My question involves real estate located in the State of: Michigan
My sister and I are selling property on a land contract in Michigan. The buyer has signed an agreement to lease the mineral rights, receiving a signing bonus and possibly future royalties.
The energy company will reject his lease unless we, the sellers, sign a 'Ratification'. I understand that basically we would accept his contract terms in the case of default.
We are unsure if he has the right to lease the mineral rights while we still hold the deed. The sales agreement did not specifically reserve the mineral rights. We see a risk of damage to the property value if it reverts back to us due to seller default.
Any help would be appreciated.