Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago, 04/19/2017

User Stats

119
Posts
129
Votes
Ramsey Blankenship
  • Rental Property Investor
  • San Diego, Ca
129
Votes |
119
Posts

Mineral Rights excluded from purchase.

Ramsey Blankenship
  • Rental Property Investor
  • San Diego, Ca
Posted

Hello BP,

I am preparing to sign a contract for an off market, 6 unit apartment building in Louisiana. The commercial contract is 3 pages, super simple, and we are trying to make this sale as simple as possible. After reviewing the contract, I noticed that the seller checked a box that says mineral rights are excluded from the purchase. The land is in Louisiana however, its less than a 1/4 acre, and is in the city. I have never dealt with this before but it seems as if the mineral rights should be ours if we purchase the property so I am wondering if this is something worth bringing up. 

We have negotiated the price down and have gone back and forth a bit. The sellers aren't extremely motivated however we are getting the property for a great price. I don't think the mineral rights would break the deal for us, as we are buying the property for the income from the building, however I have heard of people buying paid from oil companies for drilling beneath their land. 

Any help?

Loading replies...