FL S1556

Requires sellers of residential property to provide prospective purchasers with a subsurface rights disclosure summary at or before contract execution if subsurface rights have been or will be severed or retained.

Disclosure summary must be in conspicuous boldfaced type and inform buyers that subsurface rights owners may have perpetual rights to drill, mine, explore, and remove resources directly or from nearby locations, and that these rights may have monetary value.

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

Applies to sellers of residential property zoned for residential use where a new dwelling is being, will be, or has been constructed since the last property transfer.

Takes effect October 1, 2014.