A donation agreement may be used to ensure that a donor’s promise can be relied upon, set the expectations of both donor and donee, and prevent misunderstandings.
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.
Links to resources that provide advice land trusts can use for successful negotiations with landowners.
An option to sell may be used to assure that a property acquisition can be undone if expectations are not met.
Acquisitions of land and easements for conservation purposes can involve issues different from other real estate transactions. This guide looks at purchase and sale agreements in general and then reviews potential customizations that may be made to these agreements to specifically address conservation matters.
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.