Q: I live in florida and my deceased mother used to receive royalty checks for property that family owned? Oil companies
Are trying to buy my rights for the property in Oklahoma. I don't know how much it's worth and I don't know how to find out. What kind of lawyer should I talk to and should I find one here or in Oklahoma? Thank you
Be cautious when dealing with companies who want to purchase the minerals. Often purchasers know much more about your minerals than you do. For example, they may be aware increased development in the near future. Also, they will typically want you to warrant title which means that you may have the expense of probating the minerals. It is very likely that you would be able to probate the minerals without ever needing to travel to Oklahoma. You need a probate attorney that is familiar with oil and gas inheritance. He/she should have resources for determining the value of the minerals if you wish to sell.
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A: You should talk with an oil and gas attorney who is familiar with mineral transactions. Most mineral buyers are reputable, but not all. The easiest way to determine the value is to have several mineral buyers quote a price. Determining what you own can sometimes be difficult and expensive. If you have an old check stub or division order from production proceeds, it may give you an idea of how many mineral acres you own. Prior to purchase, a mineral buyer will do a title check. Unless the minerals are very valuable, sellers typically have to rely upon the buyer's record check. As I said, most buyers are reputable. A knowledgeable attorney can direct you to reputable buyers. You should be aware that mineral values can fluctuate quickly and dramatically both up and down depending on the activity in the area. It is also not uncommon for here to be a big variance in what mineral buyers will offer. Best of Luck!
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