HOUSE CONTRACT???on gas & oil rights

[lkelly]

Put contract on house w/ 10 acres, let seller have gas & oil rights for 10 years.
Does this mean that he can have drilling done on my property?

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by lkelly:
Put contract on house w/ 10 acres, let seller have gas & oil rights for 10 years.
Does this mean that he can have drilling done on my property?<HR></BLOCKQUOTE>

It depends on the provisions of the contract. What is the intention between you and the Seller. Normally the rights are reserved meaning that in this case the Seller reserves the rights to any gas and oil on the property but can not automatically access anywhere on the property and dig at any date and time. If you happen to drill and strike, then the gas and oil belong to the Seller. If your intent was that the Seller do no drilling on the property during the 10 year period then that should have been specified in the contract. Check with the State to see if they or the Seller have any automatic mineral rights. If not, then hopefully you will find gold on the property and can use the proceeds to buy the gas and oil rights back from the Seller.