Recently placed an offer on a small multifamily property that was off market. Offer was accepted and papers ready to sign. While reviewing documents I see seller is "reserving mineral rights". Has anyone ran into this same situation? Is this or would this be a deal breaker for you?
Everything is negotiable. With that being said as a buyer I don't calculate minerals with my offers but see them as an added bonus if transferred. When I'm the seller I always retain minerals. If your numbers work try negotiating more but don't let this be a deal breaker.
on small lots I think is a waste of energy and time ... they are not worth anything.
now your talking ranch land and that's a whole nother meat ball.. absolutely no reason not to by the property... although I know with slant drilling these days you can have someone drilling under you that is 5 miles away...
Thank you both for responding. After putting the deal on hold, I came back with a lower offer. They countered and a deal has been struck. Signing papers later this week (hopefully).
In the future I'll do as yall have done and assume the property does not come with mineral rights. I'm a newbie and would have never questioned it but they had a full page disclosure regarding the reserve.
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