Real Eastate Transfer Tax
- A state or local tax imposed when a property transfers ownership. [Source: West Virginia LandTrust, Frequently Used Terms: http://www.wvlandtrust.org]
- At times, a land trust may operate as a third party, first acquiring land from an original owner, and then transferring the ownership of the property to another entity for the sole purpose of conservation. Usually this entity is a governmental unit such as a state agency or municipality, but sometimes it is another land trust. [source: Pennsylvania Land Choices, An Educational Guide, Pennsylvania Department of Natural Resources in partnership with Pennsylvania Land Trust Association]
- When a copy of an easement deed is permanently recorded at the county or town office where deeds are filed. [Source: Elizabeth Byers and Karin Marchetti Ponti, The Conservation Easement Handbook, Published by the Trust for Public Land and the Land Trust Alliance, 2005.]
- An area with stable, unaltered conditions in which organisms can survive through a period of unfavorable conditions.
- the act of renewing tree cover by establishing young trees; regeneration usually maintains the same forest type and is done promptly after the previous stand or forest was removed; regeneration may be artificial (direct seeding or planting) or natural (natural seeding, coppice or root suckers) [Source: Minnesota Department of Natural Resources, Bear River Demo Forest, http://www.dnr.state.mn.us/forestry/demoforest/definitions.html]
- The ownership interest that immediately begins when the life estate ends.
Reserved Life Estate
- Someone who will inherit property in the future.
Restraint on Alienation
- A reserved life estate is when land is donated to a qualified land trust and the owners retain the right to live on the property until a trigger event (usually the owners’ death or moving away from the property). Also known as a remainder interest.
- n. an attempt in a deed or will to prevent the sale or other transfer of real property either forever or for an extremely long period of time. Such a restraint on the freedom to transfer property is generally unlawful and therefore, void or voidable (can be made void if an owner objects), since a present owner should not be able to tie the hands of future generations to deal with their property. This ban on a restraint on alienation (transfer) is called "the rule against perpetuities." Examples: Oliver Oldtimer sells his ranch to his son with the condition that title may never be transferred to anyone outside of the family. Martha Oldtimer in her will gives her home to her daughter Jacqueline on condition that "Jacqueline's descendants must never sell the place." However, limiting transfer for a maximum period calculated by "lives in being, plus 21 years" is generally allowed. Restraints on alienation (so-called restrictive covenants) based on race ("only Caucasians may hold title") were declared unconstitutional in 1949. (See: convey, deed, rule against perpetuities, restrictive covenant)
- A written promise contained in a contract, lease, deed, or other form of agreement. Also known as a covenant. [Source: Glossary of Land Conservation Terms and Techniques, Triangle Land Conservancy: http://www.tlc-nc.org/landowner/glossary.shtml]
- A private agreement, usually in a deed or lease, that restricts the use or occupancy of real property, especially by specifying lot sizes, building lines, architectural styles, and the uses to which the property may be put. [Black’s Law Dictionary 371 (7th ed. 1999). Used in the 2004 Pennsylvania Supreme Court Opinion for Vernon Township Fire Department v. Connor, et al.]
Right of First Refusal
- A reversionary interest is created when a deed provides that the property transfer is "on condition that" or "only for so long as" the property described in the deed is used, or not used, for certain purposes. The reservation of a reversionary interest in a deed gives the original owner (and the owner’s heirs, successors and assigns) a powerful tool to take the land back if promises about future land use are broken. Reversionary interests can be structured in several ways. The change of ownership can occur automatically when the condition is broken or it can occur only if and when the holder of the reversionary interest elects to retake the property once the condition is broken. The reserved right can be structured as an option to repurchase for nominal, fair value or other consideration if and when the condition is broken.
- A provision in an agreement stating that a specified party must be given an opportunity -- before any others -- to either accept or reject an offer. The right of first refusal may extend, for example, to the act of selling property. In this case, if and when the owner decides to sell, the property must first be offered to the specified party. Upon refusal by the specified party, the property may then be offered under the same terms and conditions to others. [Source: TeachMeFinance.com - Financial Terms: http://www.teachmefinance.com/Financial_Terms/right_of_first_refusal.html]
- The right to cross property to go to and from another parcel. The right of way may be a specific grant of land or an easement, which is a right to pass across another's land. The mere right to cross without a specific description is a "floating" easement. [Source: Law.com Dictionary http://dictionary.law.com]
Riparian Zone/Riparian Buffer
- Pertaining to the area along the banks of a river, stream, or lake.
- The area bordering a river, stream, or other waterway which is biologically important for the healthy functioning of the stream's biology. Riparian vegetation creates shade, bank stability and provides a food source and habitat for organisms living in or along the stream. [source: Greenways Land Trust, Glossary: http://www.greenwaystrust.ca/glossary/glossary.php]
- A terrestrial area, other than a coastal area, of variable width adjacent to and influenced by a perennial or intermittent body of water - note 1. the riparian zone contributes organic matter to the river or stream and may be influenced by a periodic surface or subsurface water - note 2. riparian zones provide a functional linkage between terrestrial and aquatic ecosystems through coarse and fine organic matter input, bank stability, water temperature regulation, sediment and nutrient flow regulation, a maintenance of unique wildlife habitat, and in limiting or mitigating nonpoint source pollution - note 3. the management of a riparian zone is commonly constrained or modified to retain particular ecosystem values and functions; the term is used in management plans, legislation, regulation, and government policy in witch riparian zone width is variably defined. [source: DCNR State Forestry Resource Management Plan, Glossary of Terms: http://www.dcnr.state.pa.us/forestry/sfrmp/glossary.htm]
- A technique in transportation planning whereby a road is reduced in number of travel lanes and/or effective width in order to achieve systemic improvements. [Source: Wikipedia entry (12/10/2010)]
- A precision surface-indenter measuring tool for evaluating the firmness and stability of ground and floor surfaces.
- Route points are those points that the GPS device uses to creating the routing, such as when you instruct the device to "go to" a recorded point from another recorded point. Route points can contain multiple connected "go to" instructions. They can be imported into the Google Earth application as paths.