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Updated almost 7 years ago on .
Seller retaining mineral rights
I have an opportunity to purchase a 10 acre vacant land parcel at a low price and the seller says he wants to retain 10% of the mineral rights for 29 years.
I have not yet come across a situation such as this. Why would he only want to retain 10% and why for 29 years? Anyone with more experience see any red flags with this situation? Should I have a lawyer draw up a clause for this to put into my sale agreement contract?