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LTA Standard 9: Ensuring Sound Transactions 9A: Legal Advice and Technical Expertise 9F: Documentation of Purposes and

Responsibilities 9G: Recordkeeping 9H: Title Investigation and Subordination 9J: Purchasing Land 9K: Selling Land or Easements 9L: Transfers and Exchange of Land __________________________________________________________________ Practice 9A: The Land Trust has established checklists to guide transaction processes (Appendix 9A.1: Conservation Easement Checklist and Appendix 9A.2: Fee Land Acquisition Checklist. Also see Appendix 9 J-L.1, Policy Regarding Acquisition of Real Properties.) These checklists outline all necessary steps to be taken and documents procured to ensure sound transactions. The Land Trust presents potential easement donors with documentation describing in detail the process by which the Land Trust ensures sound transactions (Practice 9F). Practice 9F: The Land Trust documents the intended purposes of each transaction, the intended uses of the property and the roles, rights and responsibilities of all parties involved in the acquisition, and future management of the land or easement. Documentation of the landowners intentions and the Land Trusts plans can help avoid misunderstandings and misrepresentations. The Land Trust clearly outlines its intentions for conservation easements in the Conservation Easement Project Proposal (Appendix 9F.1) and Supplement to Project Proposal (Appendix 9F.2). When land is acquired, memoranda of understanding, letters of agreement and/or correspondence are used to clarify the relationship of all parties to each other and to the land. Practice 9G: Regarding recordkeeping, the Land Trust has established and implemented the Records Policy described in the Land Trusts Standard 2, Practice 2D. Practices 9H and 9J: Except for the limited circumstances described below in this paragraph, the Land Trust always obtains a qualified independent appraisal to justify the purchase price when it purchases land, easements or other real property. If the Board determines that an acquisition at a price above the appraised value is warranted, the Land Trust will be satisfied, and the applicable documentation will so provide, that there is no private inurement or impermissible private benefit. In the limited circumstances where the subject property has a very low economic value or a full appraisal is not feasible before a public auction the Land Trust may choose to obtain a letter of opinion from a qualified real estate professional in lieu of a full appraisal. When negotiating any purchase transaction, it is the policy of the Land Trust to be honest and forthright in its communications with the landowner at all times.

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