What is the name of your state?I am wanting to buy 5.2 acres of land with a house on it in Alabama, My questions are...Can the seller hold on to the mineral rights when selling this land? If so, will it bring the land value down when and if I try to sell? What rights will he have by owning the mineral rights but not owning the land?
A few months back the seller signed a release form for the land to be checked for oil. They came out and poked around and said there is oil there. The land was checked from three other differant owners within this area. If we buy this land without the mineral rights, can anyone come on our land and drill without our permission? What would be our rights as the land owner? I do not care if there is oil there or not. I just don't want the land to be messed up and/or us being run off of our land if we did buy it. Can anyone please help me understand this mineral law?