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Quitclaim mineral deed

Quitclaim mineral deed 2025

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The document is a Quitclaim Mineral Deed for the state of Oklahoma, detailing the transfer of mineral interests from a trust to four individuals. It includes instructions for completing the forms, information on the Documentary Stamp Tax applicable to property conveyances, exemptions from this tax, and a disclaimer regarding the use of the forms. The deed outlines the legal framework for transferring ownership of minerals such as oil and gas, along with necessary execution and notarization requirements.

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Click ‘Get Form’ to open the quitclaim mineral deed in the editor.
Begin by filling in the 'Grantor' section. Enter the name of the corporation or individual granting the mineral rights, along with their address and trust details if applicable.
Next, complete the 'Grantees' section. List all individuals receiving the mineral rights, ensuring you include their addresses for accurate identification.
In the 'Consideration' field, specify the amount being exchanged for the mineral rights, typically noted as TEN AND NO/100 ($10.00) dollars.
Fill in the legal description of the property where the mineral rights are located. This is crucial for clarity and legal purposes.
Finally, ensure that all parties sign and date the document in their respective sections. If applicable, have a notary public witness and notarize the deed.

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Does a quitclaim deed affect your credit?

A quit claim deed alone cant. A quit claim deed is not a shortcut to escaping a mortgage. If you transfer ownership but keep the loan in your name, you remain legally responsible for payments. Youre also at risk for credit damage if the new owner defaults.

What are the problems with a quitclaim deed?

Quitclaim deeds transfer ownership without any guarantees, which means the grantee could inherit problems like unpaid taxes, liens, or title defects. Since the deed offers no legal protection, there is little recourse if issues arise after the transfer.

Who benefits the most from a quitclaim deed?

The quitclaim deed simply transfers any interest they may have to the other party. Because of the lack of title guarantees, quitclaim deeds are most often used to transfer property between two parties who know and trust each other, such as family members.

What is a quit claim mineral deed?

A mineral deed may convey a quitclaim deed or a title warranty. However, in the former, the title is not warranted. The legal right to earn and keep any income from leases lies with the deed holder. Besides this, the deed holder can regain full ownership after the expiration of any third-party lease.

What are the disadvantages of a quit claim deed?

An attorney can create a deed or assignment that conveys the mineral rights to the new owners. The original deed will need to be recorded in the county where the minerals are located. If there are producing wells on the property, each operator will need to be notified of the change in ownership.