Keeping Your Minerals When You Sell? Read This First.
There's a checkbox on the TREC Mineral Addendum that every seller needs to understand. And checking the wrong box (or leaving it blank) can have real consequences for the buyer.
When a seller reserves mineral rights, they technically hold the right to access the surface of the property to drill or lay pipeline. But here's the thing, thanks to horizontal drilling, mineral owners often don't need to set foot on the property at all anymore. They can reach their minerals from a drill site miles away.
That's why buyers typically ask sellers to waive their surface access rights (ingress/egress) on that addendum. The seller keeps their minerals. The buyer keeps their peace of mind.
If the seller checks "does not waive" then the door is open for drilling activity on the property. And nobody wants that surprise after closing.
At RattikinLaw, we walk our clients through every line of the contract so there are no surprises after closing. Reach out to Jeff Rattikin at rattikin@rattikinlaw.com with any questions about your real estate transaction.
CATEGORIES
Share this post with others:
Recent Posts
