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  1. #1
    Join Date
    Jul 2011
    Posts
    1

    Default What Happens if Mineral Rights are Held by a Company That Went Out of Business

    My question involves real estate located in the State of: Kentucky

    I am considering purchasing some land in KY. As the owner put it, "THE MINERALS WAS RESERVED WAY BACK IN THE 50'S THERE HAS BEEN NO ACTIVITY ON THE PROPERTY. I DONE A LITTLE RESEARCH AND THE COMPANY NO LONGER IS IN BUSINESS". In this situation, to whom would then mineral rights now belong? If they are now back without he property owner, how would I verify this? Thank you for any help on these question.

    Respectfully,

    Sam

  2. #2
    Join Date
    Oct 2007
    Location
    Ohio
    Posts
    2,577

    Default Re: Mineral Rights

    Mineral rights research in Kentucky is an adventure in itself.

    My work in that field has been mainly in western Kentucky. You have to understand that the mineral rights to many areas in Kentucky were sold off in the 1920's or earlier. The fact that the original purchaser seems to no longer be around is not conclusive. Somebody somewhere probably owns a box of papers.

    The rights don't revert automatically (I have never seen it) , so the property owner you are dealing with essentially has no mineral rights and doesn't know who does. Your best bet is to get a title company involved as you will want have all of the title aspects researched, surface and mineral, and reported to you in writing. You can try to get the seller to provide it, but it's worth paying for it yourself.

    As the owner has told you, in so many words, you don't get any mineral rights from him.

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