Bitcoin reached an extraordinary milestone on Tuesday, surging to an all-time high of $107,000 per coin. Investors like Michael Saylor continue to pour significant funds into cryptocurrency, reinforcing its appeal as a modern financial asset. While Bitcoin’s rise is grabbing headlines, it also highlights a broader conversation about tangible investments like gold, silver, and the resources beneath our feet.
For many households in New York, the focus on inflation and the declining value of the dollar has reignited interest in precious metals and other natural resources. But what happens if you strike gold—or oil or gas—on your property? Does it automatically belong to you?
The Role of Mineral Rights
Owning land doesn’t always mean you own what lies beneath it. Mineral rights determine who has the legal authority to extract and profit from underground resources like gold, oil, natural gas, and even water. When purchasing land, it’s essential to understand whether the mineral rights are included in the sale or have already been sold off.
Mineral rights are typically outlined in a conveyance document during property transactions. These rights may cover all minerals beneath the land or be limited to specific ones. Without owning the mineral rights, landowners might be surprised to learn they have no claim to any resources found below the surface.
Mineral Rights in New York
In New York, the issue of mineral rights often arises in regions known for oil and gas activity, such as central and western parts of the state. Buyers purchasing property in these areas need to do their due diligence before signing a contract.
New York State law (RPP 8-242.3) requires sellers to disclose the presence of unplugged gas wells on a property if they are aware of them. Buyers should consult their attorney, thoroughly review property deeds, and ask the seller about any oil, gas, or mineral-related clauses before finalizing a purchase.
If a previous owner separated the mineral rights from the land itself, subsequent buyers will only own the surface. This means that even if the deed doesn’t explicitly mention excluded mineral rights, another party might still own them.
Striking Gold—or Oil
So, what happens if you discover valuable resources like gold or oil on your property? Ownership depends on whether you hold the mineral rights. If the rights are retained by someone else, they—not you—stand to benefit. This underscores the importance of researching a property’s history and mineral rights status before purchase.
Protecting Your Investment
Land ownership goes far beyond what’s visible on the surface. As Bitcoin and other digital assets continue to evolve, the enduring value of tangible resources like minerals remains a critical consideration. Whether you’re buying property or investing in cryptocurrency, understanding the full scope of your assets is key to making informed decisions.
Before signing on the dotted line for a piece of land—or celebrating a Bitcoin windfall—it’s always wise to consult experts and read the fine print. You never know what hidden surprises might be waiting beneath the surface.
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