Texas is the second-largest state in the US that is known for its unique local culture, which includes the popularity of live music and the rodeo sport. Beyond the exciting and entertaining activities and food, the state is also known for having a strong economy and one of the largest annual GDP in the world.
Some of the most robust industries in Texas include oil, energy, technology, and many others. The state’s mineral industry, in particular, has been growing at a rapid rate, especially with its massive oil and gas resources. Given the abundant resources found in the state, many have sought to look for mineral rights in Texas.
In the US, there is a distinction between surface rights and mineral rights, though the two are often confused with each other. Surface rights grant the owner permission to dig between land surfaces for construction or infrastructure purposes. Mineral rights, on the other hand, allow the owner to extract the natural resources found beneath the land.
Selling Your Mineral Rights
With the massive growth of the state’s mineral industry, the prospects of selling mineral rights in Texas have grown explosively. With many investors and buyers looking to get these rights, you will find several platforms to use to request for offers if you are trying to sell or lease your rights. As the population of Texas continues to grow, the mineral industry is also expected to grow exponentially, given the increase in commercial and industrial users.
Considerations Before Selling
Before jumping into any sale, however, it is best that you first familiarize yourself with the essential procedures and terms. For extra precaution, you can also consult an attorney to help out with drafting an agreement or understanding the terms. At times, there may be nuances or finer details that you can easily miss, so with the help of an attorney, you can avoid signing the wrong agreement.
- Ensure Ownership
Before you sell your mineral rights, you have to make sure that you are the rightful owner. To verify this, check the deed of your land and look for the terms on the ownership of rights. More often than not, the rights go to the landowner, but in some cases, you may only be entitled to a portion of the rights or have no ownership at all.
- Know the Worth
Try to look into the market trends and see recent transactions on mineral rights in Texas to know what a fair price is and see what factors tend to affect the price. Some of these factors may include the size of the land and mineral deposit or the nearness of mines in the area. If you want to be extremely sure, you can also consult an engineer, geologist, or another professional to ask about the value of the minerals found in your area.
- Think About the Impact
Though selling your mineral rights can grant you a sum of money, you should also consider the possible implications of the sale, especially with the environment or surroundings. You can try asking potential buyers where they intend to use the rights and think about the environmental impact of specific construction or excavation projects.
Another thing you can consider is the noise that may result from the sale, especially if you live on the land. The disturbance may end up causing more harm than good, so it should be a major point of consideration before finalizing any agreement.