When you buy a property that comes with oil and gas rights, you’re in a position where you may want to use those resources or sell them off. Doing this requires legal insight, because you don’t want to be shortchanged.
There are a few things you may need legal help with now that you’re using some oil and gas resources. Do you want to lease out the rights to the oil or minerals on your property? Are you prepared to rent the home on the property but don’t want the natural resources to be touched? Are you being approached to sell your property and oil or mineral rights?
Your situation can be very complicated, but it’s important that you approach it with the right information. You want to make sure your leases are appropriate and legally sound, so you don’t find that your renters have found a loophole or destroyed your reserves. You need to make sure that companies that approach you are offering a fair amount for the property and oil or minerals below.
If you’re accused of not owning the rights to the minerals or oil on your property, you can fight these allegations in court as well. By tracing back the sales of the property and rights, you can be sure that you’re the only true owner of the deposits and reserves held under your property, so no one can challenge that right.
Our website has more information on your rights and how a lawyer can help you make sure you never end up shortchanged in a transaction.