Florida Senate - 2014                        COMMITTEE AMENDMENT
       Bill No. SB 1032
       
       
       
       
       
       
                                Ì380858QÎ380858                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/10/2014           .                                
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       following:
       
       
    1         Senate Amendment (with title amendment)
    2  
    3  
    4         Delete everything after the enacting clause
    5  and insert:
    6         Section 1. Section 689.29, Florida Statutes, is created to
    7  read:
    8         689.29 Disclosure of subsurface rights to prospective
    9  purchaser.—
   10         (1) The seller must provide a prospective purchaser of
   11  residential property with a disclosure summary at or before the
   12  execution of the contract for sale if any of the subsurface
   13  rights or right of re-entry are or will be severed or retained
   14  by the seller. The disclosure summary must be conspicuous, in
   15  boldfaced type, and in a form substantially similar to the
   16  following:
   17  
   18                          SUBSURFACE RIGHTS                        
   19                         DISCLOSURE SUMMARY                        
   20  
   21  SUBSURFACE RIGHTS ARE OR WILL BE SEVERED FROM THE TITLE TO REAL
   22  PROPERTY BY CONVEYANCE (DEED) OF THE SUBSURFACE RIGHTS FROM THE
   23  OWNER OR BY RESERVATION OF THE SUBSURFACE RIGHTS BY THE OWNER.
   24  WHEN SUBSURFACE RIGHTS ARE SEVERED FROM THE PROPERTY, THE OWNER
   25  OF THOSE RIGHTS MAY HAVE THE PERPETUAL RIGHT TO DRILL, MINE,
   26  EXPLORE, AND REMOVE ANY OF THE SUBSURFACE RESOURCES ON OR FROM
   27  THE PROPERTY EITHER DIRECTLY FROM THE SURFACE OF THE PROPERTY OR
   28  FROM A NEARBY LOCATION.
   29  
   30  ...(Buyer Initials)...
   31  
   32         (2) The disclosure summary must be included in the contract
   33  for sale or attached to the contract for sale. If attached, the
   34  contract for sale must refer to and incorporate by reference the
   35  disclosure summary and must include, in prominent language, a
   36  statement that the potential purchaser should not execute the
   37  contract until he or she has read the disclosure summary
   38  required under this section.
   39         (3) As used in this section, the term “subsurface rights”
   40  means the rights to all minerals, mineral fuels, and other
   41  resources, including, but not limited to, oil, gas, coal, oil
   42  shale, uranium, metals, and phosphate, whether or not it may be
   43  mixed with any other substance, found, or located beneath the
   44  surface of the earth.
   45         (4) As used in this section, the term “seller” means any
   46  seller of real property which, at the time of sale, is zoned for
   47  residential use and is property upon which a new dwelling is
   48  being constructed, is to be constructed, or has been constructed
   49  since the last transfer of the property.
   50         Section 2. This act shall take effect July 1, 2014.
   51  
   52  ================= T I T L E  A M E N D M E N T ================
   53  And the title is amended as follows:
   54         Delete everything before the enacting clause
   55  and insert:
   56                        A bill to be entitled                      
   57         An act relating to subsurface rights; creating s.
   58         689.29, F.S.; requiring a seller to provide a
   59         prospective purchaser with a subsurface rights
   60         disclosure summary; providing the form for the
   61         disclosure summary; requiring the disclosure summary
   62         to be included in the contract for sale or attached to
   63         the contract for sale; defining the term “subsurface
   64         rights”; defining the term “seller”; providing an
   65         effective date.