Landowners can convey a future interest in real property to a conservation organization or government but continue to live on or otherwise enjoy using the property during their lifetimes. If the property is a personal residence or a farm, a donation of a future interest can generate immediate tax benefits.
An option to sell may be used to assure that a property acquisition can be undone if expectations are not met.
Before investing time and money in a prospective project, a conservation organization may seek to minimize the potential for misunderstandings with the prospective donor for the project and make the donor’s promise to support the project a legally binding obligation.
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A purchase option is a right to purchase or lease land or other property interests without any obligation to do so.
A right of first purchase gives a potential purchaser the opportunity to purchase before a property is sold to another. It can be a right of first offer, a right of first negotiation, a right of first refusal or a combination of these rights.
Simply stated, a land trust is a charitable organization that acquires land or conservation easements, or that stewards land or easements, for conservation purposes. However, this simple definition leaves much to be explained.