sizeable chunk of advance notice, right? The fracking legislation is a post onto itself and I won't go into it now because I'll get angry but let's just say if you'd like an example of underhanded politics just google "NC fracking legislation vote", but first, if you can find one...go to a smoky bar with a closed private room so you can get the full effect. Oops...moving on since I'm starting to snarl. Via an email notice today from the North Carolina Association of Realtors (NCAR).
"The so-called “fracking” legislation (Senate Bill 820) enacted by the General Assembly this past summer over the Governor’s veto included a section addressing concerns pertaining to the well-publicized situation involving Triangle-area buyers of DR Horton homes who claimed they didn’t understand that Horton had retained mineral rights in the properties they bought. Section 5 of Senate Bill 820 amended the Residential Property Disclosure Act to require sales contracts of residential properties covered under the Act to include an “Oil and Gas Rights Disclosure.” The wording and format of the new disclosure is set forth in Senate Bill 820, a copy of which can be accessed on the General Assembly’s web site via the following link: http://www.ncga.state.nc.us/Sessions/2011/Bills/Senate/PDF/S820v6.pdf . The text of the disclosure begins at the bottom of page 24 of the Bill.
Section 5 of Senate Bill 820 goes into effect October 1, 2012. Therefore, effective this coming October 1st, the Offer to Purchase and Contract (form 2-T) and Offer to Purchase and Contract—New Construction (form 800-T) have been amended to include the new Oil and Gas Rights Disclosure."
The moral of today's story (anyone remember the kid's show Aesop's Fables?) is in our humble opinions, waiting until the last minute to get your Continuing Ed is detrimental to your profession, your clients and everyone else involved in the real estate transaction.
Comments(14)