Bitcoin reached an unprecedented milestone in the cryptocurrency world on Tuesday, with its value soaring to a remarkable $107,000 per coin. This surge in price can be attributed to influential figures like Michael Saylor, who continue to invest substantial amounts in the digital currency. Let’s momentarily set aside the concept of mining and focus on the tangible worth of Bitcoin.
Inflation is on the rise and the value of the dollar is declining, leading to discussions about gold, silver, and other precious metals in many New York households. The purchase of gold and silver has always been seen as a reliable investment due to their enduring value.
New York has not been known to be gold rich, but if you happen to strike gold in your back yard, can you keep it? What about oil or gas?
It all comes down to the specific circumstances and context.
The ownership of mineral rights is crucial when it comes to your land. If you are renting, unfortunately, you do not have any claim to them. However, if you own the land, the question arises: do you also own what lies beneath it?
What are mineral rights?
Mineral owners have the authority to extract and utilize the minerals located beneath the surface of a specific plot of land. The specific minerals that are included in this right depend on the terms outlined in the conveyance document, which is the legal document used in the buying or selling of these mineral rights. The conveyance can encompass all minerals found beneath the land or may be restricted to certain specified minerals (Source: nolo.com).
When purchasing a piece of land, it is important to note that the ownership often extends beyond what is visible on the surface. In many cases, when you acquire land, you also gain the rights to the resources beneath it. This includes the option to sell the mineral rights associated with your property. It is worth mentioning that there are instances where the mineral rights may have already been sold prior to your purchase of the land.
New York Law
When you’re buying property in an area where oil and gas activity is known, like central and western New York, it’s crucial to conduct thorough research and gather as much information as possible before entering into a contract. Take the time to inquire with the seller about any unplugged oil or gas well(s) present on the property. According to New York State Real Property Law (RPP 8-242.3), sellers who have knowledge of the existence of an unplugged gas well must disclose this information to the buyer before the sale. To ensure a comprehensive understanding of the property’s oil and gas aspects, it’s advisable to consult with your attorney and review the property deed for any potential oil and gas clauses.
If you happen to discover a valuable resource like gold, oil, natural gas, or even water, it’s essential to conduct thorough research on who will benefit from it, as it might not be you!
When the minerals of a land are separated, subsequent sales of the land will only include the land itself. This means that deeds made after the initial separation of minerals will not mention the exclusion of mineral rights.
In most cases, determining ownership rights to the minerals beneath your land is not possible by simply examining your deed. It often comes as a surprise to landowners when they discover that someone else actually holds the rights to the minerals beneath their property.
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