FL H0489

Creates section 689.29 of Florida Statutes requiring sellers to provide prospective purchasers with a subsurface rights disclosure summary at or before contract execution when the seller or affiliated entities have severed, retained, or will sever subsurface rights.

Disclosure summary must be in conspicuous boldface type and inform purchasers that subsurface rights owners may have perpetual rights to drill, mine, explore, or remove resources (oil, gas, coal, minerals, etc.) from the property either from the surface or nearby locations.

Disclosure summary must be included in the contract for sale or incorporated by reference with prominent language warning purchasers not to execute the contract until they have read the summary.

"Seller" is limited to sellers of residential-zoned property where a new dwelling is being constructed, will be constructed, or has been constructed since the last property transfer.

Act takes effect October 1, 2014.