Legal Question in Real Estate Law in New York

I own property with one house on 100 acres of land in rural New York state I have been considering selling the property; however, I have been approached by gas companies offering me money to lease the gas rights to the land. There are essentially two parts to the proposed gas company lease: the first part is a fixed dollars per acre per year for use of the land. The second part is payment for the gas extracted from underneath the land should they eventually drill and find gas. I already have an interested buyer who has no interest in retaining the gas rights and is willing to pay me an acceptable price that does not include the gas rights. Is there any way I can sell the property yet retain the gas rights?

Asked on 4/26/10, 12:45 pm

Locksley Wade Law Office of Locksley O. Wade

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Yes.

Answered on 5/02/10, 5:22 am

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