MINERAL RIGHTS

[Tomcyn]

Purchased 5 1/2 acres in TN. Was not told by agent or by owner that over 20 years ago, a previous owner had retained the gas, oil and coal rights on the property. It has several springs and a 3/4 ac pond so it may not be likely that the family of the man, now deceased, would exercise these rights. We found out when we read the deed in detail after closing.Do we have any recourse? Is it possible to buy back the rights?

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Tomcyn:
Purchased 5 1/2 acres in TN. Was not told by agent or by owner that over 20 years ago, a previous owner had retained the gas, oil and coal rights on the property. It has several springs and a 3/4 ac pond so it may not be likely that the family of the man, now deceased, would exercise these rights. We found out when we read the deed in detail after closing.Do we have any recourse? Is it possible to buy back the rights? <HR></BLOCKQUOTE>

You can buy back the rights. If you used escrow to close the transaction, the title report should have shown the rights as an encumbrance on the title. Did you even use escrow, did you review the title report, did you have your agent or a real estate attorney review the closing docs especially the deed and legal description prior to signing?