3.7   Develop and Execute Documentation

Develop and Execute the Option/Sales & Purchase Agreement

Fee-title-specific Issues: Each conservation organization will likely have specific procedures and requirements for developing and executing (by seller and buyer) the option and purchase agreements. Prior to execution of the agreement the project proposal should be updated to identify changes that occurred as part of the negotiations. Often times, the Purchase Agreement or Option Agreement can only be executed by staff that have received properly delegated written real estate approval authority.

Complete and Submit Lease Application

Lease-specific Issues: Each entity with proprietary leasing authority will likely have different lease applications and procedures. Some states have highly developed leasing programs (such as Washington and Texas) while other states have little to no leasing programs at all (such as South Carolina and North Carolina). Many private landowners may have little to no experience with conservation leasing or easements.

Open Escrow

Fee-title-specific Issues: Often, the Purchase Agreement or the Option Agreement requires the escrow to be opened and the deposit or option consideration be deposited. Third-party escrow is often a worthwhile expense, should misunderstandings or disagreements arise at the time of closing.

Object to Title Exceptions

Fee-title-specific Issues: An objection notice may be sent to the Seller. The objection notice informs the Seller of actions the Seller needs to take in order to deliver the title in the appropriate condition at closing.