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Question

is buying a house without the land a risk

Example- say if you bought the house and

the house land has gas or oil and the gas( oil) money goes to the original owner thats sold you the house is their any risk

Answer 1

if anyone is going to do that, they need to have a qualified buyer's agent or attorney that is really working in their best interests.  i can think of too many ways that the buyer could get really screwed in this.

Answer 2

Yes there is risk, and it is complicated.  Don't do this without the advice of a lawyer.

Answer 3

Did they secure an easement on the property when they sold it?

Answer 4

buying house without a land means drinking water without a cup. Let's say if water evaporates, you lost everything. You should consider this. When land is sold, you don't have a guarantee of your house. Quite tricky, but land owner has more rights then home owners in US. So, beware and ask a lawyer, also other land owners, homeowners.

Answer 5

I agree with other posters, make sure a qualified adviser looks over the rights you are buying.

From you post, however, it sounds like you might be buying the rights to the land, but not the mineral/oil/gas rights, which have already been sold.

To use another example, here in California, unless you live in a rural area without  water service, it is uncommon to own the water rights on your property.  Without them I could not drill a well on my property and water my plants from the water that might come out of it.

It is possible that the house you're looking at will be yours and the land too, but not the oil and gas under it, and that specific easements/access to the property have also been granted to the leasers.

Again, make sure to get competent advise before closing the deal.

Answer 6

You need to talk to an attorney and to have him represent you. Get one that practices in real estate. You can probably find one in the yellow pages. If not, ask for a referral at the state bar association.

Regards,

Dan

Answer 7

No purchase is without some risk...just know that from the get-go.

The risk in doing that is you can risk losing the house (but will be paid for it) if enough oil or gas comes off it to where they need to drill for more.  They can petition the county/city/state to force you to sell your home.  

Thus, the practice of eminent domain.

The process is called condemnation.  

May or may not happen..and you may or may not get a fair price for your home..b/c you won't have much room to negotiate.

PS:  You need an ATTORNEY, not a real estate agent, and not a loan officer.  Those types of contracts are complicated, and you need for someone who even further has first-hand experience with those types of contracts.

Understand that you may offer substantially less for a property that has it's most valuable rights already stripped away.