Mineral and Oil and Gas Rights Mandatory Disclosure Statement (MOGS)

The Residential Property Disclosure Act (G.S. 47E) (“Disclosure Act”) requires owners of certain residential real estate such as single family homes, individual condominiums, townhouses, and the like, and buildings with up to four dwelling units, to furnish purchasers a Mineral and Oil and Gas Rights Disclosure Statement. The form on NCREC.gov is the only form for this disclosure. It is a one-page document with six questions.

Buyers should be aware of this disclosure as well. If a buyer does not receive the Mineral and Oil and Gas Rights Disclosure Statement, they can in certain instances cancel the contract.

Unless you are in the business of minerals, oil and gas, you probably do not think about subsurface rights when buying and selling a home. However, this is a requirement when selling residential real estate. Ironically, it is not required for empty lots or land sales. One should still do this discovery when buying land.

Thinking about Buying, Selling or Investing in Real Estate in the Charlotte and Union County markets? Contact the Collins Real Estate Agency today and we can help!