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Definitions (31)
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agricultural conservation easement
A voluntary deed restriction placed by the landowner on his or her property to protect valuable agricultural resources, including soils, water quality, wildlife habitat, historic sites and scenic views.
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annual site visit
The conservation organization visits the site of an easement each year to be sure the terms of the agreement are being upheld.
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bargain sale
Land or conservation easement is sold to a charitable and tax-exempt organization for less than its fair market value.
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baseline documentation report
The legal record of the site and condition of the resource; included in the easement or deed package. This document should be signed and dated when the conservation easement or deed is signed. The baseline document represents a significant investment of a land trust's time and resources because it captures detailed project information.
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charitable remainder trust
Landowner or beneficiary places assets in an irrevocable charitable trust that allows the beneficiary and the conservation organization to benefit. The beneficiary can receive a set income from the trust for life and the conservation organization receives the remainder of the trust after the death of the beneficiary.
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conservation easement
A legal agreement between a landowner and a conservation organization or government agency that permanently limits a property's uses in order to protect the property's conservation values.
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conservation values
Wildlife habitat, open space, historic, or recreational resources. For example, land may have a high conservation value if it contains habitat for endangered species or if it has open space in a highly developed area.
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covenant
A written promise contained in a contract, lease, deed, or other form of agreement
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deed restrictions
Terms are placed in the deed to the property that restrict certain uses of the real estate by future owners. No income tax benefits; possible estate tax benefits.
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devise
Land is conveyed to a land trust upon the death of the landowner through the landowner's will. No income tax benefits but estate tax benefits remain.
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