What every Real Estate Agent should know when selling land and Mineral Rights.
- The right to enter upon the surface for the exploration and production of the minerals (or to designate a third party to do so);
- The right to lease or sell the mineral rights, in whole or in part;
- The right to up front cash for any lease granted (a “bonus”);
- The right to a rental (periodic fixed payment) for any lease granted (a “delay rental”); and
- The right to a percentage of the minerals ultimately produced (a “royalty”).
Source: Jack Wilhelm, Wilhelm Law