Use of the Mineral and Oil and Gas Rights Mandatory Disclosure Statement is, as the title states, “mandatory” beginning this past January 1, 2015.
Keep copies of it handy for those times when you assemble paperwork relating to the sale of a property. You can also conveniently access it on the Commission’s website at this link: http://www.ncrec.gov/Forms/Consumer/rec425.pdf.
Sellers of certain property must disclose their intentions in the form concerning rights to any subsurface minerals, oil and/or gas. Listing agents should emphasize that when taking a listing; buyer’s agents should inform their buyers that this is an important document among those relating to the sale of certain property.
If you have any questions about the use of the form, please contact the Commission’s Regulatory Affairs Division, 919-875-3700, for more information and to have your questions answered.
This article came from the May 2015-Vol46-1 edition of the bulletin.