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Conservation Easements
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<blockquote data-quote="GoWyo" data-source="post: 1816254" data-attributes="member: 38220"><p>I am well aware of the legalities of conservation easements as I do a substantial real estate law practice. What I am saying is that when you sell a conservation easement you are selling the development part of your "bundle of sticks" that make up your "fee simple" property interest. You now have a "co-owner" of the property who owns the development rights. A conservation easement has to meet certain standards of the interest conveyed in order for the seller to receive the tax benefit for donating the development right or payment for the right from the conservation easement grantee (the value of the land with all surface rights less the value of the land with the conservation easement). Your new co-owner does not have a possessory interest, but does have the right and duty to enforce its interest. If long term preservation from development is the goal then a conservation easement can meet that goal. However, it is intended to be perpetual, and at some point the neighborhood may change so drastically that it no longer makes any sense. I view conservation easements as the last option to use of all the options, but sometimes it is the only one that achieves the goals. It is crucial to make sure that what is granted and the rights reserved to the grantor allow the grantor and their heirs to continue the agricultural use of the property, with enough flexibility to allow the property use to evolve with time while remaining g within the constraints of the conservation easement.</p></blockquote><p></p>
[QUOTE="GoWyo, post: 1816254, member: 38220"] I am well aware of the legalities of conservation easements as I do a substantial real estate law practice. What I am saying is that when you sell a conservation easement you are selling the development part of your "bundle of sticks" that make up your "fee simple" property interest. You now have a "co-owner" of the property who owns the development rights. A conservation easement has to meet certain standards of the interest conveyed in order for the seller to receive the tax benefit for donating the development right or payment for the right from the conservation easement grantee (the value of the land with all surface rights less the value of the land with the conservation easement). Your new co-owner does not have a possessory interest, but does have the right and duty to enforce its interest. If long term preservation from development is the goal then a conservation easement can meet that goal. However, it is intended to be perpetual, and at some point the neighborhood may change so drastically that it no longer makes any sense. I view conservation easements as the last option to use of all the options, but sometimes it is the only one that achieves the goals. It is crucial to make sure that what is granted and the rights reserved to the grantor allow the grantor and their heirs to continue the agricultural use of the property, with enough flexibility to allow the property use to evolve with time while remaining g within the constraints of the conservation easement. [/QUOTE]
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