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Definitions (16)

1

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Watershed


The region draining into a river, river system, or other body of water.
Source: ailt.org

2

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Option agreement


A contract made to keep an offer open to purchase a Conservation Easement, land in fee simple title, etc. for a specified period, so that the offeror cannot revoke the offer during that period.
Source: ailt.org

3

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greenway


An area with a critical mass of nearby and connected open spaces which together afford a community substantial benefits such as wildlife habitat corridors, sweeping scenic views, recreational corridor [..]
Source: ailt.org

4

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DEED


A legal document by which ownership to land and interests in land are transferred.
Source: ailt.org

5

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Conservation


The care and stewardship of natural resources.
Source: ailt.org

6

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conservation easement


A conservation easement is a perpetual legal agreement between a landowner and a qualified organization, such as a land trust, that restricts future activities on the land so as to protect its conserv [..]
Source: ailt.org

7

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Baseline Documentation Report


A record of the conservation values identified in the conservation easement and the relevant conditions of the property used to monitor and enforce the conservation easement. Contains maps, photograph [..]
Source: ailt.org

8

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APPRAISAL REPORT


The Internal Revenue Code requires a “qualified appraisal” prepared by a “qualified appraiser” for gifts of property, including Conservation Easements, valued at more than $5,000.
Source: ailt.org

9

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Bargain sale


The sale of a conservation easement or land in fee simple title to a land trust or other qualified holder for an amount less than the appraised fair market value. Selling land at a bargain sale rate m [..]
Source: ailt.org

10

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Stewardship


Those steps necessary to preserve a conservation easement in perpetuity, including the creation of baseline documentation reports, regular monitoring, landowner relations including successor generatio [..]
Source: ailt.org


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