If you just found out that your property has oil deposits under it, you're probably considering the financial ramifications of your discovery – particularly the income that could come from the placement of pipelines on your property. Before you commit to a specific pipeline contract, here are some things you should do as soon as you can.
Seek Sound Legal Advice
If you've discovered oil deposits on your property, the thought of significant financial gains can be enticing. Unfortunately, if you're not sure what you're signing, you could end up with more headaches than it's worth. Before you make any firm decisions regarding the oil deposits on your property, make sure you seek sound legal advice.
Sit down with an attorney who has experience in the energy industry – particularly in the area of energy contracts. Once you understand your legal rights, you'll be able to make informed decisions regarding your property and your future. One particular area that your attorney will be able to help you with is the issue of eminent domain. You'll need to understand eminent domain, and how it relates to your property, when it comes time to negotiate a contract for a pipeline through your property.
Understand the Fine Print
When it comes to protecting your rights as the land owner, it's important that you understand the fine print. In most cases, the oil company is going to be used to dealing with other professionals. They might assume that you understand everything that's included in the pipeline contract. If you don't, ask for clarification. It's also important that you keep your attorney involved in the entire process. This will prevent confusion and ensure that your rights are protected.
Request Easement Clarification
Before you sign any contract regarding pipelines on your property, you need to make sure that you understand the easement clarification used by the company you're negotiating with. Some easements allow companies to lay pipeline anywhere on your property. This means that your use of your own property could be infringed upon by machinery and industrial equipment. To ensure your uninterrupted enjoyment of your own property, make sure that the pipeline will not be placed anywhere that interferes with your personal use of the property.
If you've discovered oil on your property, use the tips provided here to ensure you understand the process of having a pipeline installed on your property. If you have questions or concerns, be sure to speak to an attorney as soon as possible. You should also seek advice from pipeline professionals, like those at Guildner Pipeline Maintainance.