Reclaiming ‘pink’ granite

RatLabGuy said:
So nobody is asking - why the f%ck did the POs granite half the property? were they in the business and just a shit ton of rock to dispose of?
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Current house structure was built in 46, and from what I was told the original house is where the granite foundation came from. Relatively popular in the surrounding small towns with older homes. My in laws have an old house that’s been in the family since the 30’s...it’s about a mile from one of the quarries and has a couple granite driveways, granite path ways, granite retaining walls (for some reason the front yard is about 2-3’ higher than the driveway/street), granite patio and the front porch facade is granite. I’d guess it was cheap and plentiful and easier than brick/concrete.
 
Figured out why this property hasn’t sold yet. Bank sold the mineral rights...and they’re saying that includes the granite paving since it’s sunken. I assumed that would have been included in surface rights, but I’m told I’m wrong. I was also told the shop wasn’t approved construction so that has to come down as well. Apparently whoever owns the mineral rights is waiting for someone to buy the property as is, tear down the house, tear down the shop, and then sell the lot to them, and then they’ll handle the granite. So you’re paying $30k for an acre lot essentially, plus tear down cost, then selling the lot again (didn’t disclose what mineral peeps were willing to do). As ‘incentive’, the mineral rights holder is willing to offer a graduated ‘royalty’ of 3/5/10% dependent on actual tonnage reclaimed. Sounds like a break even proposition at best to me.
 
UTfball68 said:
Figured out why this property hasn’t sold yet. Bank sold the mineral rights...and they’re saying that includes the granite paving since it’s sunken. I assumed that would have been included in surface rights, but I’m told I’m wrong. I was also told the shop wasn’t approved construction so that has to come down as well. Apparently whoever owns the mineral rights is waiting for someone to buy the property as is, tear down the house, tear down the shop, and then sell the lot to them, and then they’ll handle the granite. So you’re paying $30k for an acre lot essentially, plus tear down cost. As ‘incentive’, the mineral rights holder is willing to offer a graduated ‘royalty’ of 3/5/10% dependent on actual tonnage reclaimed. Sounds like a break even proposition at best to me.
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sounds like getting the shaft.............
 
WARRIORWELDING said:
sounds like getting the shaft.............
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Yeah...I figure best case scenario, they’re ‘good people’ and pay the $40k going rate for a developed acre lot in the area. And even figure you hit the 10% milestone and it’s at retail price, and based on my math yesterday...that’s only about $15k. So you get $55k best case scenario. You spent $30k on the surface rights and spend $15-20k on demolition. Not worth a best case $10k to me.
 
Wow, Yeah that sounds like a whole lot of headache for nothing..
 
You could, likely easily, argue that the granite placed is part of the added features of the property and no mineral rights exist to cover that granite. It is not native to the land and was placed there to improve the property for a specific purpose. Mineral rights typically only cover natural resources naturally occurring on that land.

If they would argue that the granite is included within the mineral rights, then technically whoever removes even a single block would need a mining permit. Good luck with that. The costs are way too great for what is there.
 
rockcity said:
You could, likely easily, argue that the granite placed is part of the added features of the property and no mineral rights exist to cover that granite. It is not native to the land and was placed there to improve the property for a specific purpose. Mineral rights typically only cover natural resources naturally occurring on that land.

If they would argue that the granite is included within the mineral rights, then technically whoever removes even a single block would need a mining permit. Good luck with that. The costs are way too great for what is there.
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Agreed...I did ask for a copy of the verbiage/contract. With as adamant as the lady was, it made me curious if there was some kind of other deal made, but was misusing the term ‘mineral rights’...or if there was something hinky going on with a bunch of assumptions. Already becoming more of a hassle than I want to deal with though. Walked in the bank with the cash, thinking we could strike a deal, but too many red flags so far.

All this started because I wanted the shop and thought I could offset some of the cost...then thought I could make money...then back to maybe breaking even on my money, but with no shop...now a potential ‘legal battle’...all in 24 hours. I don’t like doing deals that have to be forced.
 
Is the shop formally condemned? If that was the original diamond in the rough, but can't be kept anyway, then it sounds like the rest of this is wasted time anyway.
However I'd imagine if it not a residential structure and was just a matter of not being properly permitted in the first place there'd be a way to work it out as a "grandfathered in" situation. Promise to tear it down but conveniently forget to do it.
People sell property all the time with unpermitted sheds, pole barns, garages, etc
 
Kind of sounds like a man I used to trail ride with. His Family owns several acres of land that has other Quarry's close to it. Much of the area, holds rare Minerals. He has had a geological study done of His property, & the mineral rights are Quite Profitable. The Quarry's only offer normal land price, & won't talk mineral rights. He's tried several time to get a Mining Permit, but the County turns him down! You can Smell the "hands" in the "Insiders" Department!:mad:
 
Haven’t been back to the property to take any pics...that’s a dead deal for me. But for the folks that were curious about the prominence of granite used in the area snapped some pics driving around yesterday.

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8901AA04-188E-4251-B2E5-E3ACBADD7D41.jpeg
 
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