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: 10/11/2007 Subject: Mineral Rights
Question We purchased a home for rental property in 2005. We received a letter from a company called Texas Financial ARS that said they have identified benefits that we are not receiving. They told the amount and said to call them. I did and they want to charge a 30% fee but wouldn't tell us what it was for unless we filled out the card to agree to there terms. We realized it was concerning the property we bought in 2005 because at closing the owners didn't keep the mineral rights. My husband remembered the owners saying the amount they got each year and this was the number the company told us. We forgot about having the mineral rights. I tried finding the people we bought the house from but have had no luck. We had moved since then and never had received anything from the oil company. The only thing I know is in the deed it states the Mineral Lease was executed by the owner to Phillips Oil company in 1982. But how do I find out who I contact. I went to county records and that wasn't alot of help. They said to call Phillips Oil Co. How do I obtain a copy of the mineral rights for this property? I am quite confused as to the process of finding out this information. Any suggestions would be appreciated.
Answer Gina,
I grew up in Oklahoma (the home of Phillips) so here is what I know:
Phillips (assuming this is the same Phillips) merged with Conoco in 2003. Phillips was based in Bartlesville Oklahoma, but I don't know if they are still there given the merger. I would suggest finding a number for Conoco (or perhaps Conoco Phillips) to see if they can help you.
I would ignore this Texas Financial ARS company. Anyone who wants money up front and will not tell you what for should be viewed cautiously.
Mineral rights can be complicated. I would suggest talking to a local title company to see if they can help you. They might have or be able to get some information for you. You might also want to consider contacting an attorney who specializes in mineral rights for additional assistance.
