What are Mineral Rights? And Who Owns Them?

What Are Mineral Rights?

Mineral Rights: the rights to the natural resources lying below the earth’s surface. Any transfer of land may be accomplished with or without the transfer of the subsurface rights. Normally, the term “mineral” is considered to include almost anything of value found under the earth’s surface. However, the term ordinarily does not include commonplace materials such as soil, sand, gravel, clay, and water.

In the United States the law creates a difference between surface rights and mineral rights. Surface rights include the right to build or farm on the land while mineral rights include the right to mine the property.

The United States is one of the few nations that allow private ownership of underground mineral resources. When reserved the owner of the mineral rights can then enter into contracts and agreements to mine and extract the minerals which may or may not include royalty payments to the surface owners.

Now, Who Owns Them?

Starting in April of this year (2013) the FDIC (Federal Deposit Insurance Corporation) has begun to reserve mineral, oil, and gas rights in any real property it conveys in the US. This new policy applies to all FDIC owned residential and commercial property except for condominium units and real property valued at $50K or less. The FDIC’s closing instructions will have an addendum addressing the reservation requirement and require the deed to contain the reservation.

If you wish to purchase the mineral rights from the FDIC you may do so, however, a specific price must be negotiated for the rights separate from the rest of the property.

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Seven Most Popular Styles of Homes

While countless people know that a single family home with a yard will cost more than a studio apartment, many of those people don’t know that the style of the house also has a large affect on the price. 24/7 Wall Street received data from the real estate site Trulia.com that gave insight to the popularity of different home styles around the country. The following is a breakdown of the most popular home styles across the country and respective prices.

Due to the free market nature of our country, countless styles of houses have been created throughout history. The style of house also depends largely on what area of the country you live. Colonial and Federal Revival styles homes are found more in the Northeast, Victorian homes are popular on the West Coast, and Ranch-style homes are found throughout the U.S..

Most Popular Home Style Categorized By Average Price:

  1. Mediterranean | $1,315,177 | Most Popular Between 1920 and 1930
  2. Tudor | $588,327 | Most Popular in the 1930s
  3. Colonial | $457,026 | Most Popular in the Late 1800s
  4. Victorian | $431,009 | Most Popular Between 1860 and 1900
  5. Split Level | $295,529 | Most Popular in the 1950s
  6. Ranch | $228,140 | Most Popular Between 1945 and 1970
  7. Bungalow | $163,578 | Most Popular Between 1880 and 1930

Each home style has their own unique characteristics and features that led to them being popular in a certain eras.