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.