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.