Freakin Fracking – what does it mean for homeowners in Asheville NC
The NC Senate has given it’s stamp of approval on the bill supporting Fracking in NC. Fracking is a type of hydro-drilling with water and chemicals to underground natural gas. Below is the article that the Associated Press put out today.
What does this mean to you as a homeowner if you own a home in Asheville NC? Well, NC changed their real estate contract in July of 2012 and the seller has to disclose if they have severed the gas and oil rights to the property. That is right, you may not have known, but you can actually maintain the gas and oil rights to your property and still sell the land.
Is this a wise decision? Well, it definitely hurts the resale for a buyer, because basically you are keeping the rights to drill on property you no longer own. But, if you have evidence that natural gas and/or oil is prevalent on your property and there is more value in these resources than the land itself AND you have a buyer who is in agreement to purchase the property knowing that you could come back and drill in their backyard, then why would you not sell it?
It is definitely something to think about.
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