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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.

RALEIGH, N.C. (AP) — Legislation setting a potential March 2015 starting date when North Carolina regulators could begin issuing permits for underground natural gas drilling such as fracking now goes to the House. 
The Senate gave its final approval Wednesday in a 39-7 vote to the measure that bill supporters say will give potential drilling operators certainty that North Carolina wants companies to explore for energy. Tentative Senate approval came Tuesday. 
The General Assembly authorized fracking in 2012 but said permits couldn’t be issued without the express consent of legislators. Drilling rules will be ready late next year. 
The bill also sets up severance taxes on energy production and urges Gov. Pat McCrory to work on offshore energy exploration.  
         Environmental groups say the process is going too fast and fracking threatens water quality.

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.

South Asheville Real Estate Expert – Susan S. Duncan, Exit Broker Owner

Your real estate marketing expert for the Asheville, Hendersonville, Fletcher NC areas. Providing the most comprehensive real estate site for all of the Asheville area is our goal! (828)776-8100. Exit Realty Vistas

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