Mineral rights

[lilnatus]

What is the name of your state? Illionis
My father owns some land in Texas, and previously he has leased the mineral rights to the land, at least twice. He is now deceased, he died about 4 years ago, the land went to my mother, she was recently contacted about the mineral rights because the lease was coming up again. They already knew my father was deceased and wanted to know the childrens name, me and my siblings to add us on to his land along w/my mother. They then sent her some papers to lease the mineral rights to them again. But this time they are also offering to buy the mineral rights from her. The are only offering $300 to lease the mineral rights from her, and $1400 to buy the mineral rights from her. Is this a good idea to sell the mineral rights to them? Or is it better to contine to lease it to them, and also the amounts they are offering is that a common amount?

[HomeGuru]

Originally Posted by lilnatus

What is the name of your state? Illionis
My father owns some land in Texas, and previously he has leased the mineral rights to the land, at least twice. He is now deceased, he died about 4 years ago, the land went to my mother, she was recently contacted about the mineral rights because the lease was coming up again. They already knew my father was deceased and wanted to know the childrens name, me and my siblings to add us on to his land along w/my mother. They then sent her some papers to lease the mineral rights to them again. But this time they are also offering to buy the mineral rights from her. The are only offering $300 to lease the mineral rights from her, and $1400 to buy the mineral rights from her. Is this a good idea to sell the mineral rights to them? Or is it better to contine to lease it to them, and also the amounts they are offering is that a common amount?

**A: do nothing until you hire an attorney.

[MargieK2]

I work for Oil and Gas Company in Louisiana. I don't believe an attorney is necessary UNLESS you decide to sell minerals, BUT from being in the business for a long time and I never suggest selling minerals. Once the $1400 is gone so is the mineral rights for ever. Minerals rights are something much more valuable to pass down through generations than most landowners realize. On a separate note..probate probably needs to be done on your fathers estate to keep title to the minerals up to date and anything to do with the land needs also to be filed in the parish of Louisiana the property is located. Hope this helps.

[HomeGuru]

Originally Posted by MargieK2

I work for Oil and Gas Company in Louisiana. I don't believe an attorney is necessary UNLESS you decide to sell minerals, BUT from being in the business for a long time and I never suggest selling minerals. Once the $1400 is gone so is the mineral rights for ever. Minerals rights are something much more valuable to pass down through generations than most landowners realize. On a separate note..probate probably needs to be done on your fathers estate to keep title to the minerals up to date and anything to do with the land needs also to be filed in the parish of Louisiana the property is located. Hope this helps.

**A: have you read some do it yourself Texas mineral/oil leases?

[MargieK2]

Sorry for the reference to filing in Louisiana, title changes to property need to be filed in the county courthouse of Texas where Property is located. Not many do it yourself leases, why, is that what they are presenting. I would try to stay with a form lease (designated in upper left hand corner, usually denotes paid up and when form was prepared, and try to stick with 3 to 5 year term)

[HomeGuru]

Originally Posted by MargieK2

Sorry for the reference to filing in Louisiana, title changes to property need to be filed in the county courthouse of Texas where Property is located. Not many do it yourself leases, why, is that what they are presenting. I would try to stay with a form lease (designated in upper left hand corner, usually denotes paid up and when form was prepared, and try to stick with 3 to 5 year term)

**A: I'm sorry too.