If you own property that is known to have gas, oil, or any other type of mineral under the ground, you own the mineral rights to the property. Depending on what type of minerals are accessible on your land, your property can be very valuable. As the owner of the land and the holder of the mineral rights, you can choose to sell your property if you wish. Use the following tips to sell your mineral rights for the maximum price:
Gather Necessary Documentation
Before you can sell your mineral rights, you need to have proof that you actually hold them. Make sure you gather documentation such as the deed to the land, the order division, and any pay stubs from royalties you may have received from the minerals. This documentation will prove to any serious buyer that you have the legal right to sell your mineral rights, and that minerals are actually present on your land.
Learn about Mineral Value
If yu want to receive the best price when selling your mineral rights, it is important to be an informed seller. Take time to research mineral values so you have a solid understanding of how much different minerals are worth, especially the type of minerals that are found in the ground of your property.
Consider Selling a Portion of Your Mineral Rights
Many mineral rights holders sell complete control of their rights when they are in need of cash. A lot of people do not realize that there is no obligation to sell mineral rights in their entirety. You do have the option of selling only a portion of your mineral rights, which will give you the cash you need while still holding control of part of your mineral rich land.
Avoid Accepting the First Offer
Unless someone offers you your full asking price for your mineral rights, it is best to avoid the first offer put on the table. In most cases, the first offer from a seller is not their best offer. If you’re willing to do some negotiations, you are much more likely to sell your mineral rights for a fair price.
Ignore Unsolicited Offers
It is not uncommon for companies to search for records of mineral rights holders and then contact them through the mail offering to purchase the rights. In almost all cases, the amount they offer for the mineral rights is well below market value.