Should I Buy a House Without the Mineral Rights?
Other People Are Reading
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No, Risk of Damage to Property
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In general, owners of mineral rights have the legal authority to extract the mineral deposits in any manner they see fit. Some methods may cause damage to the surface of the property without the requirement for compensation, according to Geology.com. Also, surface rights owners are subject to any mineral rights agreement made by the previous owner.
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Yes, If You Perform Due Diligence
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Purchasing a home without minerals rights likely will not cause problems so long as you read over the mineral rights contract signed by the previous owner, according to Geology.com. In addition, states often have laws that prevent mining companies from damaging the surface property regardless of the contract signed.
Bottom Line
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If you really desire a particular house, minerals right will not cause much of an issue, but you may need a lawyer to look over the mineral lease or agreement. According to Bank Rate, however, consider that you could lose thousands of dollars each month without those mineral rights.
References
- Photo Credit house image by Dragomir Rafajlovic from Fotolia.com
