PRACTICE

C. Transaction with Insiders

When engaging in land and conservation agreement transactions with insiders, the land trust: follows its conflict of interest policy; documents that the project meets the land trust’s mission; follows all transaction policies and procedures; and ensures that there is no impermissible private benefit. For purchases and sales of property to insiders, the land trust obtains a qualified independent appraisal by a provincially licensed or certified appraiser who has verifiable conservation agreement or conservation real estate experience. When selling property to insiders, the land trust widely markets the property in a manner sufficient to ensure that the property is sold at or above fair market value and to avoid the reality or perception that the sale inappropriately benefited an insider.