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What Does A Transfer Order Do - Ownership And Title - Mineral: What You Should Know
We have a property tax assessment in our county. These assessments contain property ownership information for the county. If you would like to view our county assessments please click here. The current assessment of the area we live in is available with the address by searching the list of properties below, and then clicking on “Property”. You will then see the “List of Assessments” or “Assessments of All Assessments” links below the address. Click here to search the web for county assessments regarding your property address! When a Mineral Rights Owner requests to change their relationship to a drilling company — such as the owner/operator of our property who wants to be able to access our mineral rights — the owner/operator requests an ownership transfer into a trust. The trust is created for the purposes of the transfer, and then a transfer order is obtained. How do mineral rights owners go about changing their relationship to a drilling company The first step in obtaining a transfer order on the mineral rights owners is the owner/operator having a completed and signed letter of intent to change their relationship with the drilling company. This letter must be accompanied by the completed Transfer Order form, which must be completed and signed by a trustee authorized to administer the trust. These transfers must be completed before the trust starts to provide services. (Some states do not allow drilling companies to have a trustee until the trust is established). Once the application for a transfer has been filed, the drilling company must send a transfer order to the Trustee, and the Trustee must immediately send back a copy of the transfer order application to the drilling company. In most States, the Trustee is required to notify the drilling company that the Trustee has received the letter of intent, and that he/she must immediately begin the process described above. In other States, the drilling company is not required to notify the transfer agent, who then has the duty to notify the mineral rights' owner. In addition, it is often the case that the drilling company is required to mail to the mineral rights' owner a written notice of the Trustee's notice to the drilling company.
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