Pros and Cons of Selling Your Mineral Rights

Few people in the US are aware that real estate may have two components: surface land and mineral rights. The mineral rights refer to any sub-surface materials with commercial value that may exist below surface land.

Most landowners become aware of the rights they have over the minerals under their property only when they are approached with an offer to buy or lease the mineral rights. Those whose property has severed mineral rights may find out that another individual or entity has sold or rented out these rights to a development company when the bulldozers arrive. Not amusing, but perfectly legal.

Landowners with a fee simple deed or individuals who own the mineral rights to a parcel of land may legally sell these rights to a third party, much like selling any other real estate. There are portions of the US where the mineral rights are particularly sought after because there are proven deposits in the area, but there is potential for profit in any area in the US, so it would be a good idea for you to know more about the mineral rights you may have wherever your property is.

There are pros and cons of selling your mineral rights. The most obvious advantage is the money you can make and may need. Many developers buy mineral rights on speculation. This means that they are gambling on the fact that there may be valuable materials under certain property, usually based on probability reports culled from the presence of minerals in the area. Of course, there may be nothing but good old rock under your property, but no one really knows until they start digging.

The problem with selling your mineral rights outright is that it is a one-shot deal. If minerals do exist under your property, you have no interest in any additional profit that may be made outside the purchase price. If you sold the rights for a low price, you could be losing out on a ton of money. On the other hand, if you lease the rights for the royalties and nothing is found, you could miss the opportunity to sell the rights for more than it is worth. An article on The Mineral Auction advises professional assistance when considering selling your mineral rights so that you will get the best possible deal for them.

Selling your mineral rights outright also means that you will not have the headaches associated with the taxation, financial planning, and record-keeping of mineral production which you would have if you merely lease out the rights and get royalties. On the other hand, once you sell the rights you will lose control over when and where mining or extraction operations take place, which can be a bummer if you live on the property.

The factors affecting the decision of selling your minerals rights will vary on a case-to-case basis. The best thing you can do is to exercise caution when dealing with speculators and developers and to get professional advice from those who make it their business to know these things.

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Consequences of a Car Accident

It is just too easy to imagine how bad the consequences of a car accident can be. A car is basically a hunk of metal with people in it traveling at high speeds. A collision with another hunk of metal, concrete, railing, tree, or another person at any speed higher than 25 mph and expect serious injury to occur. And yet most people blithely enter a car, fully expecting to get to their destination without a scratch, and with no thought of the 15.6 crash fatalities that occur for every 100 million vehicle miles travelled. The typical driver travels 13,476 miles a year, which means that in any one year, a car traveler has a one in 475 chance of being involved in a fatal car crash.

The human body is incredibly resilient, able to withstand quite a few knocks with little permanent damage. However, a car accident can be devastating because the car is a rigid structure, and any impact forces are transferred to the more pliant human bodies inside. Aside from the sudden deceleration that can lead to whiplash, concussion, and other types of brain injury, the typical car features knobs, sticks and other objects that can pierce, puncture, and pulverize any human body striking it on the aftermath of a collision. That is not even considering the effects of air bag deployments which can suffocate or badly injure a person if it goes off wrong.

Car accidents are one of the leading causes of death in the U.S., beating out death by firearms, infection and kidney failure. Even if not death, the injuries sustained are often so severe that victims find it necessary to apply for Social Security Disability (SSD) benefits. It is a given that there is always a risk of a car accident happening, but when it is caused by the reckless or negligent behavior of another person, it is far harder to accept. When this happens to you or to an immediate family member, you may have legal options that would help alleviate some of the financial problems associated with a car accident. Contact a personal injury lawyer to find out more.

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The Importance of Car Insurance

Being involved in a car accident is bad enough, but the added stress of having no or insufficient car insurance makes it worse. The main purpose of car insurance is to protect the driver from the consequences of an accident whether due to negligence or not.

Car insurance is required to drive legally in all states in the U.S. (except New Hampshire) although the requirements differ from state to state in terms of minimum amount and type of coverage. In general, third party liability (TPL) auto insurance is mandatory to operate a vehicle.  TPL coverage applies to property damage and/or bodily injury of the other vehicle and its occupants up to a prescribed maximum amount.

While most states only require TPL, 12 states and Puerto Rico have a no-fault scheme for automobile accidents which require motorists to apply to their own insurance for medical costs related to an accident. Aside from TPL, therefore, motorists are required to have Personal Injury Protection (PIP). Some states also require motorists to include Uninsured/Underinsured Motorist Coverage in case of a hit-and-run and where the at-fault uninsured driver is financially incapable of paying for the damages.

Habush Habush & Rottier S.C.® warn that uninsured, negligent drivers in most states are not only criminally liable and may see the inside of a jail but may also be sued for the medical expenses and property damages of the third party. Even when not at-fault, an uninsured motorist who sustains multiple injuries and acute emotional distress in a truck accident is generally barred from suing the other driver for non-economic damages i.e. pain and suffering.

Clearly, the importance of car insurance cannot be over-emphasized. Without coverage, the costs of property damage and bodily injury can run be very high, and may even force the driver to bankruptcy. If you or someone you know is operating vehicle without auto insurance, don’t take the risk; an accident can happen at any time, and the consequences for all involved can be grim.

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