Mineral Rights Disclosure Law Blocked by Oklahoma Association of REALTORS®

Buyers of surface rights are not being protected in Oklahoma.  The REALTORS® have once again blocked legislation to disclose information regarding mineral rights ownership. While in many parts of Oklahoma the surface estate has been separated from the mineral estate, the fact is that in northeat Oklahoma many landowners do in fact still own their minerals.  The REALTORS® are flat out wrong in opposing legislation that would disclose knowledge of mineral rights ownership.

According to a recent (6/6/10) legislative recap by the Oklahoma Association of REALTORS® Government Affairs Committee:

For the second year in a row, OAR fought against legislation which would have required surface right owners to disclose mineral rights information to buyers. HB1291, by Rep. Jerry Shoemake, D-Morris, would have required sellers to give buyers disclosure statements on past or current oil and gas production on the property, current oil and gas lease agreements affecting the property and any abandoned wells or lease roads. OAR was concerned about this legislation, because in most cases the surface owner is not aware of this information (especially when they’re not the mineral rights owner) – and this information is not part of the public records filed at the county courthouse. OAR protected sellers from being liable for this information.

As a REALTOR and a Professional Landman, I take a stand for landowners and the purchasers of surface rights.  Every prospective landowner deserves the opportunity to purchase the entire bundle of rights available to them when they purchase the surface.  If the seller has knowledge of mineral rights ownership, then it should be disclosed.  If they have no such knowlege, then that should also be disclosed.  REALTORS® should not arbitrarily, whether  out of ignorance, unwillingness to learn, or fear of litigation, be severing mineral rights or keeping the mineral estate from being rejoined to the surface estate.