A mineral deed transfers all ownership rights in the assets under the surface of a tract of land—including oil, gas, coal, hydrocarbons, metals, and minerals—from the grantor (seller) to the grantee (buyer). The transfer also includes all rights to receive royalties, profits, or payments related to the assets under the surface of the land.
In North Carolina, a mineral deed is a legal document that transfers ownership rights of minerals and other subsurface assets from the grantor to the grantee. This includes not only the physical minerals but also the rights to any royalties, profits, or payments derived from the extraction and sale of these resources. The deed must be in writing, signed by the grantor, and should clearly describe the property and the extent of the mineral rights being transferred. It must also be acknowledged before a notary and recorded with the Register of Deeds in the county where the property is located to be effective against third parties. North Carolina follows the 'Dormant Mineral Interest' law, which allows for the termination of mineral rights if they are not used for a certain period, typically 20 years. However, the specifics of this law can vary, and an attorney should be consulted to understand the current regulations and ensure the proper execution and recording of a mineral deed.