Part 4 of 12
We are cruising through the series and I am excited to say that there is still plenty more to go. Through this series, we are looking at the different moving parts of listing your home. In this entry we are discussing another required disclosure, the Mineral Oil and Gas Disclosure. We are in the early stages of the Spring market. The weather is heating up ( we hope sooner than later) and this series is going to be a big part of getting you and your home ready!
Review
Looking back on last weeks entry, a disclosure is a legal document that gives pertinent information to interested parties. The Mineral Oil and Gas Disclosure (MOG) is a form filled out by the seller and presented to the buyers to present them details about the properties history.
Required
Typically all residential sales require the MOG and RPOD. Theses are even required on properties that are sold without the assistance of an agent. The RPOD is not required when selling vacant land, but the MOG would be. Your agent can guide and advise you as the seller, but you are required to complete the form.
Details
When you own a property, you own it from the core of the earth to the top of the sky and everything in between. This includes any attached improvements like a house, barn and landscaping that is attached to the ground. The oil and gas, are considered part of the real property.
An owner could severe (give away) their rights to current and future mineral and oil on the property. The disclosure tells the potential buyers if these rights have been given away. Just like the previous disclosure, you can have 3 different answers….YES…NO…NO REPRESENTATION.
NC is a buyer beware state, and its the responsibility of the buyer to discover the details of the property. No representation is allowed, meaning you aren’t saying yes or no. For more details you can look back at last weeks entry.
Remember you can always find more information over at my web site. “Real Talk”, home searches, local information and the archived episodes of Terms Tips and Tricks. Head over and get the information you need.
Chris Whitehurst
Berkshire Hathaway
252-312-2263