Property Ownership
In New York, 'mineral rights' are classified as:
APersonal property separate from real property in all cases
BPart of the real property, owned by the surface owner unless separately conveyed✓ Correct
CAlways owned by the State of New York
DSubject to separate licensing by the NY DEC in all cases
Explanation
In New York, mineral rights are generally considered part of the real property and are owned by the surface owner unless they have been separately conveyed or reserved. When a seller conveys land and reserves or excepts the mineral rights, the buyer receives title to the surface only.
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Key Terms to Know
Chain of Title
The sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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