THE BREAKDOWN OF ILLINOIS EASEMENTS
When you are purchasing Henry County Illinois farm land for sale, make sure to check for easements that are listed with the property. According to the University of Illinois Extension, Illinois recognizes both easements and conservation easements, for the following reasons:
WHAT IS AN EASEMENT?
An easement is something that permits the holder certain specific rights regarding the property while the ownership of the land remains with the private property owner. They can include the right to occupy, lease, sell, use, and develop land. These rights can be exchanged from the landowner to someone who does not own the land.
WHAT IS A CONSERVATION EASEMENT?
Conservation easements are designed to prohibit certain activities on private Henry County Illinois farms for sale, like residential subdivisions or commercial development. The main purpose of a conservation easement is to conserve natural (or man-made) resources on the land. An agricultural easement, for example, is a type of conservation easement. An agricultural easement is put in place to protect land from development and make sure that the land will remain in use for agricultural farming in the future.
The owner of the property is the only one that can decide to put in place a conservation easement on their property. If the farmland has several owners, they must all agree to put the conservation easement in place.
The holder of the easement has several responsibilities. The holder will need to:
- Monitor the use of the land on a regular basis.
- Provide background data and information on the easement to prospective owners
- Enforce the restrictions of the easement through the legal system
- Maintain easement records
BENEFITS OF CONSERVATION EASEMENTS
Conservation easements protect the environmental value of your land. Having one inplace can guarantee that trees won’t be cut down for commercial building, even if you sell your land. Conservation easements are very flexible, you will have the ability to choose if you want to allow limited or full public access, or no public access at all. Also, the IRS allows conservation easements to qualify as tax-deductible charitable gifts if they meet the right criteria.
TO LEARN MORE ABOUT CONSERVATION EASEMENTS AND HENRY COUNTY ILLINOIS FARM LAND FOR SALE, PLEASE CALL US TODAY AT 815.718.2244 OR SUBMIT OUR CONSULTATION REQUEST FORM.
Questions or Comments
If you have questions or comments, please fill out the form below and a representative will be in touch.