People who are considering purchasing a property might think that they own everything on and in the land. That might be the case sometimes, but there’s one aspect of property ownership that some people don’t really understand – subsurface rights. These rights are sometimes referred to as mineral rights.
Mineral rights are sometimes owned by the current property owner, but they’re often a separate entity. This is why it’s important to check the ownership. There are a few points to know when you’re dealing with mineral rights.
What specific rights do mineral rights convey?
A person who has mineral rights can use the surface area of the land to get to the minerals they have rights to. This must be done in an agreed-upon manner or the person could face penalties. In some cases, the mineral rights can be withdrawn.
Another point that mineral rights often convey is how deep the mining can go. This depends on the specifics of the minerals being mined and the type of technology that’s being used. The more detailed the documentation for the mineral rights, the better the parties involved are protected.
Individuals who are interested in the mineral rights on their property should find out who owns them. If you’re the owner of the mineral rights on your property, you may choose to hold onto them, lease them or sell them. Learning about the options you have is beneficial, but be sure you look at all the ways the options will impact you. In all cases, you should be prepared to fight for your rights if they ever come into question.
