What are Mineral Rights?
When purchasing a piece of real estate, the landowner purchase three rights, they are:
- Air rights, are a type of development right in real estate. Generally speaking, owning or renting land or a building gives one the right to use and develop the empty space above the property.
- Surface rights, which is the legal rights to work on the surface of the land.
- Mineral rights, which represents the legal rights to explore for and produce the resources below the surface. In the petroleum industry, mineral rights can also be referred to as "land."
Now that the price of oil is increasing at an amazing rate, mineral rights ownership is becoming a hot topic. Mineral ownership allows them to share in the mineral profits that are created when oil or gas is discovered on or under their land. This mineral ownership can be as small as owning the minerals on and under the lot of your house or as large as owning the minerals on a 1,000 acre or larger tract. If you own the minerals on and under the land, then you will be able to get a share of the profits created by this mineral ownership.
Read more on this and other topics at http://www.TeamNewton.com Looking to buy or sell a home we want to talk to you!!