Oil and Gas Rights Changes in FDIC Contracts

Contract addendumBeginning April 1, 2013, the FDIC is reserving oil and gas rights in any real estate transaction in the nation.

The new policy applies to residential as well as commercial property with the exception of property valued under $50,000.00 and individual condominium units.

It will appear in an addendum to the standard FDIC contract and the closing instructions will call for the reservation language to appear in the deed. This could result in mineral reservations in many locations that typically do not have activity, such as urban areas.

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