PRACTICE

K. Selling Land or Conservation Agreements

When the land trust sells land or conservation agreements, it first documents the important conservation values, plans the project according to practice 8G, and drafts protection agreements as appropriate to the property. The land trust obtains a qualified independent appraisal that reflects the plans for the project and protection agreements and justifies the selling price. (The land trust may choose to obtain a short narrative from a qualified real estate professional in the limited circumstance when a property has a very low economic value.) The land trust markets the property and selects buyers in a manner that avoids any appearance of impropriety and preserves the public’s confidence in the land trust, and in the case of selling to an insider follows practice 4C. Land held under the Ecological Gifts Program requires special permission from Environment Canada prior to any changes in status. (Also, see 6H for sales of other assets.)