Environmental
A West Virginia property has a functioning oil and gas well. A buyer purchasing the property with the oil and gas rights included should verify:
AOnly the existence of the well, not the lease terms
BThe status of any oil and gas lease, royalty payments, and production history✓ Correct
CThat the WV DEP has not fined the previous owner
DThat the well is within 500 feet of the property boundary
Explanation
When purchasing property that includes oil and gas rights with an active well, the buyer should review existing oil and gas leases, royalty payment arrangements, production history, and any environmental compliance issues associated with the well.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
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