Conservation easements are powerful tools that allow landowners to preserve part of their land in perpetuity, preventing future development and conserving natural spaces. While there are substantial advantages to entering into a conservation easement agreement, they also involve releasing fundamental rights enjoyed by most real estate owners. Understanding the various factors at play will help you decide whether entering into one of these legally binding agreements is right for you.
A Guide to Conservation Easements
What Is a Conservation Easement?
A conservation easement is a voluntary agreement between a landowner and another party, typically a government agency or charitable organization. Once the agreement is in place, no one will be allowed to timber, farm, subdivide, or develop the property, not even the original property owner. In most cases, landowners choose to enter into conservation easements to preserve natural habitats or open space, although they can also be used to protect buildings of historical significance.
What Are the Benefits of Conservation Easements?
Because conservation easements restrict development by future property owners, many landowners use them to protect areas with special ecological or emotional significance. In some areas, local agencies offer direct payments for easements on certain types of real estate, making these arrangements especially attractive.
Along with the environmental benefits, some conservation easements may qualify for lucrative tax incentives, as long as certain conditions are met. For instance, the land must be set aside for a legitimate purpose, such as preserving natural habitat or providing recreational opportunities to the public. The agreement must also be legally binding, final, and irrevocable, so it’s important to have a real estate attorney review the easement documents before signing.
If you’re considering creating a conservation easement in Griswold, CT, turn to Stuart R. Norman Jr., an accomplished real estate attorney with over 40 years’ experience. Because this law firm focuses so closely on real estate, you’ll always receive advice informed by an in-depth understanding of the law from an attorney who has been through the process before. Visit their website for more on their real estate law services, or call (860) 376-0069 to make your first appointment today.