Buying & Selling Real Estate
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
Mineral Rights excluded from purchase.
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?