I'm doing some work on two side by side ranches, they are owned by two brothers. So, as I research back to the patents, it appears that the land has been in the same family since the patents were issued. They were probably there even before it was patented. All the deeds since have been inheritance transfers and the now seemingly required trust deeds.
It's kind of a shame that they aren't going to stay that way, but none of the younger generation wants to keep either of the properties. So I'm getting to do a bit of clean up to take care of overlaps created over time before either goes on the market.
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I began my survey career in the late '60s.?ÿ Most of the lands here in central OK were not patented until after the 1889 "Run" for ownership in the "Unassigned Lands".?ÿ?ÿ 1900 to 1905 seems to be a better date ( making your remark about "probably were there before they were patented" ring true).
It didn't use to be that uncommon to talk to a property owner that was born on their land and homesteaded by their parents.?ÿ I've seen Abstracts of Title with as little as two entries (barring all the pipeline and power easement junk): Patent from the States United and a probated will when daddy passed in 1951.
But it's been a long time since the '60s, maybe a lifetime.?ÿ There are still a number of places still owned by the descendants of the original owners; but they are getting few and far between.?ÿ Like your scenario, I?ÿseem to be dividing land among heirs living out-of-state and their local contact is the drooling real estate broker.
I began my survey career in the late '60s.?ÿ Most of the lands here in central OK were not patented until after the 1889 "Run" for ownership in the "Unassigned Lands".?ÿ?ÿ 1900 to 1905 seems to be a better date ( making your remark about "probably were there before they were patented" ring true).
It didn't use to be that uncommon to talk to a property owner that was born on their land and homesteaded by their parents.?ÿ I've seen Abstracts of Title with as little as two entries (barring all the pipeline and power easement junk): Patent from the States United and a probated will when daddy passed in 1951.
But it's been a long time since the '60s, maybe a lifetime.?ÿ There are still a number of places still owned by the descendants of the original owners; but they are getting few and far between.?ÿ Like your scenario, I?ÿseem to be dividing land among heirs living out-of-state and their local contact is the drooling real estate broker.
Those places are fewer and fewer these days, inheritance taxes are a huge driver of breaking up old ranches. Even with the $5.4 million exclusion it gets dicey. There is nothing like getting a 2000 acre little ranch that maybe can make you $100k a year and have it valued over the exclusion limit.
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One of the big problems is the ranches I'm looking at have gas wells drilled on them (although I think it's all shut down now). Both of them were old enough patents to keep the minerals so it was 100 percent mineral rights. Now if there is a well still producing and even if it only makes $100 a month the entire mineral pool is valued. ?ÿSo the IRS comes in and values the total at $20m, they want say $7m now. That has been an issue for many landowners who lost everything in these parts. I'd imagine there are similar stories in OK.