D.R. Horton to quit keeping mineral rights in NC
Published: April 26, 2012
Time posted: 12:51 pm
Homebuilder D.R. Horton is ending its practice of assigning to a subsidiary the drilling rights beneath homes it sells in North Carolina as interest in natural gas deposits is taking off.
The Texas company notified the North Carolina Real Estate Commission it will stop stripping drilling rights from property deeds and transferring them to subsidiary DRH Energy. The commission said the homebuilder agrees to return the drilling rights to any homeowner who asks.
The commission and the state attorney general’s office launched reviews of the practice.
The attorney general’s office warned that properties stripped of their mineral rights could be harder to refinance and could lose resale value.
Homebuyers complained they had no idea that giving up their mineral rights that involved drilling and fracking for natural gas.
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