Glossary of Conservation Terms

• Agricultural Conservation Easement - A voluntary deed restriction placed by the landowner on his or her property to protect valuable agricultural resources, including soils, water quality, wildlife habitat, historic sites and scenic views.
• Annual Site Visit (Monitoring) - The conservation organization visits the site of an easement each year to be sure the terms of the agreement are being upheld.
• Bargain Sale - Land or conservation easement is sold to a charitable and tax-exempt organization for less than its fair market value.
• Baseline Documentation Report - The legal record of the site and condition of the resource; included in the easement or deed package. This document should be signed and dated when the conservation easement or deed is signed. The baseline document represents a significant investment of a land trust's time and resources because it captures detailed project information.
• Charitable Remainder Trust - Landowner or beneficiary places assets in an irrevocable charitable trust that allows the beneficiary and the conservation organization to benefit. The beneficiary can receive a set income from the trust for life and the conservation organization receives the remainder of the trust after the death of the beneficiary.
• 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.
• Environmental Report: Phase I - Contains information on the historical uses of a property and its surrounding areas to evaluate any possible environmental concerns, such as soil or water contamination. Such a report would be performed before a property is purchased.
• 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.
• Legal Defense Fund - A fund established for the purpose of enforcing and defending the easements and properties held by a land conservancy.
  
• 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.
• Remainder Interest/Reserved Life Estate - The landowner conveys the land to the land trust, but continues to live on or use the land until his/her death. "Remainder interest" in property then reverts to land trust. Limited income tax benefits; full estate tax benefits.
• 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 - The activities related to maintaining the conservation values of a protected property, including monitoring, invasive species removal, violations reporting and legal defense.
  
• 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.
• Undivided Partial Interests - The landowner grants a shared, percentage ownership in the property to the land trust over several years until the land trust has full ownership. The land trust will eventually own the land, but there is a joint ownership in the interim. Potential income tax deductions spread over several years and estate tax benefits.