What is the name of your state? Arizona
Hi, this is not a legal question perse so much as it might be asking for advice. Through inheritance my family owns 200+ acres of raw land in Arizona. The question has come up in family discussions as to what are we to do with the mineral rights to the property when the property is sold. We used to hear "never sell your mineral rights" but does that frame of mind still apply and is it feasable. The land has potential for commercial/residential use. I understand that a rather low percentage of the mineral rights in the state of Arizona are privately owned anymore but that they are government owned. We would hate to give something away and not be compensated for it if we should have. We would like to market the property soon and this is a sticking issue.
Thank You
Hi, this is not a legal question perse so much as it might be asking for advice. Through inheritance my family owns 200+ acres of raw land in Arizona. The question has come up in family discussions as to what are we to do with the mineral rights to the property when the property is sold. We used to hear "never sell your mineral rights" but does that frame of mind still apply and is it feasable. The land has potential for commercial/residential use. I understand that a rather low percentage of the mineral rights in the state of Arizona are privately owned anymore but that they are government owned. We would hate to give something away and not be compensated for it if we should have. We would like to market the property soon and this is a sticking issue.
Thank You