
	Triangle Land Conservancy 1101 Haynes Street Suite 205 Raleigh, NC 27604 919.833.3662

Glossary of Land Conservation Terms and Techniques

Bargain Sale - Land or conservation easement is sold to a charitable and tax-exempt organization for less than its fair market value.

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.

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.

Covenant (or Restriction) - A written promise contained in a contract, lease, deed, or other form of agreement

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.

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.

Donation - Land that is donated outright to a land trust or agency for conservation purposes.

Estate Planning - The preparation for the orderly administration and disbursement of a person's estate. The preparation includes taking actions that will minimize taxes and distribute assets to the appropriate heirs.

Fee Simple Interest - Ownership of all rights, title, and interest in a property. Examples of the rights of a property are agriculture, forest, development, and mineral rights When a landowner grants a conservation easement to a land trust, the land trust owns "less than fee simple interest".

Fee Simple Ownership - The landowner grants all his rights, title, and interest in the property to a land trust. The land trust then owns and manages the land. Potential income and estate tax benefits.

Land Trust - A nonprofit organization that protects land directly, usually by helping landowners establish a conservation easement, accepting donations of property and easements, or buying land.

Landowner Contact - A land trust notifies the landowner of the unique conservation values of his/her property.

Lease - Land is leased to a land trust or individual for a specified period of years. Restrictions are placed on its use during that time period, effectively postponing development. No income or estate tax benefits.

Life Estate - The right retained by the owner or other named individuals to live on or use property.

Living Will - Land that is donated to a land trust or agency at death.

Management Agreement - The landowner and the land trust enter into a generally informal contract concerning how the property's natural resources are to be managed.

Mutual Covenants - Several landowners mutually agree to protect their land. May not involve a land trust. Not necessarily permanent or binding for future owners. No income or estate tax benefits.

Nature Preserve - Properties that are open to the public for environmental education and low-impact recreation, such as hiking, bird-watching, photography, fishing, and enjoying nature.

Open space - Undeveloped land or common areas that are reserved for parks, walking paths, or other natural uses.

Registry Programs - The landowner enters into a legally non-binding agreement to protect the conservation values of his/her land, and the trust recognizes the arrangement with a certificate, plaque, etc.

Right of First Refusal - The landowner agrees to grant the land trust the right to meet any bona fide offer to purchase the property.

Stewardship Endowment - Money given to the land trust or agency, usually by the landowner, to cover the future costs of the Stewardship of the land.

Working Forest Conservation Easement - A voluntary deed restriction placed by the landowner on his or her property to protect valuable forest resources, including trees, wildlife habitat, historic sites and scenic views.