CO HB1164

By January 1, 2013, the Real Estate Commission must require listing contracts, contracts of sale, and sellers' property disclosures to disclose whether the mineral estate has been severed from the surface estate, including the basis for severance (deed, will, or intestate succession).

Sellers must provide buyers with copies of instruments that severed the mineral estate, the name and contact information of the mineral estate owner, and the name and contact information of any known current lessees of the mineral estate.

Sellers must disclose whether mineral exploration or development on the property is or will be using water that would otherwise be available to the buyer as an incident of property ownership.

Disclosure requirements apply to real property subject to the Real Estate Commission's jurisdiction and, on or after January 1, 2013, to all other real property in bold-faced, clearly legible type.

If a seller complies with disclosure requirements, purchasers cannot claim relief against the seller or licensed real estate professionals for damages resulting from a severed mineral estate, though other remedies remain available.