A buyer is considering purchasing a rural property where the previous owner sold the mineral rights to an energy company 20 years ago. If the buyer proceeds with the purchase, what will the buyer own?
Correct Answer
C) The surface rights only, because the mineral rights were previously severed
When mineral rights are sold or reserved, they are severed from the surface estate. A subsequent buyer of the property acquires only the surface rights unless the mineral rights have been reconveyed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
Riparian rights concern properties bordering flowing bodies of water (rivers, streams), while littoral rights concern properties bordering non-flowing bodies of water (lakes, oceans).
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
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