Homes in Sunset Beach, Ocean Isle Beach & Vicinity
George and Elisabeth Smith
919-614-1402919-614-1402

A Disclosure Statement You Should Know About

In addition to the Residential Property and Owners’ Association Disclosure Statement, sellers of homes in North Carolina are also required to provide buyers with the Mineral and Oil and Gas Rights Mandatory Disclosure Statement prior to the time that the buyer makes an offer on the home. This applies to sellers of single-family homes, condos, townhomes and small apartment buildings. It also applies to home builders who are selling new construction.

Briefly, you should know that a property owner can legally sell the rights to the minerals or to the oil and gas that might be beneath the ground to someone without actually selling them the property itself. In such a case, the person or company that owns the rights “may have the perpetual right to drill, mine, explore and remove any of the subsurface mineral and/or oil or gas resources on or from the property either from the surface of the property or from a nearby location.” The “nearby location” method could be done by what is called “fracking”.

Obviously, if you are buying a home of any kind, you will want to know about such an arrangement if it exists, and that is the purpose of this form. Sellers are required to state whether they have transferred the rights or if they intend to do so prior to completing the sale of the home. Sellers are also required to state if they are reserving the mineral or oil and gas rights for themselves. However, home sellers are not required to state whether or not a previous property owner may have sold the rights or reserved those rights for themselves. It is not necessarily something that a property owner may know about, and sellers can mark “No Representation” to that question. So in regard to a previous transfer of rights, buyers will still have to rely on the closing attorney’s title search to find out for sure.

When you are buying or selling a home in the Research Triangle area, be sure that you are well represented by a knowledgeable and experienced Realtor. Call George and Elisabeth Smith today.

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George and Elisabeth Smith

Realtors

TerrificAgents@gmail.com

919-614-1402919-614-1402 main

Sunset Beach and Beyond Realty

211 Olde Oak Lane, Sunset Beach, NC 28468

George and Elisabeth Smith are the Realtors of choice for those who want real personal attention. They are proactive professionals who are on your side! Elisabeth is a Strategic Pricing Specialist (SPS), and she is fluent in German. George is a Certified Residential Specialist (CRS), a Graduate of the Realtors Institute (GRI) and a Certified New Homes Sales Specialist (CSP).