If you're thinking of leasing your mineral rights over to the oil and gas companies, you have to be prepared for the amount of pressure and paperwork it's going to give you. Mineral rights leasing isn't something to be taken lightly. A lot of financial and legal grounds have to be covered to accomplish this transaction, and it takes a lot of effort and time.
You will first have to do some research on whether or not you really are the owner of the mineral rights of your property. It may turn out that you're only the Lease Extractionsurface property owner, and you wouldn't have any right to the minerals buried underground.
There's also a problem when you're the mineral rights owner yet you're not the surface owner. There'll be worries over you and the surface owner can reach an agreement as to how the property will be dealt with when the oil and gas companies come charging in to extract the minerals. The surface owner has basic rights and is also protected by state laws. He or she should be consulted with and included in the mineral rights lease agreement. Mineral rights leasing should hold some protection for the surface owner.
The most important aspect of mineral rights leasing is most probably the legal foundations of the transaction. Everything has to be done legally and with regards to state laws. Background checks and history research of the property concerned has to be dug up and analyzed, terms with the surface owner and the oil and gas company has to be determined, and other legal consultations form a big part of mineral rights leasing.
To avoid any confusion whatsoever with the legalities, it is recommended strongly that you get a lawyer for consultation and advice. There are other legal worries to ponder other than the ownership of the mineral rights, such as commissions, royalties, terms of the lease, etc. Your lawyer can help sort this out with you and guide you along the way. Do not enter an agreement to a mineral rights lease without first speaking with your lawyer. He or she can help you with your options and what decision is the best one to make.
What will be very crucial to the mineral rights lease agreement would be the contract. All involved parties will have to assess and explore their options and reach an understanding to make the contract. In the future, it will be the contract that will serve as reference in case any disputes or arguments arise in the process of leasing and excavation. The contract should be fair to all parties, by which all parties should be satisfied with.
We can say that it is research, legal advice, and negotiation skills that will help you in forming a mineral rights lease agreement. It will take a lot of thinking over, and it could take a long time to finish. It can be troublesome, yet digging deep and extracting a Lease Extraction satisfying contract may be worth all the effort. If there are any disagreements in the future, you will have your contract to help you. Just make sure that you have clearly stated your terms, and that everyone involved is all right with it.