Would you buy property with these restrictions

[Janet Hill]

I'm in the market to buy some land (>50 acres). I want it both as an investment and a place for our retirement home. Anyway a parcel I called about yesterday to me seemed basically worthless.... because:

Mineral rights (coal, gas, oil) didn't convey (actually this is quite common)

but the big one was that the timber didn't convey.

Basically, you could put a dwelling on the property, but the seller maintained all timber rights and could come in and cut in rotation every so many years.

So what would I own? I really can't use the property other than to look at and walk amongst the trees.

I can't imagine anyone buying this type of property, but salesman said the parcels were moving.

 

[okeydokey]

I would never buy property if the timber rights belonged to someone else, not that I would ever clear cut the timber but because I know the owner f the timber would. Talk about ugly!

I would however buy property that had restrictions for building or a conservation easement.

 

[Mom2Nick]

Nope - I would never go for that.

 

[Lisa loves Pooh]

I would not.

 

[tiberius]

I agree, I would not either. I own a few acres that are tree-covered, and while I would not clear them unless I am building in a specific area, I would hate that a previous owner could do that--or worse, that he could sell or lease those timber rights to another person who would.

 

[NHdisneylover]

Absolutely not. I could not handle that someone might come and cut down my trees (I love trees). I also think the resale would be terrible because of the issue.

 

[swanmom]

salesman said the parcels were moving.

Did he also have a bridge for sale?

 

[PatsMom]

I would never buy property that didn't include the timber rights. I would worry too much about someone else clear cutting. Or just the intrusion of having someone selectively logging around my house periodically.

 

[C.Ann]

Absolutely not..

 

[The Mystery Machine]

I know it TX, they have that going on esp. with natural gas and oil, I believe.

Are your area properties all similar or is this a fluke thing?

Here in MO, the only thing I could think of a property would have those restrictions would be coal, but that would be south. I have never seen properties here with those kinds of restrictions.

 

[MIGrandma]

I've heard about gas and oil rights not being passed on to the new owner, but for the old owner to still be able to come in any time they wanted and cut down trees? Oh my goodness, no way!!

We just bought some acreage up north about a year ago, and I can't even imagine the former owner being able to come in and cut OUR trees!! That kind of a restriction just doesn't even make sense to me!

 

[OceanAnnie]

No. Wouldn't do it.

 

[SundancePass]

Absolutely don't buy this land. YOu have nothing but surface rights and you will not have complete surface rights without the trees.

You will own nothing but the dirt, and anyone can come in an dig wells or cut down EVERY tree any time they wanted to!

It's bad bad investment.

In Colorado mineral, gas, and water rights are normally held by someone else unless the land is in the family and the family was one of the first settles.

Don't buy this land!

 

[miprender]

Ok... I have never heard of this? Where is this land?

Is this a midwest thing? In New Enland when you buy land that usually includes everything with it.

But I would have to agree with everyone else, I would not buy it either. Too many complications and what-ifs. What if you build your dream retirement home and decide they want to drill right through your kitchen.

 

[Cheshire Figment]

I would want to know exactly who would be the owner of each of the rights. And I would also want a "Right of first refusal", signed by those owners, for any attempt that is made to sell or lease those rights. This would allow purchase of those rights at the exact same price that is being offered for them. And some penalty clause if your right of first refusal is ignored.

(This is similar to DVC's contract that if you are going to sell points on the secondary market you have to give Disney 30 day's notice and they are legally permitted to buy them from you at the same price as your other agreement.)