® Land Institute (RLI). Her professional real estate designations include: CRS, ABR, AHWD, CHMS, e-PRO, GRI, REOS, and SRES. She currently serves as the Membership Chairperson for the Oklahoma Chapter of the Council of Residential Specialists. Debbie is a Volunteer Visitor in the Pastoral Care Department at St. John Medical Center in midtown Tulsa. She is also a member of the choir at the Church of St. Mary in Brookside.
This article was originally posted by a REALTOR® in Texas. Nevertheless, the information is relevant for buyers in Oklahoma who are trying to understand their title opinion.
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