Florida Senate - 2014                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1032
       
       
       
       
       
       
                                Ì804196>Î804196                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/23/2014           .                                
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       The Committee on Appropriations (Latvala) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Section 689.29, Florida Statutes, is created to
    6  read:
    7         689.29 Disclosure of subsurface rights to prospective
    8  purchaser.—
    9         (1) A seller must provide a prospective purchaser of
   10  residential property with a disclosure summary at or before the
   11  execution of a contract if the seller or an affiliated or
   12  related entity has previously severed or retained or will sever
   13  or retain any of the subsurface rights or right of entry. The
   14  disclosure summary must be conspicuous, in boldface type, and in
   15  a form substantially similar to the following:
   16  
   17                          SUBSURFACE RIGHTS                        
   18                         DISCLOSURE SUMMARY                        
   19  
   20  SUBSURFACE RIGHTS HAVE BEEN OR WILL BE SEVERED FROM THE TITLE TO
   21  REAL PROPERTY BY CONVEYANCE (DEED) OF THE SUBSURFACE RIGHTS FROM
   22  THE SELLER OR AN AFFILIATED OR RELATED ENTITY OR BY RESERVATION
   23  OF THE SUBSURFACE RIGHTS BY THE SELLER OR AN AFFILIATED OR
   24  RELATED ENTITY. WHEN SUBSURFACE RIGHTS ARE SEVERED FROM THE
   25  PROPERTY, THE OWNER OF THOSE RIGHTS MAY HAVE THE PERPETUAL RIGHT
   26  TO DRILL, MINE, EXPLORE, OR REMOVE ANY OF THE SUBSURFACE
   27  RESOURCES ON OR FROM THE PROPERTY EITHER DIRECTLY FROM THE
   28  SURFACE OF THE PROPERTY OR FROM A NEARBY LOCATION. SUBSURFACE
   29  RIGHTS MAY HAVE A MONETARY VALUE.
   30  
   31  ...(Purchaser’s Initials)...
   32  
   33         (2) If the disclosure summary is not included in the
   34  contract for sale, the contract for sale must refer to and
   35  incorporate by reference the disclosure summary and must
   36  include, in prominent language, a statement that the potential
   37  purchaser should not execute the contract until he or she has
   38  read the disclosure summary required under this section.
   39         (3) As used in this section, the term:
   40         (a) “Seller” means a seller of real property which, at the
   41  time of sale, is zoned for residential use and is property upon
   42  which a new dwelling is being constructed or will be constructed
   43  pursuant to the contract for sale with the seller or has been
   44  constructed since the last transfer of the property.
   45         (b) “Subsurface rights” means the rights to all minerals,
   46  mineral fuels, and other resources, including, but not limited
   47  to, oil, gas, coal, oil shale, uranium, metals, and phosphate,
   48  whether or not they are mixed with any other substance found or
   49  located beneath the surface of the earth.
   50         Section 2. This act shall take effect October 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 when selling residential property;
   61         providing a form for the disclosure summary; requiring
   62         the disclosure summary to be included in the contract
   63         for sale or incorporated by reference into the
   64         contract for sale; defining the terms “seller” and
   65         “subsurface rights”; providing an effective date.