When selling inherited mineral rights it’s important to carefully consider all available options. Mineral owners sometimes make the mistake of accepting the first offer they receive when selling inherited mineral rights. This happens because the mineral owner didn’t even realize they owned mineral rights until they were approached to sell them. Once they receive an offer to sell mineral rights they see it as free money they didn’t even know about so they quickly sign and receive a check. Don’t make this mistake! We’ll show you how to get the highest possible value for selling inherited mineral rights.
Inherited Mineral Rights
Before we dive into selling mineral rights, it’s important to cover some basics about inheriting mineral rights. It’s not uncommon for a mineral owner to be completely unaware they own mineral rights. What happens is that a relative of yours at some point owned mineral rights. Upon their passing the heirs were unaware of the ownership in the property. Typically many years pass by before a company is interested in the area and takes the time to determine who the true owners are. They will then contact you to try and purchase or lease your mineral rights.
This is the point where most mineral owners discover they own anything at all. Since this is a surprise, selling inherited mineral rights seems like a free windfall of cash (and it is) but they don’t full understand the value of their mineral rights. Before selling inherited mineral rights it’s important that you explore what other options you have. More often than not the first offer to purchase mineral rights is not going to be the best one.
If you find yourself in this situation and you just learned that you inherited mineral rights, do NOT sign anything. You will feel pressured to quickly accept the offer and get the cash you didn’t even know you had but that’s often a mistake. The value of your property could be worth significantly more than what they are offering.
How to maximize value when selling inherited mineral rights
Whether you just inherited mineral rights or you’ve owned them for years, you want to maximize the value when you sell. To maximize value when selling inherited mineral rights you need to get multiple competing offers. Unlike selling a home or stock, there is not way to quickly determine the value of mineral rights with exact certainty. The only way to ensure you get maximum value is to get your property in front of a large market of buyers and let them compete against one another to pay the highest price.
The only way to ensure you get maximum value is to get your property in front of a large market of buyers and let them compete against one another to pay the highest price.
When you get your property in front of a large network of buyers you can see what the market is willing to pay. With multiple offers in hand you can feel confident selecting the highest one knowing that you truly found the highest possible selling price. This is how you maximize value when selling inherited mineral rights.
If you are selling inherited mineral rights we recommend you list them at US Mineral Exchange. They make it easy to quickly get multiple offers for selling inherited mineral rights by getting your property in front of a large group of buyers. In addition, we have heard from many mineral owners who were very happy with the entire process and the personalized service they received.
Challenges when selling inherited mineral rights
One of the biggest challenges you will face when selling inherited mineral rights is documentation. When you sell mineral rights you want to provide as much documentation as possible. The more documentation you provide the easier it is for buyers to research your property and make a bid. The more buyers you have bidding the more you will receive so providing documentation is a key part of the process.
When you are selling inherited mineral rights you may not have any documentation at all. There are a few things you can do to get some documentation:
- Check with the court house/county records in the state and county where your property is located. They may be able to provide you with a deed if you know who the original family member was who owned the property.
- If you received an offer, you may find some clues about where your property is located or how many acres you own. You should keep any documentation you receive.
- Check with family members who may have copies of old documents.
The important thing is to keep track of every piece of information you can find on the property. The more information you have to prove you truly own the property the more buyers are willing to pay and the more likely you are to have success selling inherited mineral rights.