(1) A seller must provide a prospective purchaser of residential property with a disclosure summary at or before the execution of a contract if the seller or an affiliated or related entity has previously severed or retained or will sever or retain any of the subsurface rights or right of entry. The disclosure summary must be conspicuous, in boldface type, and in a form substantially similar to the following:
SUBSURFACE RIGHTSDISCLOSURE SUMMARY
SUBSURFACE RIGHTS HAVE BEEN OR WILL BE SEVERED FROM THE TITLE TO REAL PROPERTY BY CONVEYANCE (DEED) OF THE SUBSURFACE RIGHTS FROM THE SELLER OR AN AFFILIATED OR RELATED ENTITY OR BY RESERVATION OF THE SUBSURFACE RIGHTS BY THE SELLER OR AN AFFILIATED OR RELATED ENTITY. WHEN SUBSURFACE RIGHTS ARE SEVERED FROM THE PROPERTY, THE OWNER OF THOSE RIGHTS MAY HAVE THE PERPETUAL RIGHT TO DRILL, MINE, EXPLORE, OR REMOVE ANY OF THE SUBSURFACE RESOURCES ON OR FROM THE PROPERTY EITHER DIRECTLY FROM THE SURFACE OF THE PROPERTY OR FROM A NEARBY LOCATION. SUBSURFACE RIGHTS MAY HAVE A MONETARY VALUE.
(Purchaser’s Initials)
(2) If the disclosure summary is not included in the contract for sale, the contract for sale must refer to and incorporate by reference the disclosure summary and must include, in prominent language, a statement that the potential purchaser should not execute the contract until he or she has read the disclosure summary required under this section.
(3) As used in this section, the term:
(a) “Seller” means a seller of real property which, at the time of sale, is zoned for residential use and is property upon which a new dwelling is being constructed or will be constructed pursuant to the contract for sale with the seller or has been constructed since the last transfer of the property.
(b) “Subsurface rights” means the rights to all minerals, mineral fuels, and other resources, including, but not limited to, oil, gas, coal, oil shale, uranium, metals, and phosphate, whether or not they are mixed with any other substance found or located beneath the surface of the earth.
History.—s. 1, ch. 2014-34.
Structure Florida Statutes
Title XL - Real and Personal Property
Chapter 689 - Conveyances of Land and Declarations of Trust
689.01 - How Real Estate Conveyed.
689.02 - Form of Warranty Deed Prescribed.
689.041 - Curative Procedure for Scrivener’s Errors in Deeds.
689.045 - Conveyances to or by Partnership.
689.05 - How Declarations of Trust Proved.
689.06 - How Trust Estate Conveyed.
689.071 - Florida Land Trust Act.
689.073 - Powers Conferred on Trustee in Recorded Instrument.
689.075 - Inter Vivos Trusts; Powers Retained by Settlor.
689.08 - Fines and Common Recoveries.
689.09 - Deeds Under Statute of Uses.
689.10 - Words of Limitation and the Words “Fee Simple” Dispensed With.
689.11 - Conveyances Between Husband and Wife Direct; Homestead.
689.111 - Conveyances of Homestead; Power of Attorney.
689.115 - Estate by the Entirety in Mortgage Made or Assigned to Husband and Wife.
689.12 - How State Lands Conveyed for Educational Purposes.
689.15 - Estates by Survivorship.
689.17 - Rule in Shelley’s Case Abolished.
689.175 - Worthier Title Doctrine Abolished.
689.18 - Reverter or Forfeiture Provisions, Limitations; Exceptions.
689.19 - Variances of Names in Recorded Instruments.
689.20 - Limitation on Use of Word “minerals.”
689.225 - Statutory Rule Against Perpetuities.
689.261 - Sale of Residential Property; Disclosure of Ad Valorem Taxes to Prospective Purchaser.
689.27 - Termination by Servicemember of Agreement to Purchase Real Property.
689.28 - Prohibition Against Transfer Fee Covenants.
689.29 - Disclosure of Subsurface Rights to Prospective Purchaser.
689.301 - Disclosure of Known Defects in Sanitary Sewer Laterals to Prospective Purchaser.