PRESERVATION EASEMENTS
Program
Brief Description
A preservation easement is a legal interest which regulates changes to a historic building and its land and is usually given or sold by the property owner to Preservation South Carolina. Once recorded, an easement becomes part of the property's chain of title, this binding both present and future owners. A preservation easement gives Preservation South Carolina the legal authority to enforce its terms. An easement donation can often provide income, gift, or tax advantages to the owner. Easements are valued as the difference between the fair market value before and after the grant of an easement.
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The Trust for Architectural Easements is an excellent resource for information related to the valuation of easements associated with historic properties.
Process
Contact our office and we will help you determine if your property is eligible for an easement donation. If it is, the next step will be to have the property valued by a professional real estate appraiser. We will then create a deed of Historic Preservation Easement as well as a Baseline Documentation Report of the property. Upon execution, we will then have the deed recorded at the courthouse.
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We will charge a one-time administrative fee at the time of the donation. Fees vary depending on the condition and complexity of the property. The fee includes the cost of the review and acceptance of easement documents and the periodic review of easement properties and requested changes to the structure. The fee does not include the cost of legal and appraisal service for the donor which the donor arranges separately.
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All fees are placed in an easement fund that enables Preservation South Carolina to meet the future administrative responsibilities of the Easement Program.