Seller signed a mineral lease to an energy company? (Bedford: mineral rights, sales)

[viviandynamite]

We are purchasing a home. The seller signed a mineral lease to an energy company two years ago. The lease is effective for 5 years. I am wondering how to get that lease terminated or transferred to us. It would be really appreciated if someone can shed some lights here.

[TexasVines]

there is about a 476% chance that you will not come close to having that lease terminated before the term

other than that you need to have all mineral rights transfer with the property when it is sold

I believe it is also possible the seller does not own the actual mineral rights and while the lease they signed was based on some type of production it may have basically been a lease to "be OK" with drilling in the area

there is zero chance the oil company has not covered themselves in every way shape or form to have those rights for the full term of the contract

[loves2read]

1--you can't do anything about that lease--unless you buy it from the people who own the mineral rights--
2--since the seller leased them out from under you when he/she owned the house/the rights--the oil company won't even talk to you about this except to tell you that you have no standing...

if the company holding the lease drills a producing well it will hold the lease as long as the well produces and the previous home owner who kept the mineral rights will get any royalty payments the lease provides for...

sometimes people checking title make mistakes--but it is very unlikely due to the history of mineral rights in this area that any house sold in past few years had mineral rights convey with the sale unless there was specific language in the sales agreement specifying it AND the seller actually owned the mineral rights...

MOST developers in the past 10 yrs have been reserving mineral rights for themselves vs passing them on with the lots they sell...

we bought our Bedford house more than 20 yrs ago new and DO own the mineral rights--
but that was because no one thought there was any reason to count them as worthwhile asset...

you should have had a realtor explain this to you since you are considering purchasing the house...

[meganmkelley]

If the seller conveyed the minerals in the sale to you, you can have the lease and any royalties reassigned to you. Usually there are clauses that address this in the lease documents.

[loves2read]

BUT I imagine the sellers don't want to do that unless the buyer is willing to pay a premium over the price of the home...
and most sellers want more than the royalties are worth (on-going on unproven lease)

[derekv]

To keep the minerals, the sellers will need a mineral reservation in their deed to you. Otherwise, the minerals will pass on to you. After you close you can send a copy of the recorded deed to the oil/gas company's owner relations department. They will update their records and checks will be sent to you.

[viviandynamite]

Thanks for your responses, everyone!