Land in Northeastern Ohio is still a great investment. Not only does land appreciate in value, it can also offer other revenues in the form of royalties from gas and/or oil production. An oil or gas lease is a lease giving the lessee the right to extract oil and gas from the land. Similar to a mining lease rather than a land lease, in that the lessee has ownership interest in a portion of the property ( oil and gas ) rather than just the use of the property. The lessor is usually paid based on the oil and gas taken.
What are royalties and how are they paid?
Royalties are an agreed upon percentage of the profits of the oil and/or gas. Once the costs of the lessess's operations are deducted, the landowner receives a percentage. In essence a royalty is a fraction or percentage o the value of a natural resource, in this case oil or gas, which is paid to the owner of the resource by those extracting and selling it.
Northeast Ohio's acreage is some of the most beautiful and versatile in the country. There are parcels of beautiful rolling land, gorgeous wooded land and everything in between. Choosing the right parcel of land to build your cabin or dream home might be a little difficult with all the diversity of our area.
If you are considering purchasing a home or piece of land in Ashtabula, Lake or Geauga County I'd be happy to assist you in your search and/or answer any questions you may have!