Florida Senate - 2014                             CS for SB 1032
       
       
        
       By the Committee on Criminal Justice; and Senator Latvala
       
       
       
       
       
       591-02376-14                                          20141032c1
    1                        A bill to be entitled                      
    2         An act relating to subsurface rights; creating s.
    3         689.29, F.S.; requiring a seller to provide a
    4         prospective purchaser with a subsurface rights
    5         disclosure summary; providing the form for the
    6         disclosure summary; requiring the disclosure summary
    7         to be included in the contract for sale or attached to
    8         the contract for sale; defining the term “subsurface
    9         rights”; defining the term “seller”; providing an
   10         effective date.
   11          
   12  Be It Enacted by the Legislature of the State of Florida:
   13  
   14         Section 1. Section 689.29, Florida Statutes, is created to
   15  read:
   16         689.29 Disclosure of subsurface rights to prospective
   17  purchaser.—
   18         (1) The seller must provide a prospective purchaser of
   19  residential property with a disclosure summary at or before the
   20  execution of the contract for sale if any of the subsurface
   21  rights or right of re-entry are or will be severed or retained
   22  by the seller. The disclosure summary must be conspicuous, in
   23  boldfaced type, and in a form substantially similar to the
   24  following:
   25  
   26                          SUBSURFACE RIGHTS                        
   27                         DISCLOSURE SUMMARY                        
   28  
   29  SUBSURFACE RIGHTS ARE OR WILL BE SEVERED FROM THE TITLE TO REAL
   30  PROPERTY BY CONVEYANCE (DEED) OF THE SUBSURFACE RIGHTS FROM THE
   31  OWNER OR BY RESERVATION OF THE SUBSURFACE RIGHTS BY THE OWNER.
   32  WHEN SUBSURFACE RIGHTS ARE SEVERED FROM THE PROPERTY, THE OWNER
   33  OF THOSE RIGHTS MAY HAVE THE PERPETUAL RIGHT TO DRILL, MINE,
   34  EXPLORE, AND REMOVE ANY OF THE SUBSURFACE RESOURCES ON OR FROM
   35  THE PROPERTY EITHER DIRECTLY FROM THE SURFACE OF THE PROPERTY OR
   36  FROM A NEARBY LOCATION.
   37  
   38  ...(Buyer Initials)...
   39  
   40         (2) The disclosure summary must be included in the contract
   41  for sale or attached to the contract for sale. If attached, the
   42  contract for sale must refer to and incorporate by reference the
   43  disclosure summary and must include, in prominent language, a
   44  statement that the potential purchaser should not execute the
   45  contract until he or she has read the disclosure summary
   46  required under this section.
   47         (3) As used in this section, the term “subsurface rights”
   48  means the rights to all minerals, mineral fuels, and other
   49  resources, including, but not limited to, oil, gas, coal, oil
   50  shale, uranium, metals, and phosphate, whether or not it may be
   51  mixed with any other substance, found, or located beneath the
   52  surface of the earth.
   53         (4) As used in this section, the term “seller” means any
   54  seller of real property which, at the time of sale, is zoned for
   55  residential use and is property upon which a new dwelling is
   56  being constructed, is to be constructed, or has been constructed
   57  since the last transfer of the property.
   58         Section 2. This act shall take effect July 1, 2014.