Monday, June 11, 2012
Oil that is, black gold, Texas tea.
Do you own the mineral rights of the land that you are purchasing? I read this disturbing piece from Clark Howard and it seems that there are some developer selling the land but not the mineral rights!
That's right There Will Be Blood a la Daniel Day-Lewis will be in your face:
"Drainage! Drainage, Eli, you boy. Drained dry. I'm so sorry. Here, if you have a milkshake, and I have a milkshake, and I have a straw. There it is, that's a straw, you see? You watching?. And my straw reaches acroooooooss the room, and starts to drink your milkshake... I... drink... your... milkshake!" [sucking sound]
Also what is equally disturbing is that this other developer is charging a 1% fee when ever the home is sold for the next 99 years!
Now before anyone starts forming a mob to go over to the nearest model, I did check my contract and I did not see where I was signing away any mineral rights, or that there would be some fee serfdom for the next 99 years. I also emailed the SR to get some confirmation and frankly some documentation that Ryan Homes is not pursuing this path. The SR did confirm that this is not something that they do , and she also confirmed that I was the first crazy one to ask :-)
Kudos to Ryan Homes for not being involved in this lowly practice as far as my relationship with them. I am certainly glad that I am not working with this other developer! Still I would say that it may be worth it to take another look to review your own contract.
The title is from the Beverly Hillbillies. If you haven't been graced with the opportunity to watch any of the shows it is well worth it to get some learnenz from Jed Clampett.
Also, there is no progress today on the framing because of rain. I went by the site and things looked relatively dry so that made me feel better.