I am co-owner of a 40 acre tract of mostly unimproved land in northern Michigan. My dad and his hunting buddies bought it ~22 years ago and included their sons as co-owners. We have built a cabin on the land, but otherwise done nothing else. There are no utility services out there, so no electric. We had a well drilled for water.
Anyway, we received a letter from a company claiming they own the timber rights to the land. As far as I know there is no mention of timber rights in our title/deed, but I know that the rights may have been separated prior to our purchase, and that could mean we do not have the timber rights. That could explain why we got the land so cheap ($2000 for 40 acres).
The letter doesn't indicate that they are going to cut, but they are offering to sell the timber rights to us. I'm guessing for a 40 acre tract with mature growth of hardwoods, that is not going to be cheap.
Any issues of which I should be aware? How do I have the title chain checked to see if/when timber rights were separated from the land?