Landowner's Royalty
Definition of "Landowner's royalty"
In the mining and petroleum industries, it is a portion of the profit secured from the extracted minerals or oil reserves from the property paid to the property owner. For example, a property owner in Texas and an independent oil company struck oil on the property after signing a contract agreeing to pay a 10% landowner's royalty on all profits secured from the oil recovered.
Popular Real Estate Terms
Urbanized area in and around a major city. The metropolitan area may overlap county and state boundaries and may encompass a city, its suburbs, and the orbit of its social and economic ...
Same as term resale proceeds: Net amount received when property is sold. It equals the selling price less outstanding mortgage balance less all costs incurred in connection with the sale. ...
An individual's option to fairly utilize another's property. An example is privileges under an easement. For example, a person receives permission to use a lake on the private property of ...
The term “de jure” comes from the Latin “by law” or “by right” and is commonly used to describe something that exists according to the law or by right. ...
To define active participation, we have to look at owning residential rental real estate. Activities that handle rental real estate are considered passive activities and are affected by the ...
A lien on property such as for the nonpayment of real estate taxes or mechanic's lien for repairs to the home without the consent of the owner, created by operation of law. ...
One who has committed a tort. A tort is a civil wrong that occurs as a result of a breach of legal duty owed to someone, e.g., negligence. A tort does not arise from a breach of contract. ...
Designing a home with a Spanish cultural flavor. ...
Legal obligation to pay for a benefit received as if a contract has actually occurred. This may arise in a few cases so that an equitable situation occurs. An example is when a homeowner ...
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