Special Report: U.S. builders hoard mineral rights under new homes - Better check your closing documents.

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Special Report: U.S. builders hoard mineral rights under new homes – Better check your closing documents.

Special Report: U.S. builders hoard mineral rights under new homes – Better check your closing documents.

From robo-signing to mineral rights to the insane cost for flood insurance in Florida, Real Estate is getting very, very ugly and very, very fast.


Reuters-

Robert and Julie Davidson fell hard for the gleaming new house at the Valencia Golf and Country Club in Naples, Florida. They loved the way the palm-fringed, Spanish-style home backed up to the fifth-hole fairway. And they were taken with the three-bedroom’s high ceilings and open plan. Plus the neighborhood – with its power-washed driveways, blooming hibiscus and guarded gatehouse – seemed all “dressed up.”

But when the Davidsons paid $255,385 in 2011 for the house on Birdie Drive, they didn’t know that they had, in essence, bought only from the ground up, and that their homebuilder, D.R. Horton, had kept everything underneath.

“Wait a second, wait a second,” Robert Davidson said after a reporter told him that a search of county records showed that D.R. Horton still owned the oil, natural gas, water and other natural resources beneath his and his neighbors’ homes. “Let me sit down a minute here. They have the mineral rights to the land I’m on?”

[REUTERS]

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