Florida Senate - 2014 SB 1556 By Senator Simpson 18-01107-14 20141556__ 1 A bill to be entitled 2 An act relating to mineral rights; creating s. 689.29, 3 F.S.; requiring a seller to provide a prospective 4 purchaser with a mineral rights disclosure summary; 5 providing the form for the disclosure summary; 6 requiring the disclosure summary to be included in the 7 contract for sale or attached to the contract for 8 sale; defining the term “mineral rights”; providing an 9 effective date. 10 11 Be It Enacted by the Legislature of the State of Florida: 12 13 Section 1. Section 689.29, Florida Statutes, is created to 14 read: 15 689.29 Disclosure of mineral rights to prospective 16 purchaser.— 17 (1) The seller must provide a prospective purchaser of 18 residential property with a disclosure summary at or before the 19 execution of the contract for sale. The disclosure summary must 20 be conspicuous, in boldfaced type, and in a form substantially 21 similar to the following: 22 MINERAL RIGHTS 23 DISCLOSURE SUMMARY 24 25 MINERAL RIGHTS CAN BE SEVERED FROM THE TITLE TO REAL PROPERTY BY 26 CONVEYANCE (DEED) OF THE MINERAL RIGHTS FROM THE OWNER OR BY 27 RESERVATION OF THE MINERAL RIGHTS BY THE OWNER. IF MINERAL 28 RIGHTS ARE OR WILL BE SEVERED FROM THE PROPERTY, THE OWNER OF 29 THOSE RIGHTS MAY HAVE THE PERPETUAL RIGHT TO DRILL, MINE, 30 EXPLORE, AND REMOVE ANY OF THE SUBSURFACE MINERAL RESOURCES ON 31 OR FROM THE PROPERTY EITHER DIRECTLY FROM THE SURFACE OF THE 32 PROPERTY OR FROM A NEARBY LOCATION. WITH REGARD TO THE SEVERANCE 33 OF MINERAL RIGHTS, THE SELLER MAKES THE FOLLOWING DISCLOSURES: 34 35 1. Mineral rights were severed from the property by a previous 36 owner: Yes ☐ No ☐ No Representation ☐ 37 ...(Buyer Initials)... 38 39 2. Seller has severed the mineral rights from the property: Yes 40 ☐ No ☐ 41 ...(Buyer Initials)... 42 43 3. Seller intends to sever the mineral rights from the property 44 before transferring title to Buyer: Yes ☐ No ☐ 45 ...(Buyer Initials)... 46 47 (2) The disclosure summary must be included in the contract 48 for sale or attached to the contract for sale. If attached, the 49 contract for sale must refer to and incorporate by reference the 50 disclosure summary and must include, in prominent language, a 51 statement that the potential purchaser should not execute the 52 contract until he or she has read the disclosure summary 53 required under this section. 54 (3) As used in this section, the term “mineral rights” 55 means the rights to all minerals and mineral fuels, including 56 oil, gas, coal, oil shale, and uranium. 57 Section 2. This act shall take effect July 1, 2014.