If you’re new to the land buying process, then you might now know that an individual can own a property that is sitting on top of underground resources that belong to someone else. This has to do with which “rights” come with the property.
There are several types of “rights” that a property can come with, but the two major ones you’ll need to know about when buying land are surface rights and mineral rights.
Surface rights give the owner the right to own and use the surface of the land, while mineral rights give the landowner the right to any resources that exist beneath the surface of the property. These resources can be oil, coal, natural gas, precious metals such as gold and silver, and non-precious metals, among many others. Mineral rights give the owner the right to explore, develop and extract them.
So, for example, if you own a property that you do not have the mineral rights to, an individual or company with the rights could come and start digging without your consent. This is why it is essential to know which rights come with the property you are purchasing or inheriting.
Looking to buy a property and have questions about which rights come with it? Get in touch with one of our experts in your area.
Check back soon for more pieces on mineral rights!