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Conservation Easements |
Property Evaluation |
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SAMPLE
Step-by-Step Guide to:
Conservation Easement |
Gifts of Land |
Bargain Sale |
Trade Land
STEP-BY-STEP GUIDE TO GIFTS OF LAND FOR CONSERVATION
If you are interested in donating Land to be
conserved by KHLT, these steps will be followed:
1. Evaluate property: KHLT representatives
will visit your property to evaluate its ecological,
recreational, or scenic values, visually check for
hazardous materials, and make a preliminary
determination as to whether your property meets KHLT's
criteria for acquisition.
2. Discuss landowner's objectives and review
alternatives: A KHLT representative will meet with
you at the KHLT office or your home to discuss your
objectives for the property and review your options for
donating the property. Because KHLT will be assuming the
responsibility for protecting this land in perpetuity,
we will discuss with you a financial contribution to our
Stewardship Fund which pays for managing our properties.
You should then review this information with your
personal tax and legal advisors.
3. Request KHLT Board approval: If you decide
to go forward with a gift of land, a KHLT representative
will present a review of the property and restrictions
to the KHLT Board of Directors at the next regularly
scheduled board meeting for formal board approval.
4. Prepare letter of intent: KHLT will prepare
a letter of intent, to be signed by all parties, setting
forth the terms of the donation.
5. Check title: KHLT requires proof of clear
title. All taxes are expected to be current. Usually,
the land donor purchases title insurance.
6. Prepare conveyance documents: KHLT
representatives and legal counsel prepare a grant deed.
7. Obtain an appraisal: If you or your advisor
determines that the donation will qualify as a
charitable gift, you must select and hire an appraiser
to analyze the market value of the property at the time
of the gift. KHLT can provide you with a list of
appraisers.
8. Sign deed: After a final review of the
documents, you will sign the deed. KHLT will record the
deed at the appropriate recorder's office.
9. Submit Form 8283 to the IRS: You must
attach IRS 8283 (for "Noncash Charitable Contributions")
to the income tax return that you submit for the year in
which the land donation was made. |