[mlf2007]

Hi! I am currently attempting to purchase a home in receivership. Although I am ready to agree to the counter offer that was made and "sign on the dotted line", unfortuneatly, I am told that our offer will not be presented to the judge until a certain date (april 4) along with another buyers offer. I am unclear on what "receivership" means (im a first time home buyer!) as well as what rights I have... The counter offer that was made to me stipulated that the mineral rights would be retained by owner. I am wondering if the owner even has legal rights to the minerals seeing that the home is under receivership anyway? I was under the assumption that when the home went under control of the courts, that the owner gave up all rights to the property. This home is on over 10 acres of land in a very hot natural gas drilling area... Thank you in advance for your response or any advice!

[ScottGem]

Receivership means that a trustee appointed by the bankruptcy court has taken control of the debtors assets for distribution. The receiver's responsibility is towards the creditor's who have a claim against the debtor's assets. So the receiver is being smart to retain mineral rights which might have a value that can be sold to pay the debts.

Are you buying for the home or the rights or what?

[mlf2007]

Ah OK, I am beginning to understand. It has just raised a big question mark in my head as the contract states seller to retain all mineral rights... and I was just wondering how hed be able to keep them when everything else was being distributed by the court. I am buying the property for the house, but don't want to get taken advantage of being this is my first home purchase and uneducated on many of these things. Id hate to find out later that I signed off on something that I legitimately had a legal right to retain.

Ive also found out that this house and another owned by the seller is being sold off due to a nasty divorce case. This is taking place in the state of Texas by the way. Thank you again!