D
dadrummer
Guest
What is the name of your state? MS.
I'm not sure if this is the correct site for this question so I apologize if it is not.
My family has owned 400 acres of marshland for many generations. The purchase was based on mineral rights, namely oil. Approximately 20 years ago we leased the property for 1 year to a drilling company in hopes they would find oil, but they didn't. We recently learned a national conservation organization has purchased all the land that surrounds our property and has made an offer to puchase our property as well. This is the problem.
The "family" now consists of 5 seperate families. Some want to sell and some do not. To further complicate the matter the property is not divided in a way that would determine family "A" owns this section, family "B" owns this section, etc. In other words it has never been distinguished what family owns what part of the property. All we know is 400 acres are divided between 5 families, or 80 acres per family. For the record, and I'm not sure if it would pertain to this situation, but the majority of the families,3, want to sell, it's the other 2 families that do not. The organization has agreed to let us retain all mineral rights but has also stated they will never grant a "right of way" for any heavy equiptment. Remember, they have purchased all property surrounding ours.
We have investigated the organization and they are ligimate. We have no reason to doubt their intentions.
Is this a situation that the majority of owners rule or is there another way to determine what family owns what part of the property?
I'm not sure if this is the correct site for this question so I apologize if it is not.
My family has owned 400 acres of marshland for many generations. The purchase was based on mineral rights, namely oil. Approximately 20 years ago we leased the property for 1 year to a drilling company in hopes they would find oil, but they didn't. We recently learned a national conservation organization has purchased all the land that surrounds our property and has made an offer to puchase our property as well. This is the problem.
The "family" now consists of 5 seperate families. Some want to sell and some do not. To further complicate the matter the property is not divided in a way that would determine family "A" owns this section, family "B" owns this section, etc. In other words it has never been distinguished what family owns what part of the property. All we know is 400 acres are divided between 5 families, or 80 acres per family. For the record, and I'm not sure if it would pertain to this situation, but the majority of the families,3, want to sell, it's the other 2 families that do not. The organization has agreed to let us retain all mineral rights but has also stated they will never grant a "right of way" for any heavy equiptment. Remember, they have purchased all property surrounding ours.
We have investigated the organization and they are ligimate. We have no reason to doubt their intentions.
Is this a situation that the majority of owners rule or is there another way to determine what family owns what part of the property?
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