About Eric Sexton Expertise All aspects of buying and selling homes including: General real estate questions, Contracts, Negotiations, surveys, title work and general questions about mortgages. I CAN NOT GIVE LEGAL ADVICE AND WILL NOT BE ABLE TO ANSWER QUESTIONS WHERE LEGAL ADVICE IS NECESSARY.
Experience
I have been a real estate agent for 6 years and a broker for 2 years.
Organizations National Association of REALTORS and Texas Association of REALTORS.
Expert: Eric Sexton Date: 6/8/2007 Subject: Land titles
Question Apparantly my wife's grandfather purchased property in TX & Montana in the 40'. It has been forgotten about untill My mother-in-law got a check for $10,000 to sell the land. Unknow to the rest of the family She has been getting small royalty checks every month ($10-40). I have been asked to organize things. Can you point me in the right direction?
Thank you,
Answer James,
I can't speak to Montana land, but here are my thoughts regarding Texas land.
I would call the company she has been receiving the royalty checks from to see if you can get a copy of the contract (assuming you don't already have one). This way you will know what you are dealing with.
I would then go to a local title company (in the area the land is located in) and have them run title work to verify the name that is in title for ownership of the property. they should also be able to determine the documents that have been filed (if any) in the county regarding mineral rights.
The title work regarding the ownership of the property should indicate if there are any liens for back taxes against the property. You might also check with the local county tax collector to verify the status of the taxes. With all of this information, you will have a much better idea of where you stand.
As far as the $10,000 check for purchasing the land, I think it is best you check the contract on the mineral rights and see if there was a clause for sale of the property after a certain amount of time. It might be best to consult an attorney experienced in mineral rights to discuss the contract and the possible sale.
