Oil Company Leased Residential Property?

Oil Company Leased Residential Property?

Accountant · North Royalton, OH · Member since 2016 · 34 posts · 12 votes

Hello BP,

I am looking at a short sale and have looked through the documents on the auditor's website and found something interesting. One of the documents is a lease from 10 years ago to a statewide oil company. The property is just over 1.5 acres in a fairly suburban area. The current owner is about 97 and cannot remember what the situation was. 

My question is if there is still oil on the land, will it affect any part of the sale?

Thanks,

Austin

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  • Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
    8y

    Who owns the mineral rights they don't always transfer with the property.

    Another likely scenario is it could of been a lay down yard or similar for nearby project..

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