FL S1032

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

Disclosure summary must be conspicuous and in boldface type, informing purchasers that subsurface rights owners may have perpetual rights to drill, mine, explore, or remove subsurface resources directly from or near the property and that these rights may have monetary value.

If the disclosure summary is not included directly in the contract for sale, the contract must incorporate it by reference and include prominent language warning purchasers not to execute the contract until reading the required disclosure.

Defines "seller" as one selling residential-zoned property where a new dwelling is being or will be constructed pursuant to the sale contract or has been constructed since the last property transfer.

Defines "subsurface rights" as rights to minerals, mineral fuels, and resources including oil, gas, coal, uranium, metals, and phosphate located beneath the earth's surface.

Takes effect October 1, 2014.