VERY O/T
DH and I are thinking of buying 8 acres of land that is situated about 100 yards from a nice/popular Texas lake. Well, we got it down to what we wanted to pay for it and the realtor sent us the contract. In the contract it states that the seller keeps all mineral rights and all commercial water rights. HUH?
I have looked up a lot of info and it is so mixed it is hard to tell if it is ok to let him keep those rights or not. Anyone have any experience with this kind of issue?
The land is decently priced and it is on the edge of a very nice subdivision. It just scares me that if we spend all of this money and years down the road, someone may think there is oil or gas under the land and come tear up my property. UGH!!
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Comments
This is more common than
This is more common than you'd believe in Texas. Property can be sold excluding mineral rights. My in-laws bought 24 acres that they had no rights to the mineral rights. Oil company came in and took over about 4 acres, the original owners have the rights and made the money, my in-laws just get paid for right of way.
NO, do not sign it. You
NO, do not sign it. You don't want to give up any of the rights, mineral rights OR commercial water rights. (They can either tear up your land OR use it to get to the water OR both!)
If you're OK with either/both of those things happening (which I can't imagine you are) then it's ok to sign but I personally wouldn't.
You want that land free and clear, no rights given to anyone else.