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For home sellers in NC, An important addition to the Offer to Purchase and Contract regarding Mineral and Oil and Gas Rights became a mandatory part of the contract in January of 2015.
The State of North Carolina Mineral and Oil and Gas Rights Mandatory Disclosure Statement requires all sellers of a new or existing homes in NC to disclose whether the mineral, oil and gas rights for the property are owned by someone other than the seller. This new disclosure will be filled out by you as a seller at the time of listing your home for sale.
Property owners sometimes lease or sell the subsurface mineral rights on their property to a third party or company. This means that if sellers have "severed" their mineral rights, the third party or company could potentially have the perpetual right to drill, mine, explore and remove any of the subsurface mineral resources on or from the property. These mineral or materials could be extracted directly from the surface of the property or from a nearby location - even if the property is sold to a new owner.
There has been a "NC mineral and oil and gas rights disclosure" statement on the Offer to Purchase and Contract for many years. What's different with the 2015 law is the timing. The new law require sellers to make the disclosure in writing before a buyer's first offer is even made.
Buyer agents are now able to request the new mineral rights disclosure prior to making an offer in the same way as the other property condition disclosures required under the Residential Property Disclosure Act. So, therefore a seller will now be required to complete this disclosure at the time of listing.
If you have sold or leased the mineral rights to your property you will need to discuss this with your Realtor and how it will effect the sale and marketing of your home.
Be sure you are working with a Realtor who is knowledgeable of this law and keeps abreast of all laws effecting the buying and selling of homes and property in NC. The laws are constantly changing so find a reputable Realtor and you'll be fine.
